...Managerial Accounting 505 Week 2 Quiz Week 2 Quiz - In job-order costing, all of the following statements are correct with respect to labor time and cost except: C. A machine operator performing routine annual maintenance work on a piece of equipment would charge the maintenance time to a specific job. Those hours should be charged to overhead For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? B. A costume maker that makes specialty costumes for figure skaters Each one is unique, therefore a job order system is correct Which of the following companies would be most likely to use a job-order costing system rather than a process costing system? C. shipbuilding Same reason as the one above The Work in Process inventory account of a manufacturing company shows a balance of $2,400 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of $400 and $200 for direct materials, and charges of $300 and $500 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of: C. 125% $2,400 - ($400 + $200) - ($300 + $500) = $1,000 $1,000 / ($300 + $500) = 125% If a company applies overhead to jobs on the basis of a predetermined overhead rate, a credit balance in the Manufacturing Overhead account at the end...
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...Week 2 Quiz - In job-order costing, all of the following statements are correct with respect to labor time and cost except: C. A machine operator performing routine annual maintenance work on a piece of equipment would charge the maintenance time to a specific job. Those hours should be charged to overhead For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? B. A costume maker that makes specialty costumes for figure skaters Each one is unique, therefore a job order system is correct Which of the following companies would be most likely to use a job-order costing system rather than a process costing system? C. shipbuilding Same reason as the one above The Work in Process inventory account of a manufacturing company shows a balance of $2,400 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of $400 and $200 for direct materials, and charges of $300 and $500 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of: C. 125% $2,400 - ($400 + $200) - ($300 + $500) = $1,000 $1,000 / ($300 + $500) = 125% If a company applies overhead to jobs on the basis of a predetermined overhead rate, a credit balance in the Manufacturing Overhead account at the end of any period means that: B. more overhead...
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...Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerial accounting is concern with providing information that deals with the internal viability of the organization and is tailored to meet the needs of an individual organization. (Albrecht, Stice, Stice, & Skousen, 2002) Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the de... ... middle of paper ... ...egulator or auditor is going to insist that a company implement a good management accounting system. (Garrison, Noreen, & Brewer, 2010) The choice of how to collect and utilize information in a company is strictly management’s decision and is a part of the company’s competitive strategy. Financial and Managerial accounting are used for making sound financial...
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...Financial & Managerial Accounting for MBAs, 2nd edition by Easton, Halsey, McAnally, Hartgraves & Morse Practice Quiz 1. Procter & Gamble (PG) and Colgate-Palmolive (CL) report the following sales and accounts receivable balances ($ millions). Compute the 2005 accounts receivable turnover for both companies. a. b. c. d. PG: PG: PG: PG: 13.56 13.11 13.76 15.31 CL: CL: CL: CL: 8.71 8.35 8.67 9.02 2. Abercrombie and Fitch (ANF) and TJ Maxx (TJX) report the following information in their respective January 2006 10-K reports. Compute the 2006 inventory turnover for each of these two retailers. a. b. c. d. ANF: ANF: ANF: ANF: 3.25 7.67 2.98 2.57 TJX: TJX: TJX: TJX: 5.21 6.79 1.31 5.19 Cambridge Business Publishers, ©2010 Quiz 6-1 Financial & Managerial Accounting for MBAs, 2nd Edition 3. Intel Corporation (INTC) and Texas Instruments (TXN) report the following information. Compute the 2005 PPE turnover for both companies. a. b. c. d. INTC: INTC: INTC: INTC: 2.27 2.17 2.50 2.36 TXN: TXN: TXN: TXN: 3.44 3.21 3.50 3.43 4. General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. Assume GE has a 35% income tax rate. As of the 2005 year-end, how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory? a. b. c. d. $6,705 million $475 million $3,610 million $244 million Cambridge Business Publishers, ©2010 Quiz 6-2 Financial & Managerial Accounting...
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...Course Outline School: Department: Course Title: Course Code: Course Hours/Credits: Prerequisites: Co-requisites: Eligible for Prior Learning, Assessment and Recognition: Originated by: Creation Date: Revised by: Revision Date: Current Semester: Approved by: Business Graduate Studies Accounting for Managerial Decision Making ACCT 701 56 N/A N/A Yes Basil Chan, John Harris Summer 2013 Geoffrey Prince Summer 2014 Winter 2015 Chairperson/Dean Students are expected to review and understand all areas of the course outline. Retain this course outline for future transfer credit applications. A fee may be charged for additional copies. This course outline is available in alternative formats upon request. ACCT 701 CENTENNIAL COLLEGE Accounting for Managerial Decision Making Course Description This course will introduce the student to the principles of management accounting. Topics include costvolume-profit relationships, relevant costing, performance measurement, and the application of management accounting concepts and techniques to support business decision making. Program Outcomes Successful completion of this and other courses in the program culminates in the achievement of the Vocational Learning Outcomes (program outcomes) set by the Ministry of Training, Colleges and Universities in the Program Standard. The VLOs express the learning a student must reliably demonstrate before graduation. To ensure a meaningful learning experience and to better understand...
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...MBA Accounting for Managers Fall 2015 Course Syllabus Faculty Jasmine Hsu Faculty Contact Details jhsu@jgu.edu.in Class Time and Venue as per the programme time table Course Description The goal of this course is to help you understand the role and application of accounting information in business and learn how managers can use external and internal accounting information for decision-making. This course aims to provide an overview of key principles and concepts in financial accounting and managerial accounting. Specific topics include: components of financial statements; financial statements analysis; product costing; costvolume-profit analysis; and budgeting. Course Objectives After completion of the course, you should be able to: Understand the roles of financial accounting (external) and managerial accounting (internal) Analyze financial reports, specifically the balance sheet, statement of profit and loss and statement of cash flow. Identify and apply key financial ratios to financial statement analysis. Identify and apply basic elements of cost concepts, product costing and cost-volumeprofit (CVP) analysis to management decision-making process. Understand key considerations during the budgeting process and budgetary control. Course Materials Narayanswami (2014): “Financial Accounting: A Managerial Perspective”, Prentice-Hall Pvt Ltd., 5th edition, New Delhi (FA) Jiambalvo (2013):” Managerial Accounting”, Wiley India, 5th...
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...TEXAS WOMAN’S UNIVERSITY SYLLABUS (v. 2014 02 05) Semester: Spring 2 | Year: 2014 | Course Prefix: BUS | Course Number: 5433.62 | Course Title: Managerial Accounting | Course Description and Overview:The success of all business organizations requires the use of accounting concepts and practices. Accounting provides key data to managers for planning and controlling as well as for costing products, services and customers. In order to be an effective manager, one must understand the basics of both financial and managerial accounting. This course is designed to help the manager better understand the basics of financial statements and how managers use accounting data to plan, control and make decisions.Per TWU Graduate Catalog 2012-2014: Use of accounting information in decision-making; statement of changes in financial position; budgets, responsibility accounting, and quantitative techniques. Three lecture hours a week. Credit: Three hours. http://www.twu.edu/gradschool/graduate-catalog.aspSee TWU Web Advisor for officially published Location and Dates for this course: Click on the "Class Schedules" link found at the TWU Home page. Then at the bottom click on “Search for Classes”. Then enter the identification information for this class. Click “Submit”. Official Location & Meeting dates are found printed in Red Ink there. | ------------------------------------------------- Meets Core Curriculum Requirements Faculty Contact...
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...Pasadena City College Syllabus - MANAGERIAL ACCOUNTING - ACCT 001B Fall 2015 – 70008 (Revised) Date: Time: Location: September 1 – December 15, 2015 Tuesdays/Thursdays; 7:00am – 9:30am R 307, Building R Instructor: E-mail: Phone: Chee-Sum Tan, MBA, CPA, CFA, ABV, CGMA ctan8@pasadena.edu 626-524-1674 Required Material: Textbook: Accounting: Tools for Business Decision Making (5th Edition); Kimmel, Weygandt, Kieso, Wiley Publishing (WITH “WILEYPLUS”). WILEYPLUS IS REQUIRED Calculator: Basic calculator Supplies: Pen, pencil, 3 scantrons Learning Objective: This course is designed to provide an understanding of managerial accounting information useful to managers responsible for conducting business operations and decision making. Upon the successful completion of this course, students must be able to measure, analyze and report managerial accounting information for the purpose of planning, budgeting and control. Students are also required to have a solid understanding and working knowledge of the concepts and principles of managerial accounting. Learn operational processes like job order costing, process costing and activity-based costing concept Perform cost-volume-profit analysis, relevant costing, capital budgeting for profitability and decision making Understand performance reports and budgets for planning and control purposes Demonstrate mastery of managerial accounting concepts and principles through satisfactorily completing assigned...
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...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are classified...
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...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are classified...
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...CALIFORNIA STATE UNIVERSITY, DOMINGUEZ HILLS School of Business and Public Administration GOVERNMENTAL AND NONPROFIT ACCOUNTING-ACC 431 FALL 2014 Section 01, T 7-945 PM (SBS G126) Dr. Reza Mazhin Office: SBS C-302 Telephone: (310) 243-3576 Email: RMAZHIN@CSUDH.EDU Hours: T/TH: 430-530 PM Other times by appointment Catalog Description And Prerequisite: Prerequisite: ACC230 The course covers the nature of fund accounting system used by governments and nonprofit entities. Topics include principles underlying fund accounting, budgeting procedures, and discussion of types of funds used. Course requirements include a term project. Required Textbook: Reck, Lowensohn and Wilson, Accounting for Governmental and Nonprofit Entities, 16th Edition. Student Learning Objectives and Course Explanation and Policies: 1. Objectives of the Course For purposes of study and practice, the discipline of accounting is commonly divided into the following areas financial accounting, managerial accounting, tax accounting, and governmental/nonprofit or fund accounting. This course concentrates on fund accounting. Financial accounting has been characterized as the branch of accounting that focuses on the general-purpose reports on financial position and results of operations known as financial statements. These statements provide a continual history quantified in money terms of economic resources and obligations...
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...Introduction to Managerial Accounting The course meets in Pellegrino Hall, Room 114, from 10:30 to 11:20 A.M. each Monday, Wednesday, and Friday . The first class meeting is on January 23, 2012. Credit hours: 3. Instructor: Jui-Chin Chang, Ph.D., CMA, CFM, Assistant Professor Office Hours: WHTC- 218B (956) 326-2501 Monday 11:30AM-12: 30 PM& 1:30 – 3:00 PM Wednesday 11:30AM-12: 30 PM &1:30 – 3:00 PM Friday 11:30AM-12: 30 PM E-mail: E-Learning (Angel): www.tamiu.edu/elearning/?id=2 Required Text: Introduction to Managerial Accounting (6th Ed) with Connect (Loose Leaf), P. Brewer, R. Garrison, & E. Noreen, McGraw-Hill/ ISBN: 9780078005305. Recommended: Wall Street Journal and BusinessWeek Prerequisite: ACC2301 with a grade “C” or better Course Description: This course will demonstrate the flexibility of the use of managerial accounting information to supply managers and other internal stakeholders for business decision-making. Upon completion of this course, students should possess a basic working knowledge and understanding of the accounting information systems used to provide information to internal stakeholders. The course gives students opportunities to prepare and analyze business transactions, prepare budgets, journal entries and financial statements. Course Goals: This course provides students with both an opportunity to learn accounting rules and to...
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...Leventhal School of Accounting BUAD 305: ABRIDGED CORE CONCEPTS OF ACCOUNTING INFORMATION Course Syllabus for Fall Semester 2011 |Sec. |Time |Location | |14766R |8:00-9:50 AM TTH |HOH 303 | |14772R |12:00-1:50 PM TTH |HOH 421 | |14774R |2:00-3:50 PM TTH |HOH 421 | Professor: Chrislynn Freed, CPA* Course website: http://blackboard.usc.edu/ Office: School of Accounting Building, Room 115 Office Phone: 213-740-4867 (also voicemail number) Email Address: cfreed@marshall.usc.edu My Office Hours: Tuesday & Thursday: 7:15-7:45AM; 10:00-11:00 AM; and 4:00-5:00 PM; or by appointment (also please feel free to send me an email at any time. I will respond as quickly as I can.) IA Office Hours: Mondays: 1:00-3:00PM; Wednesdays: 4:15-6:15PM Emergencies: Call (213) 740-4321 (for personal emergency) or (213) 740-9233 or tune to KUSC Radio at 91.5 on your FM dial USC Information: (213) 740-2311 Emergency Info: Call (213) 740-9233 or listen to KUSC Radio at 91.5 on your FM dial * regulated by the state of Florida I. COURSE DESCRIPTION, GOAL AND LEARNING OBJECTIVES; COURSE FORMAT This course is not a traditional financial-managerial accounting course. Instead, this course will take a new approach to accounting education. The emphasis...
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...ACCTG 404: Managerial Accounting sections 001, 002, 003 Spring 2012 Instructor: Benjamin Lansford, Ph.D. Office: 325 Business Building E-mail: lansford@psu.edu Office Hours: Fridays 1:30 pm – 4:30 pm, and by appointment TA: Chase Livengood Office: 305A Business Building E-mail: ctl5040@psu.edu Office Hours: Wednesdays 12:15 pm – 3:15 pm I. Course Objectives This course emphasizes the use of accounting information for internal purposes, as opposed to the external disclosure focus of the financial accounting courses. We cover the vocabulary and mechanics of cost accounting and the design of management accounting systems for planning and controlling operations, and for motivating personnel. The course integrates accounting with ideas from data analysis, decision analysis, finance, microeconomics, and operations management. The themes stressed throughout the course are: the notion that information is costly; the circumstances that necessitate cost allocation, and the idea that different costs and different allocation schemes apply for different purposes; and the fundamentals of incentive and compensation plans. Among the topics covered are cost behavior, cost-volume analysis, relevant costs, and the use of cost information for decision-making. II. Course Materials Required Text: “Cost Accounting: A Managerial Emphasis” by Horngren, Datar, and Rajan, 14th...
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...Technological University Syllabus for New MBA Program effective from Academic Year 2011-12 MBA I Semester I Accounting for Managers (AFM) 1. Course Objective: The objective of the course is to acquaint the students with the language of Accounting and to develop in them the ability to evaluate and use accounting data as an aid to decision making. The main purpose is to assist the students in developing skills in problem solving and decision making in the financial area. Emphasis is laid on analysis and utilization of financial and accounting data for planning and control. 2. Course Duration: The course duration is of 36 sessions of 75 minutes each i.e. 45 hours. 3. Course Contents: Module No: Module Content No. of Sessions 70 Marks (External Evaluation) 17 I II Fundamentals of Accounting Basic understanding of accounting, Accounting Concepts, Conceptual framework of financial statements, Accounting Policies, Journal Entries and preparation of accounts - Trial Balance to Balance sheet and profit and loss Account, Recognition of Income and Expenses, Provisions, Contingent Liabilities Accounting Standards and Applicability: Disclosure of Accounting Policies (AS-1), Valuation of Inventories (AS-2), Depreciation Accounting (AS-6), Income Recognition & Accrual Income (AS-9), Accounting of Fixed Assets (AS-10), Accounting for Intangible Assets (AS-26), Accounting for Investments (AS-13), 7 7 17 III IV V Preparing and Understanding Financial Statements : Corporate...
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