Introduction Accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. It is an organized set of manual and computerized methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for management decisions. Originally, the accounting information systems were mostly developed in-house but such solutions were difficult
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STRATEGIC MANAGEMENT AND COST MANAGEMENT CONCEPTS Introduction The concepts of cost management and strategic management are the foundations for managers. The growing pressures of global competition and technological innovation have made cost management more critical and dynamic than ever before. Now cost management has moved towards a broader strategic focus than that of product costing. This so-called strategic cost management needs to facilitate strategic management in order to allow the
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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
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INFORMATION SYSTEMS AND SOFTWARE APPLICATIONS In today’s business world, information systems and software applications are used in every department from accounting to human resources. Successful organizations use these tools to survive in today’s computing environment. The types of information systems within an organization are 1) Accounting IS, 2) Finance IS 3) PCM IS, 4) Marketing IS, and 5) Marketing IS. These types of information systems collects, processes, stores, analyze, and disseminate
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Question 1: The Management Accounting Environment Word Count allowed 500 – Actual word count 536 a) How Management Accounting can contribute to competitive advantage and competitive strategy b) How Management Accounting Information can be used for the proposed strategy GTH Ltd manufactures hearing aids and other innovative products for the deaf community; the business is looking at the differentiation strategy and the possibility of expanding into foreign markets, specifically developing
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sold? A. $0.30 B. $0.60 C. $0.90 D. $2.99 E. $3.89 Contribution margin = $3.89 - $2.99 = $.90 2. A project has an accounting break-even point of 2,000 units. The fixed costs are $4,200 and the depreciation expense is $400. The projected variable cost per unit is $23.10. What is the projected sales price? A. $20.80 B. $21.00 C. $21.20 D. $25.40 E. $25.60 Accounting break-even Q = 2,000 = ($4,200 + $400) (P - $23.10); P = $25.40 3. The Mini-Max Company has the following cost information
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is taken on a timely basis. If the variance is favorable, the reasons therefore are also searched out, so further advantage can be taken of the situation. An example is a variance between actual cost and standard cost for labor in a standard cost accounting system. In the area of data processing, an exception report may reflect those transactions not meeting the standards or requirements for the program being run. I Pad Hardware Quantity Price Total Battery Charger
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Budgeting, and Controlling Costs Kittrin Smith Ashford University Managerial Accounting – BUS 630 Dana Leland September 3, 2012 Budgeting and Controlling Cost Budgeting is an essential tool for the successful management of any company. It’s a way for upper management to communicate its plans and intentions to the entire company. The budget is their plan for success. According to Noreen, Brewer, and Garrison (2011) it is a quantitative plan for acquiring
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Case Study I ACCT-505 Managerial Accounting Information Provided Materials Purchased $325,000 Direct Labor $220,000 Sales $1,350,000 Gross Margin 30% Cost of Goods Available for Sale $1,020,000 Prime Costs $545,000 Manufacturer Overhead 65% Conversion Direct Materials $325,000 Beginning Balances Raw Materials $41,000 Works in Progress $56,000 Finished Goods $35,000 Conversion Cost= Manufacturing Overhead + Direct Labor Manufacturing Overhead= 65% of Conversion
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Hallstead Jewelers Case Study Amanda Dutcher October 6, 2011 1) Fixed Costs=Salaries+Advertising+Administrative Expenses+Rent+Depreciation+Miscellaneous expenses Breakeven=Fixed Costs/Contribution Margin 2003-3230000/377.03=8,566.96 units 2004-3333000/357.68=9,318.39 units 2006-4921000/352.52=13,959.49 units Breakeven$=Breakeven Units*Unit Price 2003-8566.96*845=$7,239,079.12 2004-9318.39*812=$7,566,532.68 2006-13959.49*819=$11,432,822.31 Margin of Safety=Sales-Breakeven Sales
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