COST ACCOUNTING /
Cost accounting and
control tutor LATEST
UPDATE 2024 GRADED
A+
,HOW DOES MANAGEMENT ACCOUNTING DIFFER FROM
FINANCIAL ACCOUNTING - ANS-OBJECTIVES, PRIMARY
USERS, FOCUS AND EMPHASIS, RULES OF MANAGEMENT
AND REPORTING, TYPES OF REPORTS AND LIFE SPAN,
BEHAVIORAL IMPLICATIONS.
Management accounting should not fit the straitjacket of
financial accounting. explain and give and example. - ANS-
GAAP- MANAGEMENT ACCOUNTING ALLOWS MANAGERS
TO CHARGE INTEREST ON OWNERS' CAPTIAL TO HELP
EVALUATE THE PERFORMANCE OF A DIVISION, EVEN
THOUGH SUCH A CHARGE IS NOT ALLOWED UNDER GAAP.
IT INCLUDES ASSETS OR LIABILITIES DEVELOPED
INTERNALLY AND NOT RECOGNIZED UNDER GAAP. ASSET
OR LIABILITY MEASUREMENT RULES, SUCH AS PV OR
RESALE PRICES. opportunity cost is another great example
of how management accounting doesn't fit into the straight
jacket of financial.
EXPLAIN THE TERM SUPPLY CHAIN AND ITS IMPORTANCE
TO COST MANAGEMENT - ANS-A VALUE CHAIN REFERS TO
CERTAIN ACTIVITIES EXECUTED BY A FIRM TO ENRICH THE
CUSTOMER'S EXPERIENCE WITH A PRODUCT OR A
SERVICE. IN THE PROCESS, A FIRM TRIES TO ADD VALUE IN
ITS INBOUND LOGISTICS, PRODUCTION, OUTBOUND
,LOGISTICS, MARKETING AND SALES, AND AFTER SALE
SERVICE.
SUPPLY CHAIN INOVLES THE MANAGEMENT OF THAT PART
OF THE VALUE CHAIN THAT DEALS WITH STORAGE
PRODUCTION AND DELIVERY OF A PRODUCT OR SERVICE
TO ITS ULTIMATE USER. COVERS THE FLOW OF GOODS AND
SERVICES FROM THE INITAL SOURCES OF GOOD OR
SERVICES TO ITS DELIVERY TO CONSUMERS.
COST MANAGEMENT INVOLVES THE COORDINATION OF
ALL THE ACTIVities ACROSS THE SUPPLY CHAIN TO
REDUCE THE COST AND INCREASE THE PRODUCTION. IT
INVOLVES THE REMOVAL OF CERTAIN AVOIDABLE ACTIVES
IN THE VALUE CAHIN THAT CAN RESULT IN COST
MINIMIZATION.
NAME THE FOUR AREAS IN WHICH STANDARDS OF
ETHICAL CONDUCT EXIST FOR MANAGEMENT ACCOUNTS
IN THE US. WHAT ORGANIZATIONS SET FORTH THESE
STANDARDS - ANS-THE FOUR AREAS IN WHICH
STANDARDS OF ETHICAL CONDUCT EXIST FOR
MANAGEMENT ACCOUNTING:
COMPETENCE
, CONFIDENTIALITY
INTEGRITY
CREDIBILITY
IMA HAS ISSUED ETHICAL GUIDELINES SO AS TO PROVIDE
SUPPORT TO ITS MEMBER TO ACT ETHICAL AT ALL TIMES.
FOR EACH OF THE FOLLOWING ITEMS, IDENTITY WHICH OF
THE MANAGEMENT ACCOUNTING GUIDELINES APPLIES:
COST-BENEFIT APPROACH, BEHAVIORAL AND TECHNICAL
CONSIDERATIONS, OR DIFFERENT COSTS FOR DIFFERENT
PURPOSES - ANS-Q1. ANALYZING WHETHER TO PRODUCE
A COMPONENT NEEDED FOR THE END PRODUCT OR TO
OUTSOURCE IT
A: COST BENEFIT APPROACH
Q2: DECIDING WHETHER TO COMPENSATE THE SALES
FORCE BY STRAIGHT COMMISSION OR BY SALARY
A: COST BENEFIT APPROACH
Cost accounting and
control tutor LATEST
UPDATE 2024 GRADED
A+
,HOW DOES MANAGEMENT ACCOUNTING DIFFER FROM
FINANCIAL ACCOUNTING - ANS-OBJECTIVES, PRIMARY
USERS, FOCUS AND EMPHASIS, RULES OF MANAGEMENT
AND REPORTING, TYPES OF REPORTS AND LIFE SPAN,
BEHAVIORAL IMPLICATIONS.
Management accounting should not fit the straitjacket of
financial accounting. explain and give and example. - ANS-
GAAP- MANAGEMENT ACCOUNTING ALLOWS MANAGERS
TO CHARGE INTEREST ON OWNERS' CAPTIAL TO HELP
EVALUATE THE PERFORMANCE OF A DIVISION, EVEN
THOUGH SUCH A CHARGE IS NOT ALLOWED UNDER GAAP.
IT INCLUDES ASSETS OR LIABILITIES DEVELOPED
INTERNALLY AND NOT RECOGNIZED UNDER GAAP. ASSET
OR LIABILITY MEASUREMENT RULES, SUCH AS PV OR
RESALE PRICES. opportunity cost is another great example
of how management accounting doesn't fit into the straight
jacket of financial.
EXPLAIN THE TERM SUPPLY CHAIN AND ITS IMPORTANCE
TO COST MANAGEMENT - ANS-A VALUE CHAIN REFERS TO
CERTAIN ACTIVITIES EXECUTED BY A FIRM TO ENRICH THE
CUSTOMER'S EXPERIENCE WITH A PRODUCT OR A
SERVICE. IN THE PROCESS, A FIRM TRIES TO ADD VALUE IN
ITS INBOUND LOGISTICS, PRODUCTION, OUTBOUND
,LOGISTICS, MARKETING AND SALES, AND AFTER SALE
SERVICE.
SUPPLY CHAIN INOVLES THE MANAGEMENT OF THAT PART
OF THE VALUE CHAIN THAT DEALS WITH STORAGE
PRODUCTION AND DELIVERY OF A PRODUCT OR SERVICE
TO ITS ULTIMATE USER. COVERS THE FLOW OF GOODS AND
SERVICES FROM THE INITAL SOURCES OF GOOD OR
SERVICES TO ITS DELIVERY TO CONSUMERS.
COST MANAGEMENT INVOLVES THE COORDINATION OF
ALL THE ACTIVities ACROSS THE SUPPLY CHAIN TO
REDUCE THE COST AND INCREASE THE PRODUCTION. IT
INVOLVES THE REMOVAL OF CERTAIN AVOIDABLE ACTIVES
IN THE VALUE CAHIN THAT CAN RESULT IN COST
MINIMIZATION.
NAME THE FOUR AREAS IN WHICH STANDARDS OF
ETHICAL CONDUCT EXIST FOR MANAGEMENT ACCOUNTS
IN THE US. WHAT ORGANIZATIONS SET FORTH THESE
STANDARDS - ANS-THE FOUR AREAS IN WHICH
STANDARDS OF ETHICAL CONDUCT EXIST FOR
MANAGEMENT ACCOUNTING:
COMPETENCE
, CONFIDENTIALITY
INTEGRITY
CREDIBILITY
IMA HAS ISSUED ETHICAL GUIDELINES SO AS TO PROVIDE
SUPPORT TO ITS MEMBER TO ACT ETHICAL AT ALL TIMES.
FOR EACH OF THE FOLLOWING ITEMS, IDENTITY WHICH OF
THE MANAGEMENT ACCOUNTING GUIDELINES APPLIES:
COST-BENEFIT APPROACH, BEHAVIORAL AND TECHNICAL
CONSIDERATIONS, OR DIFFERENT COSTS FOR DIFFERENT
PURPOSES - ANS-Q1. ANALYZING WHETHER TO PRODUCE
A COMPONENT NEEDED FOR THE END PRODUCT OR TO
OUTSOURCE IT
A: COST BENEFIT APPROACH
Q2: DECIDING WHETHER TO COMPENSATE THE SALES
FORCE BY STRAIGHT COMMISSION OR BY SALARY
A: COST BENEFIT APPROACH
