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1 year ago

What are the major differences between financial and managerial accounting?

1 answer:

7 0

The major differences between financial and managerial accounting are based on reporting focus, frequency, etc. which are explained in the attached image.

Financial accounting and managerial accounting (also known as management accounting) are not the same things.

While both types of accounting deal with numbers, managerial accounting is only used within the company.

Financial accounting, on the other hand, is primarily concerned with the collection of accounting data in order to generate financial statements.

A financial accounting system is designed for external decision-makers like investors, regulators, and creditors, whereas a managerial accounting system is designed for internal decision-makers like managers.

Hence, financial accounting and managerial accounting are different from each other.

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Mr Store who runs his photocopy business working 8 hours per day process 100 scripts. He estimates his labour cost to be € 9 per

nordsb [41]

Answer:

A) 0.33 scripts per euro

B) The new productivity is worse than the old productivity

C) 0.333 euros per script

Explanation:

number of hours worked per day = 8

number of scripts processed per day = 100

Labor cost per hour = 9 euros

Total labor cost per day = 9 * 8 = 72 euros

material cost per script = 2 euros

Total material cost per day = 2 * 100 = 200 euros

daily expenses = 28 euros

A) Calculate the multifactor productivity

= output / Total cost

Total cost = ( 72 + 200 + 28 ) = 300

= 100 / 300

= 0.33 scripts per euro

B ) compare the old and new productivity

Old productivity = 0.33 scripts / euro

new multifactor productivity

= output / Total cost

Total cost = (8*9)+(150*2.5)+28 = 475

= 150 / 475

= 0.3158 scripts per euro

hence the new productivity is worse than the old productivity

C ) using the initial multifactor productivity of 0.333

calculate the target total cost = output / multifactor of productivity

= 150/0.333

= 450 euros

hence Material cost = (450 - 8*9-28)/150

= 2.33 euro per script

So, the material cost will be increased by = 2.33 euros - 2

euros

= 0.333 euros per script

7 0

3 years ago

As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 30% of Nursery Supplies Inc

jonny [76]

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

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4 years ago

From time to time, various groups clamor for import restrictions or tariffs on foreign-produced goods, particularly automobiles.

Misha Larkins [42]

Tariffs can be helpful if the imports are unfairly cheaper than the domestic counterparts. This would level the playing field and help the domestic companies compete more effectively.

Tariffs can be harmful for consumers because there is strong possibility that the increased costs will raise consumer prices.

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3 years ago

Charles Wilson, the CFO of Sunland Automotive, Inc., is putting together this year's financial statements. He has gathered the f

Sholpan [36]

Answer:

The long term debt is $167,721

Explanation:

Workings are attached.

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6 0

3 years ago

Read 2 more answers

When deciding whether to remain in school, the relevant cost of staying in school is $?

castortr0y [4]

When expressing the relevant of cost in staying in dollar will be $<span>22500 in whole numbers. Staying in school when you are already in college is a challenge, because you are already one step forward to your success so it its hard to stop going to school, you need to do something so that you will be able to continue your schooling.</span>

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4 years ago