All categories

3 years ago

LO 1.2Who are the primary users of the information gathered by managerial accountants?

Business

1 answer:

Oduvanchick [21]3 years ago

4 0

Answer:

managers of the organization

Explanation:

Management Accounting - The main purpose of accounting is to provide a database for business leaders to make the right decisions. Management accounting performs the same function as an area of accounting. Simply the information that the management accounting reveals is intended for internal users of the enterprise, and some literature has described it as "good" data.

Internal users use management accounting data to develop strategies, plan work, make decisions, and optimize resource use.

The main differences between the Financial Accounting (FA) and the Management Accounting (MA) are the dual registration system in the FA. The FA should comply with the legislation and the monetary measure. MA has no legal requirement, and natural, labor and so on. Dimensions can be used. One of the most important differences is that the FA reflects on what has happened, and MA prepares predictive reports on what has happened and about future events.Thus, MA calculations help in making decisions on internal procedures, budgeting and other projected reports.

You might be interested in

Information from the records of the Abel Corporation for July 2018 was as follows:

artcher [175]

Answer:

a. $969,000

Explanation:

Calculation for what The total product cost is

TOTAL PRODUCT COST

Direct Material Used $264,000

Direct Labor $300,000

Factory Overhead $405,000

Total Product Cost $ 969,000

($264,000+$300,000+$405,000)

Therefore The total product cost is $ 969,000

7 0

3 years ago

A change from straight-line depreciation to double-declining-balance depreciation would be reported as__________.

sertanlavr [38]

A change from straight-line depreciation to double-declining-balance depreciation would be reported as a restatement of the prior period statements only.

The term depreciation refers to an accounting technique used to spread the cost of a tangible or physical asset over its useful life. Depreciation indicates how much of an asset's value has been used. It allows companies to generate income from the assets they own by making payments over a period of time.

Depreciation expense is apportioned to charge a reasonable portion of the depreciation amount for each accounting period over the expected useful life of the asset. Depreciation includes the depreciation of assets with a predetermined useful life.

Learn more about depreciation here:brainly.com/question/1203926

#SPJ4

8 0

1 year ago

You are considering a job that offers a pension of 80% of your highest yearly salary prior to retirement. You expect your highes

lara31 [8.8K]

Answer:

1,120,000 dollars

Explanation:

The pension income is 80% out of current salary of 70,000 dollars, therefore 56,000 dollars. For this to be future retirement stream savings must be at a level of 1,120,000 dollars or 56,000/0,05. This strategy would assume 5% return on savings or investments and the lifestyle in retirement equal to pre-retirement period. This strategy would also assume no additional post-retirement income.

7 0

3 years ago

During the current month, Grey Company sold 60,000 units for $10 each. Each unit had an equivalent cost of $6 each. The journal

Romashka [77]

Answer:

The sale entry would be:

Dr Trade Receivable $ 600,000

Cr Sale $600,000

And the inventory sent out of warehouse to customer would be recorded as:

Dr Cost of goods sold $360,000

Cr Finished Goods account $360,000

Explanation:

As we know the sale is credit in nature and inventory sold on credit increases the trade receivable which is debit in nature.

So the entry would be:

Dr Trade Receivable $ 600,000

Cr Sale $600,000

And the inventory sent out of warehouse to customer would be recorded as:

The reason is that once the product is sold then the cost of finished goods is eliminated from the inventory account and would be charged to the cost of goods sold. So the entry would be posted by the cost of equivalent that the company has incurred to manufacture the product. Here the cost of equivalent is given and is $6 per unit.

So for the sale of 60,000 units the total cost of equivalent will be:

Total equivalent cost = 60,000 units * $6 per unit = $360,000

And the entry would be:

Dr Cost of goods sold $360,000

Cr Finished Goods account $360,000

3 0

3 years ago

Corona Company is owned equally by Maria, her sister Carlita, her mother, Gabriella, and her grandmother Olivia, each of whom ho

melamori03 [73]

Answer:

200 shares

Explanation:

As per the family attribution rule Rule 318 the person is owner of his or her shares and deemed owner of the shares that their parent posseses. This means that Maria is treated as an owner of 100 shares she actually owns and the 100 shares that her mother owns, totalling it to 200 shares. The number of shares that her sister or grandmother owns is not included in the ownership as it is not as per the family attribution rule.

3 0

3 years ago