1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sav [38]
3 years ago
9

Define how managerial accounting differs from financial accounting. Be sure to address the diverse users of managerial and of fi

nancial accounting and provide examples of how at least five users would utilize accounting information. Cost can be classified in 5 categories-behavior, traceability, controllability, relevance and function. Briefly explain each category. (Watch Accounting 2 - ACCT 122 - Program #223 - Managerial Accounting Concepts and Accounting 2 - ACCT 122 - Program #224 - Managerial Accounting Concepts - Continued Illustrate how managerial accounting information assists managers in performing the roles of planning, directing, and controlling by providing an example of each.
Business
1 answer:
Mazyrski [523]3 years ago
6 0

ANSWER:

Managerial accounting is the use of accounting information, to determine the best decision to take, inorder to better the organization, and bring in more profit.

While.

Financial accounting is reporting all financial transaction, by preparing a financial statement, which details out the inflow and outflow of money in the organization.

HOW TO USE ACCOUNTING INFORMATION:

1) Accounting Information are used by managerial accountants to determine the best business to invest more money into.

2) Accounting Information are used by financial accountant to report the profit or loss in the business of the company.

3) Accounting information are used by managerial accountant to decide which investment that should be added or removed from the portfolio, so that much profit will be achieved.

4) Accounting Information are used by financial accountant to calculate and tabulate it financial statement. Using statistical methods and accounting formulas.

5) Accounting Information are used by managerial accountant, to manage the returns in investment, and decide which investment, that will have the highest budget.

Traceability of cost means that all cost should be able to show what lead to it, why the cost is necessary, and the effect of the cost to the business.

Behavior of cost shows the way cost will change whenever they is a change in activities t looko lead to costing. A decrease in spending, will decrease the cost.

Controllability of Cost defines cost to be subject to the decision of how the business will be achieved. This shows that cost can be altered at anytime, to suit the need of the business.

Relevance of Cost defines cost to be used to show how relevant or irrelevant a cost can be to the business, which helps a manger to consider only the relevant cost in the business first.

Function of cost shows the amount invested in relation to the amount produced. It is represented in a cost curve, and is used to optimize the business of the organization.

You might be interested in
In tort law, what is proximate cause?
zloy xaker [14]

Answer:

B

Explanation:

Proximate cause means “legal cause,” or one that the law recognizes as the primary cause of the injury. ... In other words, the plaintiff will have to show that the injuries were the natural and direct consequence of the proximate cause, without which the injuries would not have occurred.

6 0
2 years ago
Marginal cost is equal to average total cost when a. average variable cost is falling. b. marginal cost is at its minimum. c. av
atroni [7]

Answer: C

Explanation: average total cost is at its minimum

3 0
2 years ago
For a 13-person team, how many extra workers should be hired to meet the labor hours needed without overtime
Paha777 [63]

For a 13-person team, The number of extra workers that should be hired to meet the labor hours needed without overtime is 7.

<h3>What is Labor hours?</h3>

This is a term that connote the total hours of workers that are said to be having or getting an hourly wage and they are the ones who are said to be directly employed on the site of a building, public works project, etc.

Note that "Labor hours" is one that entails hours of work that has been carried out  by workers who have been employed by the general contractor or the subcontractors  that are found to be working on the project.

Learn more about labor hours from

brainly.com/question/24868261

8 0
2 years ago
An increase in the selling price per unit will decrease an organization's operating leverage, assuming sales unit volume doesn't
xenn [34]

Answer:

a) true

Explanation:

This is true because, increasing the price of the product sold by an organisation directly lead to the reduction of the operating cost of the said organization, all other things being equal. <em>For example, a glass manufacturing company increasing the selling price per unit glass from $40 to $90 will definitely lead to operating cost reduction.</em>

7 0
3 years ago
A firm with a production function Q = KL (where K is units of capital and L is units of labor) has an expansion path that is giv
Charra [1.4K]

Answer:

C. 120

Explanation:

The computation is shown below:

                                      (L × K)

<u>Labor L      Capital K   Quantity of Output Q         Total cost TC</u>

1                    2                      2                                       $40

2                   4                      8                                       $80

                                                                   (2 × $20 + 4 × $10)

3                    6                    18                                       $120

                                                                  (3 × $20 + 6 × $10)

4                    8                     32                                      $160

                                                                 (4 × $20 + 8 × $10)

As we can see that if we considered 3 units of labor so the total cost is $120

Hence, the correct option is c.

4 0
3 years ago
Other questions:
  • Many of​ smashburger's competitors combine a​ burger, fries, and a drink offered at a reduced​ "combo" price. this practice is k
    6·1 answer
  • A company uses a periodic inventory system sells a single product that had a beginning inventory of 5,000 units with a total cos
    12·1 answer
  • Dena's Decorations is a South Carolina business that has a SUTA rate of 3.6% and an annual SUTA wage base of $14,000. The employ
    6·1 answer
  • Fields Cutlery, a manufacturer of gourmet knife sets, produced 20,000 sets and sold 23,000 units during the current year. Beginn
    14·1 answer
  • Sparkman Co. filed a bankruptcy petition and liquidated its noncash assets. Sparkman was paying forty cents on the dollar for un
    13·1 answer
  • The market for. pizza is characterized by a downward-sloping demand curve and an upward-sloping supply curve. a. Draw the compet
    6·1 answer
  • In an Argand diagram, the point P represents the complex number z, where z = x + iy. Given that z + 2 = λi(z + 8), where λ is a
    7·1 answer
  • Sylvan, the seller, and Eric, the buyer, have signed an option agreement, which is an offer to purchase a specific piece of real
    11·1 answer
  • 17. Which of the following is not a true statement
    13·1 answer
  • g A speculator buys a call option for $3, with an exercise price of $50. The stock is currently priced at $49, and rises to $55
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!