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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.

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Big Homes Corporation is an accrual method calendar year taxpayer that manufactures and sells modular homes. This year for the f
Nina [5.8K]

Answer:

What amount of the rebates, if any, can Big Homes deduct this year?

$19500

Explanation:

$19,500 if this amount is not material, Big Homes could  continue  offering rebates in next sells, in addition expects to pay the accrued rebates before filing their tax return for this year.

4 0
3 years ago
In a department meeting, Javier shares some research on new software he thinks the company should purchase. Roger agrees with Ja
nirvana33 [79]

Answer:

Elaborator is the correct answer.

Explanation:

In this example, Roger takes Javier's initial idea, which includes the suggestion of buying new necessary software for the company. Roger fits the description of an elaborator, who builds examples (Roger's own experience with the software and how it'd be the best option) based on initial ideas (Javier's suggestion).

3 0
3 years ago
Richland’s real GDP per person is $10,000, and Poorland’s real GDP per person is $5,000. However, Richland’s real GDP per person
dangina [55]

Answer:

It will take approximately 36 Years to Poorland to catch up to Richland.

Explanation:

Given data:

The GDP increase in Poorland per year = 1 %

The GDP increase in Richland per year = 3 %

Calculations:

Step 1: For Richland:

The formula for calculating the per year GDP increase for Richland is:

GDP = 10,000 + (10,000 x (1/100)) ---- (1)

GDP for first Year = 10,100$

GDP for second Year = 10,201 $

Similarly using the formula (1) we calculated the values for 10 and 20 years

GDP for 10th Year = 11046.2$

GDP for 20th Year = 12201.9$

Step 2: For Poorland:

The formula for calculating the per year GDP increase for Poorland is:

GDP = 5,000 + (5,000 x (3/100)) ---- (1)

GDP for first Year = 5,150$

GDP for second Year = 5,304.5 $

Similarly using the formula (1) we calculated the values for 10 and 20 years

GDP for 10th Year = 6719.6$

GDP for 20th Year = 9030.6$

Step 3: When will Poorland catch up to Richland:

By calculating values using the above formulas, we have found that for 38th year, Poorland will catch upto Richland and will have more GDP.

Poorland GDP for 36th Year = 14491.4$

Richland GDP for 36th Year = 14307.7$

6 0
3 years ago
Claremont Company specializes in selling refurbished copiers. During the month, the company sold 180 copiers at an average price
Bess [88]

Answer:

B

Explanation:

Since the average copier was sold $3000

Budgeted 175 copier was sold $3200

Therefore $3000+$3200= $6200

6200*180=$1116000

We subtract it from the 180*$3000=$54000

$1116000-$540000

=$576000

4 0
3 years ago
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