Question;Managerial and Financial Accounting (graded)Flexibility, timeliness, and forward looking are said to be the prominent traits of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus on these two accounting systems differs.Product Versus Period Costs (graded)Comment on what makes up a product cost and what constitutes a period cost. Use examples and explain why this distinction is necessary.week 2Job-Order Costing (graded)What is Job Order Costing? What type of businesses would use this cost accounting method? Give examples. What are the advantages and disadvantageous of this technique? Discuss.Process Costing (graded)Describe how the process costing system accumulates and assigns costs by comparing and contrasting to the job-order costing system.Cost-Volume-Profit Analysis (graded)Based on your ebook readings and review of both the lecture and Becker content, discuss the basic assumptions of CVP analysis and how we can use CVP analysis as managers in making decisions.Absorption Costing (graded)Absorption costing, also known as full costing refers to a system in which all the fixed manufacturing overheads are allocated to products. The alternative system which assigns only variable manufacturing costs to products then fixed costs added separately is termed variable costing. Discuss the pros and cons of each method. Give examples.week 4Activity-Based Costing (graded)How does activity-based costing differ from the traditional costing approach? When would it give more accurate costs than traditional costing systems?Incremental Cost Analysis (graded)"Only those costs that change need be included in the decision-making process." Evaluate this statement and discuss its merits or shortcomings based on your readings.Capital Budgeting Techniques (graded)What is NPV? What is IRR? Suppose a company has 2 different capital budgeting projects from which to choose, but has constrained funds and cannot implement all of the projects. Explain how and whay you would choose one project over the other.TIME VALUE OF MONEYWE OFTEN SAY THAT MONEY HAS A TIME VALUE. WHAT DO WE MEAN BY THAT? WHY IS THIS IMPORTANT IN ACCOUNTING? GIVE EXAMPLES. week 6Standard Costs and Variance Analysis (graded)WHAT IS THE PURPOSE BEHIND A STANDARD COSTING SYSTEM? HOW IS THIS METHOD DIFFERENT FROM ABC OR VARIABLE COSTING OR JOB COSTING OR PROCESS COSTING SYSTEMS THAT WE HAVE LEARNED (HOPEFULLY) IN THIS COURSE? WHAT ARE SOME OF ITS ADVANTAGES AND DISADVANTAGES? GIVE EXAMPLES.Variance Analysis (graded)What are the 4 key variances discussed in this chapter? Select and define one and provide an example. week 7Ratio Analysis (graded)What are the limitations of ratios and how do we over-come those limitations? Financial Statement Analysis (graded)Why do managers analyze financial statements? What are they looking for? List three types of decisions that managers can make by analyzing financial statements.
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