Management Accounting IEX Prof. Dr. Michael Lederer . Dr © Copyright : Prof. Dr. Michael Lederer Hochschule Furtwangen – Furtwangen University © Copyright : Prof. Dr. Michael Lederer Page 1 Contents overview management accounting A. Introduction and basic concepts A.1 Cost terms A.2. Costing systems and cost allocation A.3 Cost-volume-profit analysis A.4 Operations accounting 5 11 26 63 78 B. The budgeting process B.1 Budgeting B.2 Variance analysis © Copyright : Prof. Dr
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Acct 210 Midterm 1. List 3 different users (stakeholders) of financial statement information. Shareholders Investors Government Agencies 2. Describe the main difference between Financial Accounting and Managerial Accounting. Reports to those outside the organization: 1. Owners 2. Lenders 3. Tax Authorities 4. Regulators Emphasize financial consequences of past activities Emphasize objectivity and verifiability Emphasizes precision Emphasize summary data concerning
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Introduction and background Cost accounting is the process of accumulating, measuring, analyzing, interpreting and reporting of the information related to the cost. This type of process is useful and relevant for all internal and external stakeholders of the business entity. In the management accounting, the term cost accounting includes the works of establishing budget and actual cost of operations, processes, departments, analysis of the variances and profitability or social use of the funds
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Information needs | 1 | Top management; CEO, BOD | For formulation of long-term strategies for the company. | 2 | Middle management; managers (finance, HR, marketing) | For formulation of short-term strategies in order to achieve long-term goals. | 3 | Lower management; line managers, supervisor etc | For measuring their
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UNIT INTRODUCTION FOR GSB 701: INTRODUCTORY ACCOUNTING Unit aims GSB 701 - Introductory Accounting aims to give you an understanding of: • The theory and application of concepts relating to the accounting discipline at the introductory level; • The double-entry book-keeping system; and • All major financial statements prepared by business organisations. In addition, the unit encourages you to: • analyse; and • apply these principles to simulated problems. Prerequisites This unit should
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organizations- business, nonbusiness, manufacturing, retail and service. Cost behavior, Cost accounting & allocation, and Budget- these are the three key requirements to run any business nowadays. Measuring cost behavior (cost measurement) is associated with understanding and calculating how activities of an organization affect different levels of cost. On the other hand, cost accounting is a kind of accounting method that targets to capture an organization’s costs of production by evaluating the input
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Advanced Financial Accounting Unit 3 Solutions Solution to question 1 1. Prepare the equity accounting entries for 20x5 EA1: Recognize share of post-acquisition R/E of A Dr Investment in A 21,000 Cr RE RE of A as at 1 Jan 20x5 RE of A as at date of acquisition Change in RE 30% Share of A's change in RE 21,000 100,000 30,000 70,000 21,000 EA2: Recognize share of impairment loss on intangible asset (note a) Dr RE 4,800 Cr Investment in A 4,800 (30% Asso x 50% impair x (1-20% tax) x 40K)
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CHAPTER 1 Managerial Accounting in the Information Age Summary of Questions by Objectives and Bloom’s Taxonomy |Item | |1. | |49.
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Accounting for non-accounting students eighth edition John R. Dyson ACCOUNTING FOR NON-ACCOUNTING STUDENTS Visit the Accounting for Non-Accounting Students, eighth edition Companion Website at www.pearsoned.co.uk/dyson to find valuable student learning material including: G G G G Multiple choice questions to help test your learning Extra question material Links to relevant sites on the web Glossary explaining key terms mentioned in the book We work with leading authors to develop
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1.0 Introduction to Accounting • Accounting is the process of identifying, measuring and communicating information to permit informed judgments and decisions by users of the information. • There are two main types of accounting: 1. Financial accounting This is primarily concerned with the recording of transactions between the business and other individuals and organisations. It also includes the preparation of reports on the performance of the business
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