i MANAGERIAL ACCOUNTING QCF Level 5 Unit Contents Chapter Title Introduction to the Study Manual Unit Specification (Syllabus) Coverage of the Syllabus by the Manual 1 Management Accounting and Information Introduction Management Accounting Information Collection and Measurement of Information Information for Strategic, Operational and Management Control Information for Decision Making Cost Categorisation and Classification Introduction Some Introductory Definitions Categorising Cost to Aid
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Managerial Accounting Exam 1 1. Managerial accounting places considerable weight on: A) generally accepted accounting principles. B) the financial history of the entity. C) ensuring that all transactions are properly recorded. D) detailed segment reports about departments, products, and customers. Answer: D AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement LO: 1 Level: Easy 2.
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I. STATEMENT OF THE PROBLEM Beta Company produces two products, A and B, Each of which uses materials X and Y. The Following unit Standard cost apply: Material X Material Y Direct Labor Product A 4 lbs @ $15 1 lb @ $9.50 1/5 hr @ $18 Product B 6 lbs @ $15 2 lbs @ $9.50 1/3 hr @ $18 During November 4,200 units of A and 3,600 units of B were produced. Also, 39,000 pounds of X were purchased at $14.40, and 11,000 pounds of Y were purchased at $9.70; all of these materials (but no other
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estimated at 42,000, and its total production is estimated at 525,000 units. During 2014, the machine was operated 6,000 hours and produced 55,000 units. During 2015, the machine was operated 5,500 hours and produced 48,000 units. Instructions: Compute depreciation expense on the machine for the year ending December 31, 2014, and the year ending December 31, 2015, using the following methods. (1) Straight-line. (2) Units-of-output. (3) Working hours. (4) Sum-of-the-years'-digits. (5) Declining-balance
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for earnings management. + Reflect the current period’s true and fair results. -Requirements for annual impairment testing of goodwill and other non-amortised intangible assets. -Difficulties surrounding the identification of a cash-generating unit. -Challenges in projecting cash flows and estimating various assumptions for the testing of value in use. Kolb’s TEL with Paul’s Critical Thinking Components: IAS 36 Impairment of assets-assess of key features Objects/Events: To prescribe the
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3. Realizing that the CIC will demand some kind of sensitivity analyses, how should Dave and Rick prepare their report? Which variables or inputs are obvious ones that need to be analyzed using multiple values? Explain by performing suitable calculations. The variables that are vulnerable to economic and market factors such as competition, inflation, and recession are selling price per unit and variable cost per unit. To some extent fixed costs can be sensitive as well. Price per unit has
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interest rate is 10 percent and cash flows are $1,000 at the end of year one and $2,000 at the end of year two, then the present value of these cash flows is: A. | $2,562. | B. | $3,200. | C. | $439. | D. | $3,000. | | 3. | Accounting profits are: A. | total revenue minus total cost. | B. | total cost minus total revenue. | C. | marginal revenue minus total cost. | D. | total revenue minus marginal cost. | | 4. | Economic profits are: A. | total
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of the Accounting Standards Codification] This HTML transformation of the FASB Accounting Standards Codification is provided by Public.Resource.Org as a public service. Please note that these documents are based on the 2011 printed version of the codification, which is out of date. For the latest, authoritative version of these standards, we recommend you consult https://asc.fasb.org/ which is provided by the Financial Accounting Standards Board. End of Preamble [Not Part of the Accounting Standards
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Chapter 1—The Information System: An Accountant’s Perspective TRUE/FALSE 1. Information is a business resource. ANS: T 2. An information system is an example of a natural system. ANS: F 3. Transaction processing systems convert non-financial transactions into financial transactions. ANS: F 4. Information lacking reliability may still have value. ANS: F 5. A balance sheet prepared in conformity with GAAP is an example of discretionary reporting. ANS: F 6.
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WHAT IS ACCOUNTING? Identify Communicate What is the purpose of accounting ? Measure Record 9 3 8/13/2014 WHAT IS ACCOUNTING? Accounting information is important because it… Assists decision making Provides information about the past, present and future performance of an entity Measures business activity 10 WHO USES ACCOUNTING DATA? Internal users External users Managers who plan, Investors who make organise and run the decisions to buy, hold or
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