Financial And Managerial Accounting Paper

Methods and techniques of financial and managerial accounting
In financial accounting, the accrual method and the cash method or a combination of the two is used. In accrual accounting, transactions are recorded in the books when they occur and the revenue is recognized. In cash accounting, transactions are recorded only upon the receipt or payment of cash.

In financial accounting, International Financial Reporting Standards are followed for preparing a company’s financial statements as given by the Accounting Standard Board. It is mandatory to follow all the standards for preparing financial statements in financial accounting because it is used by external users such as investors, creditors, and the government. The income statement, balance sheet, cash flow statement, and profit and loss statement are the results of financial accounting.

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In managerial accounting, the data can be modified as per the requirement of information by managers for decision-making. Some techniques used in managerial accounting are as follows:

Margin analysis: Margin analysis is the technique used in management accounting to determine the incremental gain from the increased production. In other words, marginal costing is calculated to assess the impact on cost of a product if the production is increased by one additional unit.

Product costing and inventory valuation: Product costing refers to the process where an accountant computes the total cost incurred in producing a single unit in an organization.

Constraint analysis: Constraint analysis involves identification of the bottleneck that may hinder the smooth production process in an organization. A management accountant determines constraints associated with the production line so that the information can be communicated to management. The management further takes necessary actions to remove these constraints to the make the production function efficient.

Capital budgeting: Capital budgeting is the process where management decides about the fixed asset investment. Net present value and internal rate of return are the important capital budgeting techniques used by the management accountant to assist management in making new capital investment decisions.

Forecasting and trend analysis: The main concern of trend analysis is to know the variances that may occur from the forecasted sales or the budgeted sales. This helps a manager take corrective actions and know the trend and patterns of product cost.

Cash flow analysis: The cash flow analysis is a technique performed to know the impact of cash on business decisions.

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Financial and Managerial Accounting Paper

1. Which one of the following characteristics would likely be associated with a just-in-time inventory method? (Points : 1)

Ending inventory of work in process that would allow several production runs

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A backlog of inventory orders not yet shipped

 

Minimal finished goods inventory on hand

 

An understanding with customers that they may come to the showroom and select from inventory on hand

 

 

2. Manufacturing costs include (Points : 1)

direct materials and direct labor only.

 

direct materials and manufacturing overhead only.

 

direct labor and manufacturing overhead only.

 

direct materials, direct labor, and manufacturing overhead.

 

 

Question 3.3. Sales commissions are classified as (Points : 1)

overhead costs

 

period costs.

 

product costs.

 

indirect labor.

 

 

Question 4.4. On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n) (Points : 1)

addition to raw materials purchases.

 

addition to raw materials available for use.

 

subtraction from raw materials available for use.

 

subtraction from raw materials purchases.

 

 

Question 5.5. The reporting standard for external financial reports is (Points : 1)

industry-specific.

 

company-specific.

 

generally accepted accounting principles.

 

department-specific.

 

 

Question 6.6. An important feature of a job order cost system is that each job (Points : 1)

must be similar to previous jobs completed.

 

has its own distinguishing characteristics.

 

must be completed before a new job is accepted.

 

consists of one unit of output.

 

 

Question 7.7. Factory labor costs (Points : 1)

are accumulated in a control account.

 

do not include pension costs.

 

include vacation pay.

 

are based on workers’ net pay.

 

 

Question 8.8. If manufacturing overhead has been overapplied during the year, the adjusting entry at the end of the year will show a (Points : 1)

debit to Manufacturing Overhead.

 

credit to Finished Goods Inventory

 

debit to Cost of Goods Sold.

 

credit to Work in Process Inventory.

 

 

Question 9.9. In computing equivalent units, ___________ is not part of the equivalent units of production formula. (Points : 1)

units transferred out

 

beginning work in process

 

ending work in process

 

None of these is correct.

 

 

Question 10.10. A production cost report (Points : 1)

is prepared for each product.

 

is prepared from a job cost sheet.

 

will show quantity and cost data for a production department.

 

will not identify a specific department if more than one department is involved in the production process.

 

 

Question 11.11. Differences between a job order cost system and a process cost system include all of the following except the (Points : 1)

documents used to track costs.

 

point at which costs are totaled.

 

unit cost computations.

 

flow of costs.

 

 

Question 12.12. Which would be an appropriate cost driver for the ordering activity? (Points : 1)

Machine setups.

 

Purchase orders.

 

Machine hours.

 

Inspections.

 

 

Question 13.13. Fixed costs normally will not include (Points : 1)

property taxes.

 

direct labor.

 

supervisory salaries.

 

depreciation on buildings and equipment.

 

 

Question 14.14. In CVP analysis, the term “cost” (Points : 1)

includes only manufacturing costs.

 

means cost of goods sold.

 

includes manufacturing costs plus selling and administrative expenses.

 

excludes all fixed manufacturing costs.

 

 

Question 15.15. The break-even point cannot be determined by (Points : 1)

computing it from a mathematical equation.

 

computing it using contribution margin.

 

reading the prior year’s financial statements.

 

deriving it from a CVP graph.

 

 

Question 16.16. The CVP income statement (Points : 1)

is distributed internally and externally.

 

classifies costs by functions.

 

discloses contribution margin in the body of the statement.

 

will reflect a different net income than the traditional income statement.

 

 

Question 17.17. Which of the following is not a financial budget? (Points : 1)

Capital expenditure budget

 

Cash budget

 

Manufacturing overhead budget

 

Budgeted balance sheet

 

 

Question 18.18. In a production budget, total required units are the budgeted sales units plus (Points : 1)

beginning finished goods units.

 

desired ending finished goods units.

 

desired ending finished goods units plus beginning finished goods units.

 

desired ending finished goods units minus beginning finished goods units.

 

 

Question 19.19. Which one of the following sections would not appear on a cash budget? (Points : 1)

Cash receipts

 

Financing

 

Investing

 

Cash disbursements

 

 

Question 20.20. Which one of the following budgets would be prepared for a manufacturer but not for a merchandiser? (Points : 1)

Direct labor budget

 

Cash budget

 

Sales budget

 

Budgeted income statement

 

 

Question 21.21. A flexible budget (Points : 1)

is prepared when management cannot agree on objectives for the company.

 

projects budget data for various levels of activity.

 

is only useful in controlling fixed costs.

 

cannot be used for evaluation purposes because budgeted data are adjusted to reflect actual results.

 

 

Question 22.22. The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called (Points : 1)

static reporting.

 

flexible accounting.

 

responsibility accounting.

 

master budgeting.

 

 

Question 23.23. A measure frequently used to evaluate the performance of the manager of an investment center is (Points : 1)

the amount of profit generated.

 

the rate of return on funds invested in the center.

 

the percentage increase in profit over the previous year.

 

departmental gross profit.

 

 

Question 24.24. All of the following statements are correct about management by exception except it (Points : 1)

enables top management to focus on problem areas that need attention.

 

means that management has to investigate every budget difference.

 

requires that there must be some guidelines for identifying an exception.

 

means that top management’s review of a budget report is focused primarily on differences between actual results and planned objectives.

 

 

Question 25.25. The cost of freight-in (Points : 1)

is to be included in the standard cost of direct materials.

 

is considered a selling expense.

 

should have a separate standard apart from direct materials.

 

should not be included in a standard cost system.

 

 

Question 26.26. The investigation of materials price variance usually begins in the (Points : 1)

first production department.

 

purchasing department.

 

controller’s office.

 

accounts payable department.

 

 

Question 27.27. If the standard hours allowed are less than the standard hours at normal capacity, the volume variance (Points : 1)

cannot be calculated.

 

will be favorable.

 

will be unfavorable.

 

will be greater than the controllable variance.

 

 

Question 28.28. In incremental analysis, (Points : 1)

only costs are analyzed.

 

only revenues are analyzed.

 

both costs and revenues may be analyzed.

 

both costs and revenues that stay the same between alternate courses of action will be analyzed.

 

 

Question 29.29. Which decision will involve no incremental revenues? (Points : 1)

Make or buy decision

 

Drop a product line

 

Accept a special order

 

Additional processing decision

 

 

Question 30.30. Capital budgeting is the process (Points : 1)

used in sell or process further decisions.

 

of determining how much capital stock to issue.

 

of making capital expenditure decisions.

 

 

of eliminating unprofitable product lines.

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  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently
 

Online Academic Help With Different Subjects

Literature

Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.

Finance

Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!

Psychology

While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.

Engineering

Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.

Nursing

In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.

Sociology

Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.

Business

We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!

Statistics

We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.

Law

Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

  • When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
  • We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

  • The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
  • We will have a different writer write the paper from scratch.
  • Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment  Help Service Works

1.      Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2.      Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3.      Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4.      Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

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