Managerial Accounting:
(a) “Managerial accounting is a field of accounting that
provides economic information for all interested parties.” Do you agree?
Explain.
2. Distinguish between managerial and financial accounting
as to (a) primary users of reports, (b) types and frequency of reports, and (c)
purpose of reports.
3. Linda Olsen is studying for the next accounting midterm
examination. Summarize for Linda what she should know about management
functions.
4. “Decision-making is management’s most important
function.” Do you agree? Why or why not.
5. Jerry Lang is unclear as to the difference between the
balance of a merchandising company and a manufacturing company. Explain the
difference to Jerry.
BE1-2 Listed below are the three functions of the management
of an organization. 1. Planning 2. Directing 3. Controlling Identify which of
the following statements best describes each of the above functions. (a)
_______requires management to look ahead and to establish objectives. A key
objective of management is to add value to the business. (b) ________involves
coordinating the diverse activities and human resources of a Company to product
a smooth-running operation. This function relates to the implementation of
planned objectives. (c) ________is the process of keeping the activities on
track. Management determines whether goals are being met and what changes are
necessary when there are deviations.
BE1-3 Determine whether each of the following costs should
be classified as direct materials (DM), direct labor (DL), or manufacturing
overhead (MO). (a) ______ Frames and tires used in manufacturing bicycles. (b)
______ Wages paid to production workers. (c) ______ Insurance on factory
equipment and machinery. (d) ______ Depreciation on factory equipment. BE1-4
Indicate whether each of the following costs of an automobile manufacturer
would be classified as direct materials, direct labor, or manufacturing
overhead. (a)______Manufacturing overhead. (e) _______Factory machinery
lubricants. (b)______Engine. (f)________Tires. (c)_____Wages of assembly line
worker. (g)________Steering wheel. (d)_____Depreciation of factory machinery.
(h)________Salary of painting supervisor.
BE1-5 Identify whether each of the following costs should be
classified as product costs or period costs. (a)_____Manufacturing overhead.
(d)_____Advertising expenses. (b)_____Selling expenses. (e)_____Direct labor.
(c)_____Administrative expenses. (f)_____Direct Materials.
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