Questions On Accounting And Management Accounting - 766 Words

Subject Name: Accounting for Decision Making Course Name: Bachelor of Commerce (Applied) Semester/Year: 01st Semester 2015 Due Date: Monday 23rd March 2015 Student Name: Phuwanat Tharanop ID: 1499002 ASSIGNMENT ONE PART ONE: 15 marks Research Questions Q1: Write a detailed summary that describes and distinguishes in-depth the different roles of financial accounting and management accounting ‘play’ in a professional service organisation. Answer: Financial accounting is the process of summarizing, analyzing, recording and reporting any transactions occur in the business. It helps businesses to know their position while it is performing. The processes involving are identification, measurement and communication of financial information. It provides an accurate picture of its financial position and performance. The primary objective of financial accounting is the preparation of financial statements - including the balance sheet, the income statement and the statement of cash flow. The balance sheet is usually made at a point in time to show the company financial position. The income statement is usually made in a period of time specified by the company and the statement of cash flow is usually made monthly to show money movements into or out. They are primarily for external users of financial reports such as investors, suppliers and government agencies. Meanwhile, Management accounting is the process of identifying, measuring, analysing, interpreting, and communicatingShow MoreRelatedQuestions On Strategic Management Accounting2396 Words   |  10 PagesOver the past recent years a new term namely â€Å"Strategic Management Accounting† has been introduced in management accounting discussion. In the following years and still today, a debate about what SMA comprises has been oriented. It is considered widely by organizations while drafting and implementing strategic planning and control system in an organization. This essay will elaborate the understanding and analyzing of work done by CIMA and some other surveyors in relation to this field. SecondaryRead MoreQuestions On Strategic Management Accounting3147 Words   |  13 PagesStrategic management accounting â€Æ' Table of Contents Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.1 Part A 1 Part B 3 Costing methods 3 Illustrations 6 Conclusion 7 References 8 â€Æ' List of figures Figure 1: Marginal costing method 4 Figure 2: Absorption costing 5 â€Æ' Introduction It is with passage of time that various scholars have developed scientific concepts and techniques of financial analysis. The effective adoption and evaluation of each of the methodology is possible by way of deep understandingRead MoreManagement Accounting: Questions, Problems, and Answers1639 Words   |  7 PagesExam Chapter 1-5 Name 1) Managers usemanagement accounting information to A) implement C) communicate strategy. B) choose D) All of these answers are correct. 2) Place the four business functions in the order they appear along the value chain: Customer service Design Marketing Production A) Design, Production, Marketing, Customer Service B) Customer Service, Design, Production, Marketing C) Design, Customer Service, Production, Marketing D) Customer Service, MarketingRead MoreCase Study Questions On Management Accounting1670 Words   |  7 PagesAssessment 2 – Management accounting written assignment NEXT Plc Case Student ID Number: 1423839 May 2016 Contents 1. Introduction 3 2. Background 3 3. Review of management accounting 4 4. The key management accounting techniques and methods for NEXT Plc 5 4.1 Planning and Budgeting: 5 4.2 Balance scorecard 5 4.3 Cost-volume-analysis 5 5 The analysis’s strengths and weaknesses 6 5.1 Strengths 6 5.2 Weaknesses 6 6 Conclusion 7 References 8 â€Æ' 1. Introduction Management accounting in the recentRead MorePart A. Question 1:. Concept Of Management Accounting:.1029 Words   |  5 Pages Part A Question 1: Concept of management accounting: â€Å"Management Accounting is the utilization of proper strategies and ideas in preparing chronicled and anticipated financial information of a substance to help administration in setting up arrangements for sensible monetary goals really taking shape of judicious choices with a view towards these destinations. Management accounting helps organizations to generate and preserve value: Management accounting provides information for three major purposesRead MoreManagement Accounting: Questions and Problems on Incremental Analysis7192 Words   |  29 PagesSTATEMENTS 1. An important step in management s decision-making process is to determine and evaluate possible courses of action. 2. In making decisions, management ordinarily considers both financial and nonfinancial information. 3. In incremental analysis, total variable costs will always change under alternative courses of action, and total fixed costs will always remain constant. 4. Accountants are mainly involved in developing nonfinancial information for management s consideration in choosingRead MoreChapter 7 Accounting for Financial Management Answers to Beginning-of-Chapter Questions5135 Words   |  21 PagesChapter 7 Accounting for Financial Management ANSWERS TO BEGINNING-OF-CHAPTER QUESTIONS 7-1 The balance sheet shows the assets, along with the sources of funds used to acquire the assets, at a point in time, say 12/31/07. The income statement shows the sales and profits that were produced during an interval of time, say the year 2007. An individual would have assets, and a net worth, and a balance sheet would detail these holdings. The individual would also have income and expenses,Read MoreAcc 11410 Words   |  6 Pagesï » ¿Jasmine Travis BUS3061 Professor Jerry Thomas July 17, 2014 1. Question 1: Proficient-level: There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Accountants analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgetsRead MoreImplementing A Performance Management Communication1004 Words   |  5 PagesImplementing a Performance Management Communication Accounting, Inc. is implementing a performance management communication plan to advertise the performance management system (PMS) as well as gain employee support for the process. A good communications plan answers six fundamental questions that encompass the history of a PMS, alignment of organizational strategy with the PMS goals, employee input and rewards, and guidelines to follow throughout its execution. Laurence J. Peter (n.d., p. 1) saidRead MoreAccounting1024 Words   |  5 PagesQuestion 1:   * Proficient-level:   * There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Answer: According to the Dictionary of Accounting Terms, Accounting is defined as a one step process of recording, measuring, interpreting and communicating financial data by preparing financial statements in order to reflect financial condition and operating