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Managerial Accounting DQ
Budgeting Comments
Select one of the following quotes from the text to discuss. Clearly state whether you either agree or disagree with the comment and support your opinion with at least one scholarly resource. Include in your response an explanation of the major purposes of budgeting. Your initial post should be 200-250 words.
• "One major criticism of budgeting is that it is used as a ‘cost reduction' tool rather than a ‘cost control' tool. The objective of the budget is to control costs at an efficient level of operation."
• "There are generally three benefits from allowing employees to participate in developing the budget: (1) Employees tend to accept the budget as their own plan of action. (2) Participation tends to increase morale among employees and toward management. (3) Employee cohesiveness is increased, and productivity will also increase if dictated by the group norm."
• "Even though budgets are quantitative tools, considerable emotion is connected to budgeting. The individual in control often sees the budget as a means of getting things done. People being controlled often have feelings of anxiety because their success and promotion are tied directly to the budget."Standard Cost System
Define a standard cost and explain what constitutes the components of a standard cost. Describe the advantages and disadvantages of a standard cost system and explain under what circumstances a standard cost system is most effective. Your initial post should be 200-250 words.
Prepare a schedule that shows the gross margin for both products and identify the formula labels, then compute the allocated production support cost.
Do you believe that internal management accountants possess the degree of skill commonly possessed by outside accountants and auditors? Explain your reasoning.
Discuss how overheads can be over- or under-applied and how the company should deal with the over- or under-application and evaluate whether ABC should be introduced. (Hint: remember to consider both the costs and benefits of any action recommended.)
The following summarized Cash T-account reflects the total debits and total credits to the Cash account of Thomas Corporation for calendar year 2013.
How much would profit increase if 5 more assembly hours were available at the regular hourly wage for assembly workers?
What must happen in order for the company to succeed, what are the company's most vulnerable areas and identify the company's assets
The Windshield division of Fast Car Co. makes windshields for use in Fast Car's Assembly division.
Shepard Company sold 4,000 units of its product at $ 100 per unit in year 2013 and incurred operating expenses of $ 15 per unit in selling the units. It began the year with 840 units in inventory and made successive purchases of its product as follow..
What are the advantages of evaluating projects using the net present value and internal rate of return methods instead of the payback and accounting rate of return methods?
In December 2012, Yerbury Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $ 25 per hour.
Prepare an analysis of the financial impact of the exhibition on the Ruthmueller Museum, assuming attendance is 10,000. Does offering the exhibition appear to be a good decision from a financial standpoint?
Go to the Web site for the Baldrige National Quality Program and then to the section Frequently Asked Questions.
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