can you solve this pease ? Question 2The role of management accountants has been well-known to the corporate world as they widelycontribute for performing planning, controlling and decision making functions effectively andefficiently through providing solid accounting information with good analysis. Liebherr Industrieshas been growing in terms of revenue and its customer base over the past decade. The Board ofDirectors of the company has been claiming that they should have one management accountant fortheir company to achieve better performance in the coming periods.Production and Cost DetailsLiebherr manufactures and sells many replacement parts for its equipment. PX-111 is one of suchparts that has following cost and selling price structure:InformationSelling PriceDirect MaterialDirect Labour costNumber of labor hours needed tomanufacture one unit of productFixed Costs for the company$ per unit700300(per unit of material)50 per hour3003006 hours$40,000 Estimations for the next year 2021The company has estimated the following information;(i) Sales EstimationsFirst QuarterSecondThird Quarter Fourth QuarterQuarterNumberofunits to be sold1,0001,1001,2001,300(Units)(ii) Inventory estimationsInventoryFinished GoodsMaterialsRequired:Beginning(first quarter)200 units$120,000EndingThe company desires to have an endinginventory each quarter equal to 25% of the nextquarter's sales. The first quarter's sales forthe following year (2022) is expected to be1.400 unitsThe company desires the ending balance inmaterials inventory to be 45% of the nextquarter's cost of materials. The cost of materialsfor the first quarter in the following year (2022)is expected to be $170,400Based on the estimated information given above, prepareA. Sales BudgetB. Production Budget |

Budget:Budgeting is predicting the future with the help of available data and management…

Estimations for the next year 2021 The company has estimated the following information; (i) Sales Estimations First Quarter Second Third Quarter Fourth Quarter Quarter Number of units to be sold 1,000 1,100 1,200 1,300 (Units) (ii) Inventory estimations Inventory Beginning (first quarter) Ending Finished Goods 200 units Materials Required: $120,000 The company desires to have an ending inventory each quarter equal to 25% of the next quarter's sales. The first quarter's sales for the following year (2022) is expected to be 1.400 units The company desires the ending balance in materials inventory to be 45% of the next quarter's cost of materials. The cost of materials for the first quarter in the following year (2022) is expected to be $170,400 Based on the estimated information given above, prepare A. Sales Budget B. Production Budget |

Estimations for the next year 2021 The company has estimated the following information; (i) Sales Estimations First Quarter Second Third Quarter Fourth Quarter Quarter Number of units to be sold 1,000 1,100 1,200 1,300 (Units) (ii) Inventory estimations Inventory Beginning (first quarter) Ending Finished Goods 200 units Materials Required: $120,000 The company desires to have an ending inventory each quarter equal to 25% of the next quarter's sales. The first quarter's sales for the following year (2022) is expected to be 1.400 units The company desires the ending balance in materials inventory to be 45% of the next quarter's cost of materials. The cost of materials for the first quarter in the following year (2022) is expected to be $170,400 Based on the estimated information given above, prepare A. Sales Budget B. Production Budget |

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter14: The Balanced Scorecard And Corporate Social Responsibility

Section: Chapter Questions

Problem 3TIF: Young Manufacturing Company is a startup manufacturing firm looking to build and develop its...

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Factors Influencing The Role Of Management Accountant.? Organization size: Huge entities have the resources to engage accountants to do specific management accounting duties. Their operations also tend to cover a wider area (probably global) and therefore require many aspects of management accounting. Market competition: There is an urgent need for more management accounting information when the competition becomes more intensified. For example, a Balanced Scorecard helps measure both financial and non-financial dimensions of the operations, and a balanced scorecard is a strategic management accounting tool. Nature of the entity's business: For example, if the entity is a huge retailer having several outlets across the country, there is certain management accounting information that will be key to the operations. Such as inventory management system, cost-volume-profit analysis of each retail outlet, return on investment of each outlet, etc. Please explain above answer how these…
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The benefits of management accounting information include: Select one: a. More effective planning. b. Improved decisions. c. All of the given answers. d. Greater efficiency of operations. Question 34 Question text Management accounting focuses primarily on providing data for: Select one: a. Internal uses by managers. b. External uses by stockholders and creditors. c. External uses by the Internal Revenue Service. d. External uses by the Securities and Exchange Commission. Question 35 Question text Prime cost consists of: Select one: a. direct labor and manufacturing overhead. b. direct materials and manufacturing overhead. c. direct materials, direct labor and manufacturing overhead. d. direct materials and direct labor.
Prompt: Accounting information systems became more and more sophisticated and eventually evolved into enterprise resource planning systems. At the same time this was happening, computers were replacing many of the repetitive tasks formerly accomplished by accountants. The accounting profession changed dramatically from one dominated by transaction recording and external financial statement preparation to one where accountants were full decision-making and decision-support team members. Has the profession kept up with these changes? Are the expectations of students entering the profession different than they were before this change? Response Parameters
Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Hilton organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.
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The use and importance of managerial accounting is growing in each of the following areas except for a. enterprise risk management. b. nanotechnology advancements. c. corporate sustainability reporting. d. quality accounting. e. lean accounting.
Young Manufacturing Company is a startup manufacturing firm looking to build and develop its balanced scorecard. Gunner Young, the company owner, has told you the following: Our company was built on the shoulders of our hard-working, diligent employees. I believe that the heart and soul of any company is its employees. If our company is going to succeed, we need to continue to hire and train hard-working, passionate, and ethical employees. I also believe in being efficient. Ive noticed that the companies that always find ways to cut production costs and produce their goods faster are the ones that win in this industry. Gunner has also told you that he is mainly focused on maintaining the customers he has rather than seeking out a lot of new ones. At the end of the day, he admits that his companys ultimate objective is increasing the bottom line. a. Working together in a team, list one strategic objective for each performance perspective of the balanced scorecard based on the information Gunner provided. b. For each strategic objective you came up with in part (a), list at least one performance metric. c. Describe the relationships that would be illustrated by a strategy map of Youngs balanced scorecard. d. Describe the relationships that would be illustrated by a measure map of Youngs balanced scorecard.
Question 1: Management accounting keeps the management fully informed about the latest position of the concern through reporting. It helps management to take proper and quick decisions. The performance of various departments is regularly reported to the top management. Preparation of reports is an important function of a management accountant. What are the necessary points to be considered while preparing reports to make them good? Discuss.
Assurne you are appointed as a management accountant in Salzer company, as an management accountant needs to perform various functions to help various levels of management to improve the performance of the company. Analyse your the role which you have to play in improving the performance company? a. Conducting shareholders meeting b. Facilitate the decision-making process within an organization C. Make the key decisions within an organization d. Prepare the financial statements for an organization
Decision Making with Managerial Accounting Due to varying business characteristics, the managerial accounting techniques applied in each business may differ. For example, a business in the start-up phase may rely heavily upon budgeting and capital investment techniques; whereas, a business in the mature/maintaining phase may rely heavily upon cost management and quality control. Ultimately, the techniques used by management should assist the business in achieving its short-term and long-term goals through effective decision-making. For your Final Paper, you will analyze the role of managerial accounting in two parts. Part I will provide a general overview of managerial accounting. Part II will provide examples of how managerial accounting theories and principles are applied in the business world. You may find it helpful to reflect upon your own professional experiences for examples. Part I (three to four double-spaced pages, excluding the title…