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 |

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 1EA: Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting...

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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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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.
Assume you have been hired by Cabelas Sporting Goods. 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 Cabelas 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.
In his first address as Chairman of the Board of the American Institute of Certified Public Accountants (AICPA), Robert K. Elliott said: Knowledge leveraging will shape a wide range of CPA services. CPAs will be able to identify relevant information and its sources, perform modeling, devise and apply performance measures of all kinds, design systems to obtain needed information, advise on controls and security, and otherwise ensure relevance and reliability. CPAs will identify and deploy knowledge needed for strategic planning and investments, for marketing decisions, for monitoring internal and external conditions, for conducting daily operations, for maximizing the productivity of employee behavior, and for measuring the effectiveness of operations, personnel and processes. All this and more.17 Write a paper (your professor will tell you how long the paper should be) to discuss ways in which this chapter agrees with this quote. Discuss any disagreements. Do you think that the CPA should be performing these services? Why or why not?
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.
Assume that you are a management accountant in a local firm. Your firm is thinking of establishing ethical guidelines for management accounting and you are assigned a task to draft these guidelines. the main ethical aspects of Credibility in management accounting that your local firm should have as guidelines.
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…
Now, consider emerging trends in business today. How should the discipline of managerial accounting evolve to meet the changing needs of organizations? Be specific. Suggest specific accounting information needs that you feel managers have in the current business environment.
Managerial accountants: Multiple Choice are responsible for issuing a company's annual financial statements. are found primarily at higher levels of the organizational hierarchy. often work with regulators like the SEC. often work on cross-functional teams and are located throughout an organization. are found primarily at lower levels of the organizational hierarchy.
‘Business strategy produces long-term plans for the business, taking into consideration plans and possible actions of competitors, the main objective being to position the firm so it has a competitive advantage... If management accounting is to play this role in strategic management, it must provide managers not only with internal, financial information, but also with information, both financial and non-financial, about the environment in which the firm is operating: strategic management accounting’ (Lord, 2007, p.135). Discuss the previous statement, taking in to consideration the following perspectives: a)The sufficiency of strategic management accounting components in achieving the new firm’s roles in comparison to the traditional management accounting. * please help me to answer this question in details, thanks