Question

1. What Managerial accounting is & how it works in business & organization?
2. Cost of goods & manufacturing, how it works & its components?
3. Product cost VS. period cost:
4. Calculate cost of goods sold:
5. Calculate cost of goods manufactured:
6. What process & job cost is and the difference?
7. Job cost sheet is?
8. Journal entries for job & process costing?
9. Material requisition is & journal entries for those:
10. Calculate predetermine rate:
11. Overapplied & underapplied for manufacturing overhead:
12. What it means Equivalent units of production:
13. Production cost reports are:
14. Calculate manufacturing overhead using predetermine rate:
15. Equivalent units are & what they are for material & conversion:
16. Calculate How many units need to produce when they give you your beginning process and working process?
17. What Variable cost is:
18. What Fixed cost are:
19. What Mixed cost are:
20. Calculate contribution margin Per unit.
    1. 3. methods ONLY need to know 2 of them: NOT the graph method.

21.How to calculate Break even: & definition of break even

22. Calculate marginal safety:

23. CVP income statement is & how to calculate it :

24. What a Master budget is:

          Why we use budgets & why its useful

25. What a Financial budget is:

26. What a Operating Budget is:

         Be able to know how to calculate sales based on those sales.

27. Calculate direct labor cost:

28. Question on cash: how to calculate the available cash?

29. example of cash: accounts receivable sales how much cash will receive?

30. Buy & how much cash in bank & you have to calculate how much cash you need to borrow?

31. What to do with a budget once you have a variance:

32. what a Flexible budget is?

33. what Materiality means?

34. Some numbers on sales do calculate on how many units need to produce?

35. Calculate manufacturing cost based on data on variable & fixed cost?

36. Flexible budget cost: how to calculate the difference of the flexible budget?

37. Difference between favorable & unfavorable dealing with standard cost & actual cost?

38. What is standard cost?

39. Difference between budget VS. standard?

40. What happens when you replace old with new machines; what relevant information you need?

41. Incremental analysis is?

42. What is involved to whether to accept or not accept an order?

43. Steps in decision making process:

44. Management makes decisions based on financial and non-financial information.

Answer 1

Management Accounting is a branch of accounting related to the presentation of accounting information to the management in a manner to assist them in discharging their managerial functions like planning, decision making and control. The management of a concern needs information about its past and present operations for deciding future trends and course of actions. Management accounting supplies those information. It designs to provide correct information to the management. It contains techniques to solve problems, take right decisions, plan effectively and to exercise control. It provides information which may be financial in nature (like monetary information) and also non-financial (like product performance, quality, customer satisfaction etc.) It provides the basis for managerial decisions and organisational success. Naturally it acts as a decision-support system.

Cost of goods manufactured refers the total cost incurred for producing the goods during the accounting period. It includes the prime cost and other overhead expenses like factory overhead, office and administrative overhead, etc. The prime cost comprises of all the direct expenses like direct material, direct labour and direct expenses. The cost of goods manufactured is used in the manufacturing statement to determine the cost of goods sold.

Product cost are direct expenses which can be allocated to cost centre or cost units. For example direct materials, direct labour and other direct expenses. On the other hand, period cost are the indirect expenses which cannot be allocated to cost centre or cost units. It includes overhead expenses like selling overhead, manufacturing overhead, etc. Product cost can be included in prepaid expenses but period cost cannot be included in any prepaid expenses.

Cost of goods sold = Cost of goods manufactured + Beginning finished goods - Ending finished goods

Cost of goods manufactured = Prime Cost + Factory Overhead + Office & Administrative Overhead

(Prime Cost = Direct material + Direct labor + Direct expenses)

As per policy, I can solve four sub parts of a question.

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