Test 1 - Managerial Accounting Test Chapter 1 3 Questions...

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Managerial Accounting Test 1 Fall 2010 Chapter 1- 3 Questions Chapter 2- 10 Questions Chapter 3- 7 Questions Chapter 4- 10 Questions I. Financial vs. Managerial Accounting Financial Accounting Outer Reports to owners, stockholders and creditors Managerial Accounting Reports to managers about performance within the organization Designed for internal users The goal is to provide the information managers need for o Planning o Control o Decision making Financial vs. Managerial Accounting Is directed at internal users May deviate from GAAP Presents more detailed information May present more nonmonetary information Places more emphasis on the future II. Fixed, Variable, and Mixed Cost Variable costs - change in proportion to changes in volume or activity Have a slope (change in cost/change in units produced) Ex: costs equal to $91 per bar code reader, so at production level of 1,000 units it’s equal to $91,000, and at a production level of 2,000 units it’s equal to $182,000 Fixed costs - do not change in response to changes in volume or activity Typical fixed costs are depreciation, supervisory salaries, and building maintenance Committed Fixed Costs o These costs cannot be changed in the short run. Discretionary Fixed Costs o These costs can be changed in the short run but the change is not caused by changes in
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Managerial Accounting Test 1 Fall 2010 production or sales volume Mixed costs (semi variable costs) - costs that contains both variable and fixed elements Ex: a salesman with a salary of $80,000 (fixed amount) plus commissions equal to 1% of sales (variable amount) III. SCM, ERM, JIT, ABC, TQM Supply Chain Management (SCM)
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This note was uploaded on 09/28/2011 for the course ACCT 2337 taught by Professor Newman during the Fall '10 term at University of Houston.

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Test 1 - Managerial Accounting Test Chapter 1 3 Questions...

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