Managerial Accounting Essay Example for Free

Managerial Accounting Essay Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement. Indicate how cost of goods manufactured is determined. Explain the difference between a merchandising and a manufacturing balance sheet. Identify trends in managerial accounting. Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. (b) Mary is incorrect. Managerial accounting applies to all types of businesses—service, merchandising, and manufacturing. (a) Financial accounting is concerned primarily with external users such as stockholders, creditors, and regulators. In contrast, managerial accounting is concerned primarily with internal users such as officers and managers. Financial statements are the end product of financial accounting. The statements are prepared quarterly and annually. In managerial accounting, internal reports may be prepared as frequently as needed. The purpose of financial accounting is to provide general-purpose information for all users. The purpose of managerial accounting is to provide special-purpose information for specific decisions. 2. (b) (c) 3. Differences in the content of the reports are as follows: Financial †¢ Pertains to business as a whole and is highly aggregated. †¢ Limited to double-entry accounting and cost data. †¢ Generally accepted accounting principles. Managerial †¢ Pertains to subunits of the business and may be very detailed. Extends beyond double-entry accounting system to any relevant data. †¢ Standard is relevance to decisions. In financial accounting, financial statements are verified annually through an independent audit by certified public accountants. There are no independent audits of internal reports issued by managerial accountants. 4. Budgets are prepared by companies to provide future direction. Because the budget is also used as an evaluation tool, some managers try to game the budgeting process by underestimating their division’s predicted performance so that it will be easier to meet their performance targets. On the other hand, if the budget is set at unattainable levels, managers sometimes take unethical actions to meet targets to receive higher compensation or in some cases to keep their jobs. Karen should know that the management of an organization performs three broad functions: (1) Planning requires management to look ahead and to establish objectives. (2) Directing involves coordinating the diverse activities and human resources of a company to produce a smooth-running operation. (3) Controlling is the process of keeping the company’s activities on track. Disagree. Decision making is not a separate management function. Rather, decision making involves the exercise of good judgment in performing the three management functions explained in the answer to question five above. Employees with line positions are directly involved in the company’s primary revenue generating operating activities. Examples would include plant managers and supervisors, and the vice president of operations. In contrast, employees with staff positions are not directly involved in revenuegenerating operating activities, but rather serve in a support capacity to line employees. Examples include employees in finance, legal, and human resources. 5. 6. 7. 1-4 Copyright  © 2010 John Wiley Sons, Inc. Weygandt, Managerial Accounting, 5/e, Solutions Manual (For Instructor Use Only) Questions Chapter 1 (Continued) 8. CEOs and CFOs must now certify that financial statements give a fair presentation of the company’s operating results and its financial condition and that the company maintains an adequate system of internal controls. In addition, the composition of the board of directors and audit committees receives more scrutiny, and penalties for misconduct have increased. The differences between income statements are in the computation of the cost of goods sold as follows: Manufacturing company: Merchandising company: 10. Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory = cost of goods sold. Beginning merchandise inventory plus cost of goods purchased minus ending merchandise inventory = cost of goods sold. 9. The difference in balance sheets pertains to the presentation of inventories in the current asset section. In a merchandising company, only merchandise inventory is shown. In a manufacturing company, three inventory accounts are shown: finished goods, work in process, and raw materials. Manufacturing costs are classified as either direct materials, direct labor, or manufacturing overhead. No, Matt is not correct. The distinction between direct and indirect materials is based on two criteria: (1) physical association and (2) the convenience of making the physical association. Materials which can not be easily associated with the finished product are considered indirect materials. Product costs, or inventoriable costs, are costs that are a necessary and integral part of producing the finished product.

Creating an Interactive Web Site with CGI Essay -- HTML Web Page Creat

Creating an Interactive Web Site with CGI Introduction The Internet explosion of the 1990’s has been one of the most revolutionizing business factors of the decade. The Internet allows individuals and businesses to reach each other more effectively at an increasingly lower cost. However, the most effective method of interaction is two-way interaction. This applies whether the interaction is between two people, a person and a business or two businesses. Basic HTML web pages allow for easy one way interaction. It also allows people to send e-mail back and forth. More effective web pages allow for immediate two-way interaction. These pages can gather survey data, create shopping carts, check credit ratings or even simply have visitors sign a guest book. Interactive web sites definitely have advantages over their less advanced cousins. Common Gateway Interface (CGI) provides one of the more common formats for designing an interactive site. This paper will address some of the concepts behind creating an interactive web site with CGI. It will proceed by considering the following points: 1. Background 2. Creating forms Background Before explaining how CGI works, it is helpful to gain an overall perspective of how the internet itself functions in connection with the end user. Bruce Gronich of BigNoseBird.com provides a good analogy that will be used throughout this paper. He compares the end user’s browser to a rat searching for food. The garbage can doles out the food when the rat requests it. The garbage can is the server. So, the browser requests information from the server, and the server in return doles out the information that is requested. The server uses differe... ...lt;INPUT TYPE="reset" value=" Clear-Form"> <INPUT TYPE="HIDDEN" NAME="FORM_NAME" VALUE="THE TEST FORM"> <INPUT TYPE="HIDDEN" NAME="MAIL_TO" VALUE="person@to-get.mail.com"> </PRE> </FORM> Conclusion This paper has been primarily about some of the HTML codes required to put together an interactive web site. It has reviewed how the internet works and how to assemble a form on a browser. The paper has also addressed how the information needs to be formatted so that it can be successfully passed to a cgi script for further processing. Acknowledgements The primary source used in this paper was the web site www.bignosebird.com The web site www.icthus.net/CGI-city/ was also helpful. Finally, the textbook Frontiers of Electronic Commerce provided some information as well.

Indian and European Nations

Nearly all European invaders as well as their descendants tried to submerge by suppressing their times of yore and by physical repression. The Indian nations relied on spoken means for the spread of history from one memorial cohort to the next, destined that the conclusion of their social constitution would obliterate their history, and thus complete the removal of their survival. Think of what ought to have come prior to the arrival of Europeans, which in several cases was even lost to Indians and the mass of distinctions with the tribes as they dealt with Europeans invaders.In the early 16th century, Indian nations were crisscrossed by the Spanish expeditions, turning over new traits, new influence, and the early amalgamation of priests and soldiers that commenced the progression of racial combination as well as Christianization a century prior to the English and French’s arrival in the New World. The colonization of Indian nations by the Europeans had overwhelming consequen ces for the indigenous people.Flanked by the diseases that were new to them brought by the assailants – Europe itself had simply gotten over an era of plagues as well as epidemics that killed no less than two thirds of its people, and the massacres and enslavement by the hands of the Spaniards. Spain explored and put down claim to the majority of the continent. Indian nations spoke their own languages; communication between Indians and Europeans suffered from differences, not just on a sole landfall, but throughout 500 years and even today.One understandable, yet concealed, source of resistance was the failure or repudiation of the Europeans, predominantly in the British Isles, to learn the Indian tongue. Indian words along with usages, in addition to many other languages such as Spanish, Greek, Italian, Hebrew, and German, came to supplement the English language and particularly the American tongue (Axtell, 2001, p30). The position of men and women among Indian grassroots sh owed a discrepancy more than among European nations.The distinctive characteristic of Indian civilization was the diversity of its population. In European standards, Indian nations at that time were astonishingly diverse regionally. This astounding diversity was in large part a creation of the technique that colonial Europe was initially settled. The reason possibly lay, throughout the 1400s and 1500s, with the regularity of relationships involving sexes that the Roman Catholic Church brought for centuries among the citizens of Central and Western Europe.The division of labor showed a discrepancy noticeably from a tribe, above among Europeans, however it was found that it lacked class system as well as social estates of Europe, there was greater parity and uniformity of role among lower and higher orders of women and men. The establishment of Indian nations is in fact the longest and exhaustive structure of any independent lands in the world.India, in particular, has a quasi-federal type of regime and a bicameral congress functioning under a Westminster-style parliamentary scheme (Iverson, 1992, p34). Since its sovereignty in 1947, these Indian nations maintained amiable and cordial connections with most countries. The history of Indian nations experienced colonial dependencies within the western hemisphere created by the European countries causing diversity in population, problems in geography and establishments of institutions.European nations increased colonies in Indian nations for several reasons, but mostly to create income. They made use of colonies to give raw materials for trade serving as markets for polished and refined products. These systems encouraged religious toleration, diplomat government, economic development as well as cultural diversity. However, the historical policies of Europeans that carry on bureaucracies in and out of Indian nations suppress tribal management and prop up reliance.Indian peoples will stay in a dependent affiliation an d the poverty will provide confirmation of the historic abandonment of the nations’ original people so long as regime (Salisbury, 2000, p18): holds back the economic and political growth of the Indian peoples, deprives them to quality education, disregard cultural needs of Indians, and raises bureaucratic barriers to the recognition of Indian tribes as humans and Indian peoples as part of history.

Benefits Of Organizational Diversity And Diversity Essay

Introduction Organizational diversity is defined as the variety of differences amongst the people in a workplace with regard to background, education, organizational function, cognitive style, personality, age, tenure, ethnic group, gender, and race. It involves the perception people hold upon themselves and their work colleagues. Therefore, the most successful organizations tend to spend their resources on diversity management. Benefits of Organizational Diversity. The benefits of organizational diversity include a wider service range to enable an organization serve its customers globally through the use of the various experiences and skills presented by each employee in terms of cultural understanding, language, and personalities. Diversity also provides organizations with increased adaptability as different employees bring a variety of solutions to deal with consumer constant demands and changes as well as fluctuating markets. Moreover, diversity is essential for overall organizational growth as each diverse individual brings their own experience and talents thereby contributing to organizational growth. Through diversity, organizations are able to realize plan execution effectively as high performers inspire their colleagues to reach their optimal work levels thereby boosting the company return on investment. Further, through diversity, workers provide a wide variety of viewpoints into the organization thus realize the strategic needs of both the organization andShow MoreRelatedDiversity, Diversity And Culture Is The Most Important Strategy That Needs Be Address?1179 Words   |  5 PagesIn international business the topics of diversity and culture is one the most important strategy that needs be address. Making the decision to outsource for profit gain will not necessarily happen if preparation of cultural change is not in place first. 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