Cost Accounting-Chapter 1 Essay - 911 Words

Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole, using historical, quantitative, monetary, and factual data. It is more formal and requires the use of GAAP. The information financial accounting provides is more suitable for external users such as investors, creditors, and the SEC. Meanwhile, the information obtained from managerial accounting is more for internal users such as managers and employees. This type of accounting is focused on†¦show more content†¦A core competency is what an organization seeks to have, excelling at something that no other organization can do as well and gaining the ultimate competitive advantage over the other organizations. If the organization does not possess a certain core competency that is needed for one of their strategies, then it would be difficult if not impossible for the organization to execute the strategy. Whatever plans an organization has, it should make sure that they have the appropriate set of core competencies in order to successfully carry out those plans. Otherwise, they would have to come up with a different strategy. 9. How does workplace diversity affect organizational culture? Include in your answer a discussion of both the potential benefits and the potential difficulties of hiring workers with diverse backgrounds. Having workers with diverse backgrounds may result in dealing with communication issues, varying work ethics, having to accommodate the practices of different belief (e.g., holidays, times of prayers, special dietary restrictions, dress codes), changes in the trend of tardiness and absenteeism. The more diverse a workplace becomes, the more it needs to change the work culture in order to represent that diversity. Having diversity in the workplace can be positive since it may lead to less prejudices, a better ability to cover the work schedules since not everyone celebrates the same holidays, andShow MoreRelatedCost Accounting 13th Edition Chapter 1 Solution4848 Words   |  20 PagesCHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION ACCOUNTANT’ See the front matter of this Solutions Manual for suggestions regarding your choices of assignment material for each chapter. 1-1 Management accounting measures, analyzes and reports financial and nonfinancial information that helps managers make decisions to fulfill the goals of an organization. It focuses on internal reporting and is not restricted by generally accepted accounting principles (GAAP). Financial accounting focusesRead MoreIntermediate Accounting 14 Edition Test Bank – by Kieso1044 Words   |  5 PagesIntermediate Accounting 14 Edition Test Bank – By Kieso Follow Link Below To Get Tutorial https://homeworklance.com/downloads/intermediate-accounting-14-edition-test-bank-by-kieso/ Description: Chapter 1 Financial Accounting and Accounting Standards Chapter 2 Conceptual Framework Underlying Financial Accounting Chapter 3 The Accounting Information System Chapter 4 INCOME STATEMENT AND RELATED INFORMATION Chapter 5 BALANCE SHEET AND STATEMENT OF CASH FLOWS Read MoreLimitations of Historical Costing in Times of Inflation1280 Words   |  6 PagespromoCode=partnerID=content=storystoryID=19988 CHAPTER 5 Normative theories of accounting 1: The case of accounting for changing prices Learning Objectives http://www.download-it.org/learning-resources.php?promoCode=partnerID=content=storystoryID=19988 Upon completing this chapter readers should: ââ€"† be aware of some particular limitations of historical cost accounting in terms of its ability to cope with various issues associated with changing prices; ââ€"† be aware of a number of alternative methods of accounting that haveRead MoreReflection Paper Accounting1274 Words   |  6 Pagesï » ¿Reflection paper Accounting to me is challenge as a whole; it is a good subject to learn because accounting knowledge is always in demand. So far, I am on a good path learning the basics of accounting. I’ve learned how accounting affects business and how it allows organizations to identify cash inflows and outflows. This accounting course provided me a great opportunity to understand the various important aspects of accounting that I believe will be helpful in my future practical life. I need toRead MoreCBU Syllabus 2015 MBAC 51031353 Words   |  6 Pagesï » ¿ Introduction to Accounting: MBAC 5103 Instructor Information Professor: Derrick Hayes Winter 2015 Office: SB217 Tues Thurs: 1:00 – 2:15 pm Email: derrick_hayes@cbu.ca Phone: 563-1312 Course Website (URL): Textbooks and Readings Required Text: Hayes, Derrick, Introduction to Accounting, Primus, McGraw Hill Prerequisites: NONE CourseRead MoreHomework1217 Words   |  5 PagesHSMG 699 Assigniment 1 (Submit via SAKAI by Friday, Feb. 5 midnight) Right on homework Corrected on homework Multiple Choice Questions: 1. Which of the following statements about finance, accounting, and financial management is most correct? a. Accounting is of no value in decision making. b. Accounting provides the theory and concepts necessary to help managers make better decisions. c. Financial management involves the measurement, in financial terms, of operational events that affectRead MoreImplementation Of The International Financial Reporting Standards1385 Words   |  6 Pagessection considers other voluntary local content reporting provisions. 3.12 The International Accounting and Reporting Issues the Guidance on Corporate Responsibility Indicators in Annual Reports Based on the review of the practical implementation of the International Financial Reporting Standards (IFRS), the UNCTAD s intergovernmental working group of experts on International Standards of Accounting and Reporting (ISAR) recommended for the disclosure of corporate responsibility indicators includingRead MoreRearch on Inventory Essay736 Words   |  3 PagesTopic7 Inventory 1 Identify the primary authoritative guidance for the accounting for inventories. What is the predecessor literature? FASB ASC 330 Inventory provides primary authoritative guidance for the accounting for inventory. The predecessor literature about it is Accounting Research Bulletins (ARB) No.43 Chapter 4, paragraph 4 (Issued June, 1953) and Statement of Financial Accounting Standard (FAS) NO.151 Inventory cost- an amendment of ARB No.43, Chapter 4 (Issued November, 2004). Read MoreManagerial Accounting Chapter 11-13780 Words   |  4 PagesManagerial Accounting Chapters 11-13 Chapter 10 – 3 Relevant costs are costs that are avoidable by choosing another alternative. If a variable cost differs between alternatives in a decision, than it is relevant; however, it is not necessarily true that ALL variable costs are relevant. Chapter 10 – 7 Prentiss would need to isolate the unavoidable costs of the product line first. A decision of whether a product line or other segment should be dropped should focus on the differences in theRead MoreLean Accounting Essay1508 Words   |  7 PagesEssay Question 1 What are the main benefits and challenges of implementing a lean accounting system in a lean manufacturing environment? Do you anticipate interest in lean accounting will grow, the methods will change, or the concepts will fade out and be replaced with another ‘flavor of the month’? How do you perceive lean principles affecting your career? Justify your answers. I. Lean Accounting Lean accounting often refers to more simplified accounting practices that focuses