what industry currently needs management accountants the most and why? Compare and contrast fixed cost variances and variable cost variances commenting on how to interpret each if Favorable?
what industry currently needs management accountants the most and why?
Management accountants offen confused with financial accountants they provide valuable services to the organisation
Management accountants do the reporting tasks and helps in decision making in the management and financial decisions too.
Management accountant perform their task in public, private, non-profit and governmental companies
Management accountants provide services by way of
Compare and contrast fixed cost variances and variable cost variances commenting on how to interpret each if Favourable?
Fixed cost variance = budgeted fixed cost – actual fixed cost
When fixed cost variance is favourable it means company is managed to reduce fixed cost compared to budgeted fixed cost by way best cost reduction techniques
Variable cost variance = budget variable cost – actual variable cost
When variable cost variance is favourable it means company managed to reduce the variable cost then the budgeted variable cost. By way of effective management techiest by way of reduction of wastages etc
Controlling of variable cost is important for the company for making better products and services to the customer at low cost
what industry currently needs management accountants the most and why? Compare and contrast fixed cost variances...
Compare and contrast needs-based theories of motivation , what suggestion is the best advantage to the healthcare managers and explain any disadvantage of management and leadership approaches to managing employee motivation and engagement.
1. How does a standard cost accounting system work, and why is it valuable to management? (2) 2. What is a variance? 3. What might cause the following materials variances? i. An unfavorable materials price variance. ii. A favorable materials price variance. iii. An unfavorable materials quantity variance. iv. A favorable materials quantity variance. 4. What might cause the following labor variances? i. An unfavorable labor rate variance. ii. A favorable labor rate variance. iii. An unfavorable labor efficiency variance....
Explain what a cost driver is and how management accountants use past history of costs and cost drivers to predict future costs. There are six or more different ways; this is not a superficial question.
Determining flexible budget variances Exercise 8-5B Use the standard price and cost data provided in Exercise 8-1B. Assume the actual sales price was $14.75 per unit and the actual variable cost was $6.80 per unit. The actual fixed manufacturing cost was $33,500, and the actual selling and administrative expenses were $23,500. Required a. Determine the flexible budget variances. b. Classify the variances as favorable or unfavorable. c. Provide another name for the fixed cost flexible budget variances. d. Comment on...
1. An industry currently has 250 firms, each of which has fixed costs of $50 and average variable costs as follows: (20 points) Quantity Average Variable Cost 2 10 a. Compute a firm's marginal cost and average total cost for each quantity from 1 to 6. b. The equilibrium price is currently $46. How much does each firm produce? What is the total quantity supplied in the market? In the long run, firms can enter and exit the market, and...
Discuss what you think are the three most important reasons that management needs to know the cost of a job, and what an effective manager might do with this information
An industry currently has 100 firms, each of which has fixed costs of $15 and average variable costs as follows: Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6.
Compare and contrast market orders and limit orders. What are the positives and negatives of each type of order? Which are you most likely to use for your personal investing and why?
What specific costs would you consider fixed and variable in the gaming industry and why?
What three guidelines help management accountants provide the most value to managers? A. (1) Understand the organization structure, (2) Employ a cost-benefit approach, and (3) Maintain integrity and credibility in every aspect of the job B. (1) Decision-making, (2) Planning, and (3) Control C. (1) Employ a cost-benefit approach, (2) Recognize behavioural and technical considerations, and (3) Identifying relevance and that decisions require "different costs for different purposes" D. (1) Planning, (2) Control, and (3) Performance evaluation and learning