Cost Accounting =
How can managers make higher-quality decisions? Give an example of decision made by one company and discuss how the mangers will make high quality decision?
Cost accounting refers to a branch of accounting which deals with Costing point of the product. Cost accounting deals with the aspect of costing and review the things to maximise profits either by value engineering or product engineering.
An example of Decision - As the production capacity is always limited to 100% and can't breach that mark. So how to increase profits from the current level as the Shareholders want continuos growth. The managers may go for Cost reduction by value engineering.
The managers can ask the costing team of the company to give details of various aspects of costing like Labour cost , material cost and overheads.
The company can check for any extra process or cost which is not benefiting in any way or just adding the cost.This can be done only with the help of cost accounting
A PRODUCT USES A ONE KILOGRAM OF RAW MATERIAL WHICH COSTS RS 100 PER KG and processing cost with use of this raw material is Rs.50 per unit.
Alternatively, another raw material which costs Rs.80 per kg and per unit requirement of raw material is 1.2 kg and processing cost with this raw material is Rs 45 per unit.
All these details can be obtained by Cost accounting which is very much helpful for doing Value Engineering.
Another example of cost accounting which can help managers take decision like Packing material used is not required or increasing the logistics cost. The overall impact of discontinuing a packing on the overall profitability can only be estimated with help of Cost Accounting.
Cost Accounting = How can managers make higher-quality decisions? Give an example of decision made by...
How can managers make higher-quality decisions? Give an example of decision made by one company and discuss how the mangers will make high quality decision?
It's related to Cost Accounting Course How can managers make higher-quality decisions? Give an example of decision made by one company and discuss how the mangers will make high quality decision? Please write the answer in MS Word format
Q1. How can managers make higher-quality decisions? Give an example of decision made by one company and discuss how the mangers will make high quality decision? (3 Points) Q2. Give a numerical example of cost function and analyze this cost function? Discuss how is this cost function used in decision making? (3 Points) Q3. Find a numerical example of cost-volume-profit (CVP) analysis, and analyze how CVP analysis is used for decision making? (4 Points)
Cost Accounting = Give a numerical example of cost function and analyze this cost function? Discuss how is this cost function used in decision making?
When managers make decisions they follow the decision-making steps as presented in this chapter? Which steps are apt to be overlooked or given inadequate attention? What can people do to make sure they do a more thorough job? (NOTE - - - This discussion question is about the 6-step decision-making process, and whether or not you think managers generally follow that process when they make decisions. And if not, which steps do you think might get overlooked or given less...
Discuss why managers estimate a cost function and use Cost volume Profit analysis? Give numerical example of cost function and Cost Volume Profit Analysis and analyze how it will be used by managers? b- Suppose actual costs are higher than estimated cost. Analyze why you may have this difference between actual and estimated costs?
Discuss why managers estimate a cost function and use Cost volume Profit analysis? Give numerical example of cost function and Cost Volume Profit Analysis and analyze how it will be used by managers? b- Suppose actual costs are higher than estimated cost. Analyze why you may have this difference between actual and estimated costs?
Discuss the 4 main financial statements and how they are used by managers to make decisions.
How does analyzing financial statements help a managerial accountant or manager make decisions? Can these be used to compare one company to another? What are the benefits and limitations? Is it better to compare industry averages? It is stated that ratios are the starting point rather than the end. Are there other non-accounting factors to consider in analysis and decision making? State them and give your rationale.
It's related to Cost Accounting Course Give a numerical example of cost function and analyze this cost function? Discuss how is this cost function used in decision making? Please write the answer in MS Word format