1, How can accounting consultants or auditors minimize the cost of doing business? How is this different from a manufacturing firm?
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Q: How can accounting consultants or auditors minimize the cost of doing business? How is this…
A: SOLUTIONS- ACCOUNTING CONSULTANTS ADVISES BUSINESSES ON FINANCIAL DECISION AND THEIR ACCOUNTING…
1, How can accounting consultants or auditors minimize the cost of doing business? How is this
different from a manufacturing firm?
2. How can accounting consultants maximize capacity? Compare these with capacity utilization
methods of a manufacturing firm.
Step by step
Solved in 2 steps
- As manager of department B in MarIeys Manufacturing, based on the costs you identified in the previous exercise for further research, how does this impact the financial performance of your department, and what might be some questions you want to ask or solutions you might propose to Marleys management?1. (a) What is the incremental analysis approach and what are its scopes in the management accounting? (b) What are the factors of incremental analysis such as relevant costs, opportunity costs, and sunk costs? (c) Why incremental analysis is important in an organization and what are the prospect of it in the manufacturing organization?Which of the following is NOT a period cost? Select one: O a. manufacturing costs. Ob general and administrative costs. Oc marketing costs. Od. research and development costs. Which of the following is NOT one of the questions management accountants might attempt to help answer in the formulation of strategy? Select one: a. What substitute products exist in the marketplace? Ob. Who are our most important customers? Does the strategy comply with GAAP (Generally Accepted Accounting Principles)? Od. Will adequate cash be available to implement the strategy?
- What is meant by a product’s contribution margin ratio? How is this ratio useful in planning business operations? Often the most direct route to a business decision is an incremental analysis. What is meant by an incremental analysis?Answer the following questions: What are the factors of incremental analysis such as relevant costs, opportunity costs, and sunk costs? What is the incremental analysis approach and what are its scopes in the management accounting? Why incremental analysis is important in an organization and what are the prospect of it in the manufacturing organization? How various types of incremental analysis help management to make an effective decision? What is the relationship between the opportunity cost and rational decision making? Describe the effectiveness and prospect of incremental analysis in the context of ethical organization that ties with management accounting. Describe the effectiveness of incremental analysis in terms of making decision. What are the prospects of incremental analysis in the ethical manufacturing organization? How the concept of incremental analysis is relevant in the context of management accounting?Which of the following is not a revenue driver factor which affects sales volume for a manufacturing firm? Multiple Choice Price changes. Customer service. Delivery dates. Productivity. Discounts.
- In performing CVP analysis for a manufacturing company, what simplifying assumption is usually made about the volume of production and the volume of sales?Answer the following questions in multiple-choice answers: 1. The book value of the equipment currently owned by a firm is an example of a(n): a. future cost. b. differential cost. c. comparative cost. d. opportunity cost. e. sunk cost. 2. An accounting information system should be designed to provide information that is useful. To be useful the information must be: a. qualitative rather than quantitative. b. unique and unavailable through other sources. c. historical in nature and not purport to predict the future. d. marginal between two alternatives. e. relevant, accurate, and timely. 3. Factors in a decision problem that cannot be expressed in numerical terms are: a. qualitative in nature. b. quantitative in nature. c. predictive in nature. d. sensitive in nature. e. uncertain in nature. 4. An opportunity cost may be described as: a. a foregone benefit. b. a historical cost. c. a specialized…4. Which of the following accounting will help managers to ensure cost efficiency for the company? a. Financial Accounting b. Cost Accounting c. Management Accounting d. Historical Accounting
- If a system of equations contains a cost equation, and a revenue equation, the solution for the system represents the break even point. Think about other common business applications that can be explored using system of equations. Provide at least one business concept, and explain how it can be solved using systems of equationsWhich of the following is NOT an objective of determining product costs for manufacturing firms? A) To determine selling prices B) to reduce operating leverage C) to make decisions D) to do financial reporting1. What is the primary trade-off an accountant must consider when deciding whether to identify cost drivers? Is the cost/benefit of the process reasonable for more accurate behavior obtained. Will the cost driver identification provide different costs for different purposes Will material related drivers be more accurate than labor-related drivers Will the cost relationship be to complex to understand There is non trade-off to consider using cost drivers 2. An important first step in studying managerial accounting is to create a framework for thinking about the various types of cost incurred by organizations and how those costs are actively managed. True or False