Q 1 Question 1: Write an essay covering the following points;- Characteristics of management accounting- The role of management accountant in the company- How can management accounting benefit to the company?The essay may be 2-4 pages.Question 2:ABC Company has the following information for the period ended 31December 2020.Direct material purchasedDirect laborOMR 360000OMR 200000Factory maintenanceOMR 29000Power and heat–factoryOMR 18500Direct Expenses15 % of the direct labor costIndirect factory laborOMR 21000Freight InOMR 7000Depreciation - FactoryOMR 22300Advertisement expensesInventories, 1 January 2020:OMR 8500Direct MaterialOMR 41700Work-in-processFinished goodsOMR 50000OMR 75000Purchase returns of direct materialsOMR 7400Depreciation-administrativeOMR 13800Inventories, 31 December 2020:MaterialOMR 19000Work-in processFinished goodsOMR 320003000 UnitsTotal Production Units35000 unitsFinished goods are valued at the current unit manufacturing cost.You are required to prepare:I. Manufacturing StatementII. Calculate unit production cost. Question 1: Write an essay covering the following points;-Characteristics of management accounting- The role of management accountant in the company- How can management accounting benefit to the company?The essay may be 2-4 pages.Question 2:ABC Company has the following information for the period ended 31December 2020.

“Since you have asked multiple question, we will solve the first question for you. If youwant any…

Question 1: Write an essay covering the following points; - Characteristics of management accounting - The role of management accountant in the company - How can management accounting benefit to the company? The essay may be 2-4 pages.

Question 1: Write an essay covering the following points; - Characteristics of management accounting - The role of management accountant in the company - How can management accounting benefit to the company? The essay may be 2-4 pages.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q 1

Question 1: Write an essay covering the following points;
- Characteristics of management accounting
- The role of management accountant in the company
- How can management accounting benefit to the company?
The essay may be 2-4 pages.
Question 2:
ABC Company has the following information for the period ended 31
December 2020.
Direct material purchased
Direct labor
OMR 360000
OMR 200000
Factory maintenance
OMR 29000
Power and heat–factory
OMR 18500
Direct Expenses
15 % of the direct labor cost
Indirect factory labor
OMR 21000
Freight In
OMR 7000
Depreciation - Factory
OMR 22300
Advertisement expenses
Inventories, 1 January 2020:
OMR 8500
Direct Material
OMR 41700
Work-in-process
Finished goods
OMR 50000
OMR 75000
Purchase returns of direct materials
OMR 7400
Depreciation-administrative
OMR 13800
Inventories, 31 December 2020:
Material
OMR 19000
Work-in process
Finished goods
OMR 32000
3000 Units
Total Production Units
35000 units
Finished goods are valued at the current unit manufacturing cost.
You are required to prepare:
I. Manufacturing Statement
II. Calculate unit production cost.

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