ACCT346 Managerial and Financial Accounting

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ACCT346 Managerial and Financial Accounting
Flexibility, timeliness, and forward looking are said to be the prominent traits of modern management accounting…

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ACCT346 Managerial and Financial Accounting

ACCT346 Managerial and Financial Accounting

Discussions Week 1 All Students Post 41 Pages

Flexibility, timeliness, and forward looking are said to be the prominent traits of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus on these two accounting systems differs.  What is the goal of Managerial Accounting and how does Managerial Accounting differ from Financial Accounting?…

Costs can be classified in regard to how they respond to changes in the activity level. Total variable costs change in proportion to changes in the activity level. If production decreases 20%, variable costs will also decrease 20%. However, the unit variable cost remains the same regardless of the production level. For example, if it costs $5 to produce one unit of Product X, total variable costs are $10,000 if 2,000 units are produced. If production decreases to 1,000 units, total variable costs decrease to $5,000. Notice that while the total variable costs decreased in proportion to the decrease in production, unit variable costs remained the same at $5 per unit…