Managerial accounting:

must always follow generally accepted accounting

principles;

emphasizes objectivity and verifiability.

is primarily concerned with providing information to external users;

provides information to help managers make decisions in the future;

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Managerial accounting

Read: 

Chapter 1, What is Managerial Accounting, will describe managerial accounting and will contrast it with other fields of accounting. The chapter will also review the basics of inventory accounting and the role of Cost of Goods Sold.

In Chapter 2, How is Job Costing Used to Track Production Costs, we begin our learning journey through managerial accounting with a costing model called Job Order Costing. This will be one of a number of ways of how business leaders assign costs to specific business products or ventures. 

Part 1

Explain how direct materials and direct labor costs are attributed to specifically produced goods or projects (jobs) using Job Order Costing. Please provide at least one example.

You are encouraged to research outside sources and, of course, cite them. Do not, however, quote sources word-for-word. Minimum words is 250.

Part 2

Income Statement (with cost of goods sold adjustment). Required: Prepare an income statement for year ended December 31.Rambler Company had the following activity for the year ended December 31:

Sales revenue $2,050,000Selling expenses $ 575,000General and administrative expenses $ 330,000Cost of goods sold (before adjustment) $ 700,000Under-applied overhead $ 23,000

Part 3

For this week’s reflection, please write three complete and well composed paragraphs where you use, as an example, a company that operates in Grenada west indies and describe how the job order costing would help the business owners managed their business.

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Managerial Economics – A monopoly producing a chip at a marginal cost of $6 per unit faces a demand elasticity of −2.5. Which price should it charge to optimize its profits?

In monopoly to maximize profit MR=MCRevenue= PQDifferentiating wrt Q to get MR (using product rule of differentiation)MR=dR/dQ=P+QdP/dQ=MCElasticity= PdQ/QdP=-2.5QdP/dQ=-P/2.5Putting in…

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Managerial Economics

1. Comparing the four models of market structures, cite the limitations/drawbacks of each.

2. Why does the interdependence of firms play a major role in oligopoly but not in the other markets?

3. Discuss the changes that happen from short run to long run in both competitive and monopolistically competitive markets. Explain how this will affect the strategic decision of the firm, particularly in monopolistic competition.

Q1Pure or perfect competition is rare in the real world, but the model is important because it helpsanalyze industries with characteristics similar to pure competition. This model provides a…

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FINANCIAL MANAGEMENTCase let 1This case provides the opportunity to match financing alternatives with the needs of different companies. It allows the reader to demonstrate a familiarity with different types of securities. George Thomas was finishing some weekend reports on a Friday afternoon in the downtown office of Wishart and Associates, an investment-banking firm. Meenda, a partner in the firm, had not been in the New York office since Monday. He was on a trip through Pennsylvania, visiting five potential clients, who were considering the flotation of securities with the assistance of Wishart and Associates. Meenda had called the office on Wednesday and told George’s secretary that he would cable his recommendations on Friday afternoon. George was waiting for the cable. George knew that Meenda would be recommending different types of securities for each of the five clients to meet their individual needs. He also knew Meenda wanted him to call each of the clients to consider the recommendations over the weekend. George was prepared to make these calls as soon as the cable arrived. At 4:00 p.m. a secretary handed George the following telegram. George Thomas, Wishart and Associates STOP Taking advantage of offer to go skiing in Poconos STOP Recommendations as follows: (1) common stock, (2) preferred stock, (3) debt with warrants, (4) convertible bonds, (5) callable debentures STOP. See you Wednesday STOP Meenda.As George picked up the phone to make the first call, he suddenly realized that the potential clients were not matched with the investment alternatives. In Meenda’s office, George found folders on each of the five firms seeking financing. In the front of each folder were some handwritten notes that Meenda had made on Monday before he left. George read each of the notes in turn. APT, Inc needs $8 million now and $4 million in four years. Packaging firm with high growth rate in tri-state area. Common stock trades over the counter. Stock is depressed but should rise in year to 18 months. Willing to accept any type of security. Good management. Expects moderate growth. New machinery should increase profits substantially. Recently retired $7 million in debt. Has virtually no debt remaining except short-term obligations.Sandford EnterprisesNeeds $16 million. Crusty management. Stock price depressed but expected to improve. Excellent growth and profits forecast in the next two year. Low debt-equity ratio, as the firm has record of retiring debt prior to maturity. Retains bulk of earnings and pays low dividends. Management not interested in surrendering voting control to outsiders. Money to be used to finance machinery for plumbing supplies. Use 3 & 5

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