Cost Management Accounting an der University Of Johannesburg | Karteikarten & Zusammenfassungen

Lernmaterialien für Cost Management Accounting an der University of Johannesburg

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Management accounting  primarily used is  concerned with providing:
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Information to managers inside the organization 
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In decision making, managers use:

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Whatever information is relevant to the decision even though the information may not conform to generally accepted accounting principles 
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Product cost includes which one of the following 
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Direct material 
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Equation for overhead applied 
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POHR × Actual activity 
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Variable costs are usually characterized by:
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Total costs that increase as activity jncreases
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Those materials that become an integral part of the product and that can be conveniently traced directly to it 
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Direct material 
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Those labour costs that can be easily traced to individual units of products 
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Direct labour
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Manufacturing costs that cannot be traced directly to specific units produced 
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Manufacturing cost 
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The potential benefit that is given up when one alternative is selected over another 
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Opportunity cost 
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Cannot be changed by any decision. They are not differential cost and should be ignored when making decisions 
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Sunk cost 
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what are the major activities of a manager?
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Planning 
Directing and motivating 
Decision making 
Controlling 
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Fixed costs are usually characterized by:
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Total cost  that remains constant 
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Q:
Management accounting  primarily used is  concerned with providing:
A:
Information to managers inside the organization 
Q:
In decision making, managers use:

A:
Whatever information is relevant to the decision even though the information may not conform to generally accepted accounting principles 
Q:
Product cost includes which one of the following 
A:
Direct material 
Q:
Equation for overhead applied 
A:
POHR × Actual activity 
Q:
Variable costs are usually characterized by:
A:
Total costs that increase as activity jncreases
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Q:
Those materials that become an integral part of the product and that can be conveniently traced directly to it 
A:
Direct material 
Q:
Those labour costs that can be easily traced to individual units of products 
A:
Direct labour
Q:
Manufacturing costs that cannot be traced directly to specific units produced 
A:
Manufacturing cost 
Q:
The potential benefit that is given up when one alternative is selected over another 
A:
Opportunity cost 
Q:
Cannot be changed by any decision. They are not differential cost and should be ignored when making decisions 
A:
Sunk cost 
Q:
what are the major activities of a manager?
A:
Planning 
Directing and motivating 
Decision making 
Controlling 
Q:
Fixed costs are usually characterized by:
A:
Total cost  that remains constant 
Cost Management Accounting

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Eine der Cost Management Accounting Zusammenfassungen auf StudySmarter | University of Johannesburg

Major activities of a manager

-Planning 

-Directing and motivating 

-Decision making 

-Controlling 

Why companies budget

-Companies use budget to translate plans into formam quantitative terms. Budget ls are used for various purposes, such as forcing managers to plan ahead, allocating resources across departments, coordinating activities across departments, establishing goals that motivate people and evaluating and rewarding employees. These various purposes often conflict with one another, which makes budgeting one of management's most challenging activities. 

Major difference between financial and managerial accounting 

In contrast to financial accounting, managerial accounting:

-Focuses on the needs of the manager 

-Places more emphasis on the future 

-Emphasis relevance and flexibility, rather than precision 

-Is not governed by UK GAAP and 

-Is not mandatory 

Basic difference in orientation between financial and managerial accounting.

-Managerial accounting  provides information for managers

- Financial accounting provides information to shareholders,creditors and others who are outside the organization.



Cost Management Accounting

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