BSNS115 MANAGEMENT EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
2 views 0 purchase
Course
BSNS 115
Institution
BSNS 115
BSNS115 MANAGEMENT EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
What is the Main Focus?
Internal to managers
What is the nature of reports?
Specific
How Detailed is management accounting Compared to financial accoutning?
Management is more detailed while financial is broad
Doe...
bsns115 management exam questions and answers with
Written for
BSNS 115
All documents for this subject (20)
Seller
Follow
AcademicSuperScores
Reviews received
Content preview
BSNS115 MANAGEMENT EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
What is the Main Focus?
Internal to managers
What is the nature of reports?
Specific
How Detailed is management accounting Compared to financial accoutning?
Management is more detailed while financial is broad
Does management accounting have restrictions?
No
Reporting Interval?
Frequent and timely - one day after period ends
What is the time frame?
present and future
What is the Range of information
Quantitive and Qualitative (non financial info) less focus on objective and verifiable data
What is management accounting more concerned with?
Economic and financial information
Is management accounting only quantitive? only qualitative? or both?
Both
What is management accounting?
,- the provision of financial data and advice to a company for use in the organization and
development of its business.
- Management accounting is more future-orientated and supports the internal planning
decisions made by management
Management accounting _______ and ________ activities and _________
managers decisions
Plan, control, support
Contribution Margin
Sales
Less: VC (variable costs)
____________________
CM
Less: FC (Fixed costs)
____________________
Operating Profit
Whats an Example of Contribution Margin?
Sales $100,000
Less: $60,000
____________________
CM $40,000
Less: $30,000
____________________
Operating Profit: $10,000
, Per Unit %
To find the Contribution margin
CM = Selling price - Variable costs
Manufacturing Overhead
- includes all manufacturing costs except raw material and direct labor - and indirect
cost
- Over head is an indirect cost, it is not feasible to specifically relate overhead items to
individual products or services
Direct Costs
Costs that are easily conveniently traces to a unit of product or activity - would not be
incurred if product or activity were discounted
period costs
All other costs that are not product costs, usually a lump sum for the period and almost
always indirect
Indirect Costs
Costs that are not easily conveniently traces to a unit of product or activity - would not
be incurred if product or activity were discounted
Cost Objects
Products, jobs, and service that costs are assigned to from a cost pool
Product Costing
Process of assigning all possible direct costs to a job ad then charging each unit of
output with a fair share of indirect costs.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AcademicSuperScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
