1. Explain at least three (3) differences between financial accounting and managerial accounting.
2. Describe how managerial accounting can support the implementation of an organizational strategy
3. Describe how managerial accounting can support the implementation of an organizational strategy.
4. What is the purpose of the cost-volume-profit (CVP) analysis?
5. Provide five specific examples of cost objects in a dry cleaning company.
6. Why would an organization use multiple indirect cost pools?
7. What is the benefit of target costing over traditional new product costing?
8. Describe two examples each of explicit and implicit environmental costs.
9. How can traditional volume-based cost allocation systems distort product costs?
10. How can traditional volume-based cost allocation systems distort product costs?
11. How can the information from an activity-based costing system guide improvements in operations and decisions about products and customers?
12. Should companies avoid high-cost-to-serve customers? Why or why not?
13. Why would you recommend to your organization to use a net promoter score when evaluating the profitability of customers?
14. Name the four measurement perspectives in the Balanced Scorecard.
15. What are the two basic approaches to improving a company's financial performance?
16. How might a company link its strategy or customer value proposition to a focus on particular categories of processes in the Balanced Scorecard?
17. Name five desirable characteristics for a Balanced Scorecard.
18. Describe the meaning of managerial accounting control and financial control. Be sure to include examples of activities or outcomes for each type as well as the differences and similarities.
19. Describe how the Balanced Score Card (BSC) aligns organizational members' activities with the corporate objectives. Keep in mind that the term corporate is used generally and can apply to profit and non-profit entities.
20. Identify how incentive systems create links to organizational member performance.
21. Describe the scope of the Return on Investment control.
Section 2- in this section, it must have 300-word count for each problem.
1. Why do product-costing systems using the direct method, sequential method, and reciprocal method allocate service department overhead costs first to the production departments before assigning them to individual jobs? In your response, be sure to also explain, and compare and contrast these three methods.
2. Explain how traditional cost systems, using only unit level cost drivers, distort customer and product costs. How might these distortions best be addressed for customer and product costs?
3. What is the primary purpose of the Balanced Scorecard? How is its use bring value to an organization? What types of performance measures might be included in a Balanced Scorecard? Please explain your answers.
4. What is budget slack? What are the pros and cons of building slack into the budget from the point of view of (a) an employee and (b) a senior manager? Please explain your answers.
5. Considering the material that we have discussed or you have researched throughout this course, what one, two, or three ideas, concepts, or strategies have had the most impact on your own thinking concerning managerial accounting. What is that impact, and why do you believe it important?