Homework: Principles of Managerial Accounting
I. Managers are responsible for numerous activities including planning, operating, and controlling.
• Define these three types of activities and provide at least one example of each.
II. Grant Enterprises is considering the introduction of a new product. The marketing and production departments have begun informal discussions about its design, production, and sales. List three examples of accounting information that the marketing and production managers would find useful in their meeting.
III. A friend has informed you of a part-time job for which you are well-qualified. It would begin next semester and require working 20 hours a week at a rate of $35 per hour. You would have to commute 2 hours round trip four days a week to work. You have already registered for 18 credit hours (6 classes) next semester, and you have been told that each of the classes is very demanding, requiring projects and extensive study time. If you complete these 18 hours, you will graduate. You are only taking 12 credit hours this semester.
You have enough money for tuition ($100 per credit hour) and room and board but would love some extra spending money.
• Define your problem related to the information above.
• What information above would you consider relevant to the decision? Why?
• What information above would you consider not relevant to the decision? Why?
• What other factors not provided above might be relevant to the decision?
• What are some possible alternatives?
• Which alternative would you choose? Why?
IV. With 250 words answer these 3 questions
• Discuss the relationships among data, information, and knowledge.
• Discuss the primary purposes of financial accounting and of managerial accounting.
• Discuss why the role of the managerial accountant changed in recent years.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.