Reference no: EM133077751

ACCT 205 Principles of Managerial Accounting - American University of Ras Al Khaimah

Assignment - Guidelines for Assignment

Objectives:
The primary objective of assignment is to make students develop their analytical abilities and develop the research habits. The other objectives are to harness their creativity, critical thinking ability and report writing ability and also develop the team work. This is an opportunity to students to relate critically what they learned from the class with the real world situations. This assignment will pull all essential concepts in principles of managerial accounting together into a practical format. The efforts on the assignment will in the end provide students with confidence to apply tools of computing products cost. The assignment is all about going into the depths of the subject to be reviewed and discussing it objectively so that students get to know the subject better and in details. The assignment develops students' critical reasoning skills by requiring that students identify issues which would be particularly important to computing products cost, to help managers to take proper decisions. In addition, the assignment develops students' communication skills by requiring students to prepare concise written reports and to make oral presentations detailing and defending their analyses and conclusions. Finally, when used as a group assignment, the assignment also develops students' understanding of group dynamics by requiring students to reflect on the group processes followed in completing the assignment.

Question 1- Why do companies use predetermined overhead rates rather than actual manufacturing overhead costs to apply overhead to jobs?

Question 2-What is underapplied overhead and overapplied overhead? What disposition is made ofthese amounts at the end of the period?

Question 3- What is meant by the term break-even point?

Question 4- What is the basic difference between absorption costing and variable costing?

Question 5- Explain how the segment margin differs from the contribution margin.

Question 6- In what fundamental ways does activity-based costing differ from traditional costingmethods such as job-order costing ?

Question 7- What is a budget? What is budgetary control?

Question 8 What is meant by the term responsibility accounting?

Question 9- What is a flexible budget and how does it differ from a static planning budget?

Question 10- Define the following terms: incremental cost, opportunity cost, and sunk cost.

Attachment:- Principles of Managerial Accounting.rar