How is the concept of cost of goods sold different

Reference no: EM131015176

Financial versus Managerial Accounting

1) What is your opinion on the questions below?
It is time to explore the differences between financial and managerial accounting. Financial accounting is rule-oriented since the information is used to communicate with third parties. Managerial accounting, on the other hand is for internal use. Anything goes as long as the information is a valuable tool for decision making purposes and the benefit of the information exceeds the cost of accumulating and analyzing it.

In addition, we're moving towards understanding the basic concepts of managerial accounting.

References:
Accounting for Management. (n.d.). Difference between Financial and Managerial Accounting. Retrieved from
https://www.accountingformanagement.com/financial_accounting_vs_managerial_accounting.htm
Principlesofaccounting.com. (n.d.). Chapter 17 Multiple Choice Questions. Retrieved from https://www.principlesofaccounting.com/questions%20-%20%20multiple%20choice/chapter%2017%20-%20multiple%20choice.htm

Unknown. (n.d.). The Role of Management Accounting in the Organization. Retrieved from https://docs.google.com/viewer?a=v&q=cache:MWZE_XMqFOUJ:www.swlearning.com/accounting/albrecht/management_2e/expanded/exp_01.doc+Financial+versus+managerial+accounting%3F&hl=en&gl=us&pid=bl&srcid=ADGEESjWheQRI7nzm3i5Zmwsd3la9aWDQDy9N3RbBWiQns9ic71gNJoRxVa75E4KWSi0GthsbXrfNpSEQ_UZvr0QenNE-Ut6XU_9v6Yda0SVULodDfzIGRSb8Pf30b9I3qN0lWmUoXzZ&sig=AHIEtbRDmHJSiuRsS9v6FrbERAz9cqTPEw

Required:

Below are some questions for discussion.

How is the purpose of managerial accounting different from financial accounting?

Are more accountants involved in the financial or managerial function today?

Comment on the use of a functional versus absorption income statement. Describe the differences in presentation and use of each type of income statement.

How is the concept of cost of goods sold different than contribution margin?

Explain the contribution margin concept/computation and when to use the information.

Choose one or two relevant aspects for further investigation and share your knowledge with the class. Try to add information not previously discussed by others. Please, provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and Include references in APA format.

Reference no: EM131015176

Questions Cloud

Show that the drops radius increases at a constant rate : Suppose that a drop of mist is a perfect sphere and that, through condensation, drop picks up moisture. Show that under these circumstances the drop's radius increases at a constant rate.

Find the rate of change of the surface area of the cube : A cube is increasing in volume at a rate of 10cm3/sec. Find the rate of change of the surface area of the cube when one edge has length 2cm.

How fast is the water level dropping : If the water leaks from the bottom at a rate of 0.3 cubic inches per minute, how fast is the water level dropping when the water is 5 inches deep?

Find the tangent line to given curves at the indicated point : Find the tangent line to the following curves at the indicated points. 2(x2 + y2)2 = 25xy at the point (1, 2). x2 cos(y) + sin(2y) = xy at the point (-π, π)

How is the concept of cost of goods sold different : How is the concept of cost of goods sold different than contribution margin? Explain the contribution margin concept/computation and when to use the information.

Estimate the proportion of days : Assuming the group with the larger values is normally distributed, use your calculated mean and standard deviation to estimate the proportion of days that have more than 15,300 visits. Write a paragraph describing this set of data and the conclu..

How to start a new company data file in quickbooks : What information is required before they set up a QuickBooks file? How to start a new company data file in QuickBooks (Easy Step Interview)?

Derive the world relative supply curve of wallet : Derive the world relative supply curve of Wallet - Who gains from trade? Who loses from trade? State labours' stance towards free trade in each country.

How long after the drug has been administered : The percent of concentration of a certain drug in the bloodstream x hr after the drug is administered is given by K(x) = 3x / (x2 + 25). How long after the drug has been administered is the concentration a maximum?

User Account

All Pages