Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.Identify and discuss the factors that are affecting the way cost accounting is practiced. 2.Explain the relationship between the financial accounting system and the cost

1.Identify and discuss the factors that are affecting the way cost accounting is practiced.

2.Explain the relationship between the financial accounting system and the cost management system.

3.You are a management accountant for Burn's Corporation. Ruth Hamilton, the sales representative for one of Burn's suppliers, invited you to attend a professional sporting event. Because you are an avid sports fan, you accepted Ruth's invitation. At the sporting event, Ruth begins talking about Burn's upcoming contract renewals with suppliers. Because there is intense competition and because it is the first bid she will submit to Burn's Corporation, she asks you to review her bid to make sure "it is good enough" before she submits it to the company. In addition, because you are knowledgeable about costs, especially regarding this contract, she asks you to tell her if her bid is "in the ballpark" or "needs improvement." She indicates that if she wins the contract, you will be provided with season tickets for the rest of the year.

Required:

Considering the Conduct of Cost Accountants, how would you respond to Ruth's request?

4. What is responsibility accounting? Compare and contrast financial-based responsibility accounting with activity-based responsibility accounting.

5.In the Cost-Volume-Profit analysis, what are the ways management can deal with risk and uncertainty? Discuss with reasoning.

6.Why should predetermined overhead rates be used instead of actual rate? Justify your views with logical arguments.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

1 Factors affecting the practice of cost accounting include technological advancements globalization regulatory changes increased competition and evolving customer demands These factors necessitate mo... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Document Format ( 2 attachments)

PDF file Icon
6641fbb7a939f_987015.pdf

180 KBs PDF File

Word file Icon
6641fbb7a939f_987015.docx

120 KBs Word File

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurial Finance

Authors: J. Chris Leach, Ronald W. Melicher

6th edition

1305968352, 978-1337635653, 978-1305968356

More Books

Students also viewed these Accounting questions

Question

How effectively they make use of the diversity of their people

Answered: 1 week ago

Question

How effi ciently they use their talents and resources

Answered: 1 week ago

Question

Whether they act ethically

Answered: 1 week ago