Please help expand and develop the answers that I have completed, and complete the 3rd problem.

- Each question has a minimum of 600 words requirement.

- Do not include definitions on the 3rd problem.

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Chapter 7 & 8 Deal with both flexible budgets and variance analysis. In your opinion, what aspects of these concepts do you feel are most useful in the role of the managerial accountant to provide information to line management? Why? Flexible budgets develops using budgeted revenues and budgeted costs based on the actual output in the budget period. It utilizes the percentage values of certain numbers as opposed to using the same exact values. And help managers gain more insight into the causes of variances and provide a better opportunity for planning and controlling than is available from static budgets. Variance Analysis: Defined as the differences between actual performance and best performance for the financial variables. The types of variances are favorable variances, unfavorable variances, price variances, sales volume variances, efficiency variances and overhead cost variances. The purpose of variance analysis are to understand why variances arise, evaluate the activity, promote learning and improvement, and take correction action. I think the variance analysis is most useful because managers use variances for control, decisionmaking, performance evaluations, organization learning and continuous improvement. Its ability is to predict the likely outcomes for the future organizational structures aside from the mere fact that the models highly suggested are drawn from past success, makes the model highly dependable and sufficient in planning and management. So that, I think it is a very useful tool that can be used in the planning process by the managers. Chapter 9 & 10 Address absorption (full) costing, variable costing, and cost behavior. Of these terms, which do you think are most important with respect to determining which products should be part of their product mix? Why? Absorption costing is an element of a costing system that treats all production costs as products costs, which overlooks the fact that these costs might be fixed of varying. The costs of such materials comprise direct labor, direct materials, and both overheads that are varied and fixed. It implies that all the costs of manufacturing are swallowed up by the cost of manufacturing. This is the only costing approach acceptable for GAAP reporting and for income tax purposes. Variable costing is a manufacturing overheads that incurred during the period of production. Through variable costing, the issue of absorption costing that allows income to increase as the production increases is addressed. It used for internal purposes only, not acceptable for income tax or GAAP reposting. Cost Behavior can be understood through cost functions, which are basic building blocks for estimating costs. Cost functions describe how a cost changes with changes in the level of activity relating to that cost. There are two ways to estimate a cost function, which are High- low method and Regression analysis method. I think that absorption costing is the most important with respect to financial statement because it provides a more accurate accounting of net profitability, especially when a company does not sell all of its products in the same accounting period when they are manufactured. It is beneficial because it is costefficient and less confusing for managers to use one common method of inventory costing for both external and internal reporting and performance evaluation. It can help prevent managers from taking actions that make their performance measure look. It measures the cost of all manufacturing resources, whether variable or fixed necessary to produce inventory. Absorption costing integrates managerial accounting with financial. It uses inventory-costing information for long-run decisions such as pricing and choosing a product mix. It produces more ending inventory, which enables a manager to increase margins and operating income. Chapter 11 &12 Discuss decision-making, relevant costs, opportunity cost, strategy and balanced scorecard. How does decision-making impact to the other concepts