What is accounting short answer

Manigrial Accounting Short Answer Question

Let's assume you are on a date and there is the incredibly hot girl or boy sitting in front of you and you want to talk to that person about the difference between fixed and variable costs. Based on the lecture that you watched this week, how would you explain the difference between fixed and variable costs? Also please list any problems or questions that the homework this week gave you in this section. Thanks! PS: If you are on a date never ever mention fixed or variable costs. That is not the way to go. Just thought I would mention it for clarity.

2

This week you learnt about Job order costing, which is considered a traditional cost allocation system. What would you consider the crucial design choices in the system? What characterizes the system? Also why is cost allocation something that is really important in practice?

3

ABC is considered by many an advancement over traditional cost allocation system such as job order costing that you learned about last week. How would you describe ABC costing as being different to a classmate and why would you consider these differences important? Also feel free to list any problems that you had when trying the homework and provide some guidance if you figured them out.

4

Why do people in companies hate budgets? Provide some reasons for why you think employees don't get all smiles and happy when they are asked to participate in making budgets in companies? Also, why do you think companies have budgets? Why do companies or people budget? The homework should be straight forward, but mention any problems that you encountered.

5

Variance analysis is awesome. Entire factories are run based on variance analysis. Please provide your explanation of what variance analysis does and how it works. Also please list any homework problems about this week's homework that you have here.

6

This week's lecture covers incentives. Why do you think companies pay employees based on their performance? What kind of performance dependent incentives can you think of? Also why is the Balance Scorecard such an insanely cool tool? What does the BSC actually balance? And finally, why do you think some consultants are strictly opposed to companies using performance dependent financial incentives?

7

This week's discussion question is reflective. Think about one trend or change that you think impacts how we do business and explain how managerial accounting is affected by this. This is a kind of 'idea board' to jump start the thinking for your semester write up.