Management Accounting Course Project Part 1: Overview and Key Concepts

Part 1 will require answering the Management Accounting: Information for Decision-Making and Strategy Execution, chapter end questions (only the questions below) and write a minimum of 3,000 words essay (in APA style, 7th ed.) using  a minimum of 15 external references, and in-text citations explaining:

1. What is management accounting? (LO 1)
2. Why do a company’s operators/workers, managers, and executives have different informational needs than shareholders and external suppliers of capital? (LO 1, 3)
3. Why may financial information alone be insufficient for the ongoing informational needs of operators/workers, managers, and executives? (LO 1, 3)

1. Why are both financial and nonfinancial measures necessary to manage a company’s strategy? (LO 1)
2. What is a Balanced Scorecard? (LO 2)
3. What are the four measurement perspectives in the Balanced Scorecard? (LO 2)
4. Explain why the growing importance of in- tangible assets complements growing interest in the Balanced Scorecard. (LO 1, 2)
5. What two essential components should a good strategy have? (LO 3)
6. Why is a clear strategy vital for an organization? (LO 3)

7. What is a strategy map? (LO 3, 4)

8. Define and explain the role of measures, objectives, and targets, in the Balanced Scorecard strategy map. (LO 2, 3, 4, 5)

9. What are the two basic approaches to im- proving a company’s financial performance? (LO 4, 5)
10. Describe two broad approaches that companies can use to generate additional revenues. (LO 4, 5)

1. What are some different managerial uses of cost information? (LO 2)
2. Explain the difference between variable costs and fixed costs. (LO 1, 2, 3)
3. What does the term contribution margin per unit mean? How is the contribution margin used in cost analysis to support managerial decisions? (LO 1, 2, 3)
4. Explain the difference between the contribution margin ratio and contribution margin per unit. (LO 1,2,3)
5. What does the term breakeven point mean? (LO 1, 2, 3)
6. How are mixed costs and step variable costs similar and different? (LO 1, 2, 3)
7. How do step variable costs differ from fixed costs? (LO 1, 2, 3)
8. What does the term incremental cost mean? (LO1,2,3)
9. Why should decision makers focus only on the relevant costs for decision making? (LO 1, 2, 3, 4)

1. What has increased the need for cost systems that accurately deal with indirect manufacturing costs? (LO 2)
2. In the context of computing a predetermined indirect cost rate, what is a cost driver? (LO 3)
3. What are predetermined indirect cost rates commonly called in practice? (LO 3)
4. Why are costs estimated for individual jobs? (LO 5, 6)
5. How are indirect cost rates determined? (LO 3)
6. How is overhead cost estimated for individual jobs? (LO 3)
7. What are indirect cost pools? (LO 3)
8. Why do firms use multiple indirect cost pools? (LO 3, 4, 5)