ACC 202 Module 1 Week 1 Managerial Accounting Assignment

ACC 202 Module 1 Week 1 Managerial Accounting Assignment

Introduction to Managerial Accounting

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Assignment Overview

Review the three components in the background material to answer the questions about managerial accounting and its purpose.

Case Assignment

The first case consists of two parts.

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Part I: Short-Answer Questions and Definitions

  1. Define the following terms.
    1. Overhead
    2. Cost of goods sold
    3. Selling expenses
    4. Administrative expense
  2. What are the major differences between managerial and financial accounting?
  3. Identify the three elements of cost incurred in manufacturing a product and indicate the distinguishing characteristics of each.
  4. Why might a company claim that the total cost of employing a person is $15.30 per hour when the employee’s wage rate is $10.50 per hour? How should this difference be classified and why?
  5. Why are certain costs referred to as period costs? What are the major types of period costs incurred by a manufacturer?
  6. Explain why the income statement of a manufacturing company differs from the income statement of a merchandising company.
  7. Explain how a contribution margin (variable costing, behavioral income statement) differs from an income statement prepared in accordance with US GAAP.
  8. Distinguish between direct and indirect costs.
  9. Distinguish between controllable and uncontrollable costs.
  10. Define sunk costs and opportunity costs.

Part II: Real World Example

Visit the following website for Home Depot (a retail organization) and locate its annual report:

http://www.homedepot.com

Review the annual report to gain a general understanding of the company’s primary business segments and products. Write an essay addressing the following questions based on your research.

  • What products and services are provided by the company?
  • How does the financial information provided in the annual report (focus on the income statement) differ from financial information used for managerial accounting purposes?
  • As a manager making business decisions within the company, what additional information would you need? (Remember that the income statement may be referred to using different terminology such as statement of earnings or statement of operations.)

Assignment Expectations

Part I

Write 3–5 sentences for each question.

Part II

Write a short essay (300-600) words.

Course: ACC 202 Managerial Accounting
School: Trident University International

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