Answered: Discuss the difficulties associated…

Discuss the difficulties associated with manual cost accounting and how the organization may improve its accounting information system to more accurately represent the reporting issues.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter14: Quality And Environmental Cost Management

Section: Chapter Questions

Problem 14DQ: Explain why the Accounting Department should be responsible for producing quality cost reports.

See similar textbooks

Related questions

Q: The definition of the cost is the collection of cost data in some organized way by means of an…

A: Cost is amount of cost incurred

Q: Please explain with examples briefly benefits of accounting system for manual cost accounting?

A: Cost accounting: It is a branch of managerial accounting that focuses on calculation of total cost…

Q: Comprehend and Apply the elements of costing to the job environment. Evaluate and Integrate the…

A: costing is system for assigning the cost to the business and its element. costing involved…

Q: Which of the following best describes the activities of the production function?a. maintenance,…

Q: How does computerised accounting system could help to improvise better reporting sytem in…

A: An accounting system in which the events and the process of final transactions are in accordance to…

Q: Explain the Problems in Cost Accounting Measurements?

Q: a. Business decisions rely on certain characteristics which are based on intelligent and…

A: Hi student, you have asked multiple non-related questions in one go which is not appropriate. So,…

Q: Please explain with examples briefly benefits of accounting system for automated cost accounting?

A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…

Q: What are the similarities in calculating the cost of materials used in production, the cost of goods…

A: Cost of the materials used in production: This is the additional amount of material put in the…

Q: What are the types of work performed, the overall areas of focus, and/or other relevant information…

A: Accounting is the method by which the transactions of the business can be recorded so that the…

Q: Explain what activity-based costing is, and a brief explanation regarding how ABC improves the…

A: In costing their are different types of overheads and also different types of methods to allocate…

Q: ers choose between applying predetermined overhead rates or actual overhead rates.

A: Predetermined overhead rates refer to the rate which is used to apply manufacturing overhead to…

Q: Explain whether the cost accounting system primarily supports internal or external reporting.

A: Cost Accounting System: Cost accounting system refers to as a framework designed by the company to…

Q: How cost accounting is useful for external user as Government ,and customer etc.support your answer…

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

Q: Comprehend and Apply the elements of costing to the process environment.

A: Process Costing is used for industries involving continuous production of goods having same…

Q: Describe the concept of management by exception and explain how standard costs help managers apply…

Q: In a broad sense, management accounting can best be defined within the accounting system as A.…

A: The accounting is a process of analysing, recording the transactions and further preparing the…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: In a responsibility accounting system, should the recording of revenue and costs begin at the…

A: Responsibility center: A department or unit of a corporation where the management assigns the…

Q: Explain the differences between managerial accounting and financial accounting. (

A: Financial accounting and management accounting are two separate branches of accounting. Financial…

Q: Discuss standard costs and indicate how they can be used by management in planning and control.

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Cost and Costing, as well as the importance of calculating costs in product management, may be…

A: Cost refers to the value of money that has been used to produce or manufacture something. It can…

Q: How different in management accounting from cost accounting? Provide a brief commentary in two…

A: Definition: Accounting: Accounting is the process of recording, summarizing, and reporting all the…

Q: Which of the following is not an objective of product costing systems? a. To assist in the…

A: Product costing refers to the total amount of total costs allocated to a specific product on the…

Q: For a manufacturer, what does the planning process involve, and how is cost accounting information…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Is Standard costing still a useful tool for the Management accountant? How could it be adapted to…

A: Costing Accounting- A cost accounting system is a type of perpetual inventory accounting system that…

Q: When testing a company’s cost accounting system, the auditor uses procedures that are primarily…

Q: How standard costing control the business activity

A: Standard Costing is the technique of setting up standard costs and applying them to measure the…

Q: What documents are needed for cost accounting clerks to update the work-in-process accounts with…

A: Cost Accounting System: Cost accounting system can be defined as a framework designed by the…

Q: Define standard costs and explain how they assist managers in controlling costs.

A: standard cost: Standard cost is an estimated or predetermined cost based upon existing conditions.…

Q: Explain the ethical considerations to be taken care of, while maintaining costing records.

A: Cost accountants are responsible for all internal accounting data within a company. These people are…

Q: Describe the impact that the cost constraint has on reporting accounting information.

A: Accounting information not only must be relevant and faithful, they must also pass the economic test…

Q: What types of management reports are prepared by the cost accounting system?

A: Definition: Cost accounting systems: It is a system which measures, record, and reports the product…

Q: One of the primary uses of a cost of production report is to assist management in controlling…

A: Production Cost Report: A production cost report is used by the firm to summarise the production…

Q: Who will be the coordinator for standard costing committee ? Chief Engineer General Manager Cost…

A: The technique using which the variance between the estimated costs and actual costs can be computed…

Q: What is the primary goal of the cost-of-production report? What is the purpose of these reports in…

A: Cost-of-production report is a statement which shows all the production related costs within a…

Q: Describe how product cost informationis used by managers to identify cost improvement opportunities?

A: Product Cost: The phrase "product cost" is an accounting word that refers to the overall expenses…

Q: Which of the following is one of the difference between management accounting and cost accounting.

A: Difference between management accounting and cost accounting is given below,

Q: The entity's management is currently reviewing all costs of production. • If the entity's accounting…

A: Cost of production: It is the cost incurred in producing the goods or providing the services. These…

Question

Discuss the difficulties associated with manual cost accounting and how the organization may improve its accounting information system to more accurately represent the reporting issues.

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Explain why the Accounting Department should be responsible for producing quality cost reports.
An effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.
Walsh & Coggins, a professional accounting firm, collects cost information about the services they provide to their clients. Describe the types of cost data they would collect and explain the importance of analyzing this cost data.
It is commonly suggested that a management accounting system should be capable of supplying different measures of cost for different purposes. You are required to set out the main types of purpose for which cost information may be required in a business, and to discuss the alternative measures of cost which might be appropriate for each purpose.
explain and describe the various costing method in management accounting.outline their advantagesand disadvantages.
Explain and describe the various costing methods used in management accounting. Outline their advantages and disadvantages.
Cost accounting is an area of accounting concerned with cost determination, cost control and cost analysis. Which of the following is a description of cost control? a. Refers to the use of cost data by management in decision making. b. None of the above c.Refers to the comparison of standards set for costs per unit and with the figures per actual operations so that remedial measures may be adopted if needed. d.Refers to the accumulation of cost data by products, process or services to be able to arrive at a unit cost.
Explain the objectives of the accumulation and reporting of cost accounting information.
Explain the difference between public accounting and managerial accounting. Provide a hypothetical example of an income statement for public reporting. Provide a hypothetical example of managerial accounting income statement in process costing format. Explain your examples in detail.
How does computerised accounting system could help to improvise better reporting sytem in comparison manual cost accounting system. Explain with example
Explain the relationship between the Cost Management System and the Financial Accounting System