Assignment: Financial Statements Essays

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Advance Cost management
Assignment 1
1-15
a) The manager is oriented to meet the decision-making needs of employees and managers inside the organization. The manager use replacement cost of each machine and depreciation based on assigned machine expense in order to better know the current prices of machine. In addition, having the interest charge will give managers data about return on capital invested in these machines. This is totally different from financial statements. Financial statements use GAAP to provide information to external users, such as government, investors.
b) Management accounting provides relevant information to internal users, like managers and employees, and assist management in making decisions, allocating resources, and monitoring, evaluating, and rewarding performance. It is not necessary for management accountants to always consistent with GAAP. The accounting staff should reconcile from management accounting to financial statements.
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a) If an employee is eager to help serve customers more efficiently and effectively, he or she would care about different time and resources he or she will spend on different works with different colors, size and quality, especially the time and resources he or she will spend on some special orders. The employee can compare these data with other employees or the standard time in order to improve efficiency. He or she can also collect time and resource he or she spend per day and when will this employee be busy or free to determine how much employees are need at different time. In addition, he or she can know the quality of work by asking customers for feedback and some problems that customers usually have.
b) Manager cares more about the outlet’s profitability. Julie will need information about financial performance for different type of service every day and every month. In this way, manager will know which service is profitable and which one is not. Manager may make decision about expand or delete some
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