ACC

Assignment 1 for ACC 320

Question 1

Answer these question in less then 3-4 lines except question 1 [a little longer]

1. Differentiate between Management accounting and Financial accounting .

2. What are the three management functions that management accounting information can be used to make them become more effective? Explain each very briefly.

3. Explain what is the process of control?

4. Why is feedback necessary in management process?

5. What does Total Quality management emphasize [or put stress on]?

6. What are the two factors that can prevent a manager to maximize profit ?

7. Give an example of (a) planning (b) decision making

8. What is employee empowerment ?

9. How can ethical conduct improve profitability of a company

Question 2

The following information pertains to the York Company for the year ending December 31, 2019.

	$	Hours
Revenue	240,000
Interest Revenue	50,000
Purchases of raw materials	40,000
Indirect Labour	4,000
Indirect Materials	9,000
Utilities [factory]	4,500
Depreciation of factory equipment	10,000
Depreciation of factory buildings	19,000
Depreciation of admin buildings	5,000
Marketing costs	30,000
Wages [Store]	10,000
Utilities [store]	6,000
Supplies [store]	3,500
Direct Labour Hours		2000
Hourly Rate for direct labour	10
Raw materials inventory Dec 31 2019	9,000
WIP Jan 1 2019	4,000
Sales Return/ allowances	10,000
Raw Materials Jan 1 2019	3,000
WIP Dec 31 2019	15,000
Sales Discounts	10,000
Finished Goods Inventory Jan 1 2019	7,000
Finished Goods Inventory Dec 31 2019	15,000

REQUIRED

1. Prepare a COGM statement

2. Prepare an income statement [ assume interest expense to be $10000 and tax rate to be 15%]