AccountingWeek 1: Financial vs. Managerial Accounting
Both financial and managerial accounting are important to a company’s success. Which do you think contributes more to this success and why?
Remember to post your first discussion response by Wednesday and post at least two additional times throughout the week.
Additional Questions for Week #1:
- The Sarbanes-Oxley Act of 2002 (SOX) has emphasized the importance of ethical behavior and codes of conduct. Discuss the costs and benefits of the ethical environment. If a poor ethical environment results in costs to an organization, what are they? Conversely, what are the benefits of a good ethical environment?
- Do you think college courses can teach ethics, or has a student already established a defined set of ethics by the time that he or she enters college?
- What role might cultural differences play in a person’s concept of ethical behavior?
- If an action is legal, is it necessarily ethical? Explain.
- Discuss the difference between timely managerial accounting reports and the trade-off for accuracy.
- What is meant by the statement, “You get what you measure?”
- Both financial and managerial accounting are important to a company’s success. Which do you think contributes more to this success and why?
- What do we mean by the term cost behavior?What is the difference among a variable, fixed, and mixed cost? Give an example of each.
- Why is it important to keep the relevant range in mind when predicting total costs?
- Why is it important to plot the data under the high-low method?
- Explain how costs change as volume changes.