Questions from Management Accounting

Q: It appears that most firms benefit from having a budget in place

It appears that most firms benefit from having a budget in place, to allow them to use their limited resources in the most optimal manner possible in pursuit of their strategic objectives. However, th...

Q: In 2007, crime-fighting targets set by the UK government

In 2007, crime-fighting targets set by the UK government were criticized by senior and on-the beat police officers as driving them to make ‘ludicrous’ decisions on the prosecution of crimes. For exa...

Q: The Crossrail project currently under construction in London, will run from

The Crossrail project currently under construction in London, will run from Heathrow Airport to the Canary Wharf financial district, and will be known as the ‘Elizabeth Line’. The new line will str...

Q: In September 2019, Liverpool City Council in the UK were facing

In September 2019, Liverpool City Council in the UK were facing a cash hole of £57 million, which the city’s major, Joe Anderson, titled the ‘worst financial crisis since the Second World War’. He...

Q: Once standard costs have been established and used by a business,

Once standard costs have been established and used by a business, they should be updated on a regular basis. Actual costs are frequently used as a basis for any updates. SAP, a leading enterprise res...

Q: Chartered Institute of Management Accountants (CIMA)/Chartered Global Management Accountants

Chartered Institute of Management Accountants (CIMA)/Chartered Global Management Accountants (CGMA) Activities and skills of management accounting Management accounting combines accounting, finance an...

Q: Setting standards in an organization may be primarily to assist in the

Setting standards in an organization may be primarily to assist in the calculation of a standard cost for the product or service for management accounting purposes. Standards are also relevant for o...

Q: Meditech South Africa (Pty) Ltd provides software solutions to meet

Meditech South Africa (Pty) Ltd provides software solutions to meet the information needs of healthcare organizations in Africa and the Middle East. According to their website, the software can enco...

Q: Recipes are used in the manufacturing processes of many sectors. In

Recipes are used in the manufacturing processes of many sectors. In the paper industry, a starch recipe consisting of borax, caustic soda, starch (from maize or potatoes) and hot water is used to gl...

Q: An article by Thomas Conine on cfo.com provides some useful

An article by Thomas Conine on cfo.com provides some useful insights into how to deal with responsibility for variances from plan, especially given increases in the volatility of uncontrollable fact...