Managerial Accountants Fulfill Three Primary Responsibilities: Planning,directing and Controlling

question 165

Essay

Managerial accountants fulfill three primary responsibilities: planning,directing and controlling.Review each of the following tasks that managerial accountants complete in their role as a managerial accountant:

In the space provided below,indicate whether the task is (1)planning; (2)directing;or, (3)controlling.
Planning
Directing
Controlling

Evaluate the economic rationales behind licensing requirements in professional services.

Understand the conditions under which monopolies can operate more efficiently than competitive markets.

Understand the principle of supply and demand analysis in natural resource markets.

Comprehend how price mechanisms and incentives impact the conservation and discovery of resources.

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Definitions:

Direct Materials

Raw materials that can be directly traced to the production of goods and are a significant part of the finished product.

Conversion Costs

Expenses in manufacturing that include both labor costs and overhead costs associated with converting raw materials into finished goods.

Equivalent Units

A method used in process costing that converts partially completed units into a smaller number of fully completed units.

Molding Department

A specialized section within a manufacturing facility where the shaping or forming of materials into products takes place, often involving processes like injection molding or casting.