Answer the following questions in word file and put the answers after the questions.
The questions are form chapter 1 and 2 of Managerial Accounting- Garrison; 15th Ed
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1- How does managerial accounting differ from financial accounting?
2- Pick any major television network and describe some planning and control activities that its managers would engage in.
3- Why do companies prepare budgets?
4- Why do management accountants need to understand their company’s strategy?
5- Why is ethical behavior important to business?
6- EXERCISE 2–5 High-Low Method
The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented out for one day. The hotel’s business is highly seasonal, with peaks occurring during the ski season and in the summer.
Month Occupancy-Days Electrical Costs
January . . . . . . . . 1,736 $4,127
February . . . . . . . 1,904 $4,207
March . . . . . . . . . 2,356 $5,083
April . . . . . . . . . . 960 $2,857
May . . . . . . . . . . . 360 $1,871
June . . . . . . . . . . 744 $2,696
July . . . . . . . . . . . 2,108 $4,670
August . . . . . . . . 2,406 $5,148
September . . . . . 840 $2,691
October . . . . . . . 124 $1,588
November . . . . . . 720 $2,454
December . . . . . . 1,364 $3,529
Required:
1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. Round off the fixed cost to the nearest whole dollar and the variable cost to the nearest whole cent.
2. What other factors other than occupancy-days are likely to affect the variation in electrical costs from month to month?
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