How does managerial accounting differ from financial accounting?

The questions are form chapter 1 and 2 of Managerial Accounting- Garrison; 15th Ed

1- How does managerial accounting differ from financial accounting?

2- Pick any major television network and describe some planning and control activities that itsmanagers 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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