Module 1
– Case
Assignment Overview
Review the three components in the background material to answer
the questions about managerial accounting and its purpose.
Case Assignment
The first case consists of two parts.
Part I
Short-Answer Questions and Definitions
What are the major differences between managerial and financial
accounting?Explain how a contribution margin (variable costing, behavioral
income statement) differs from an income statement prepared in accordance with
US GAAP.Why are certain costs referred to as product costs? What are the
major types of product costs incurred by a manufacturer?Define the following terms.Overhead
for the production departments.Overhead
for non-production departments.Explain the distinction of variable costs, fixed costs, and
mixed costs.Explain the difference between direct and indirect costs.Distinguish between controllable and uncontrollable costs.Define sunk costs and opportunity costs.
Part II
Real-World Example
Visit the website for Stitch Fix (Personal styling for
everybody) and locate its last quarterly report.
https://www.stitchfix.com
Review the quarterly report to gain a general understanding of
the company’s primary business segments and products/services. Write an essay
addressing the following questions based on your research.
What products and services does the company provide?How does the financial information provided in the quarterly
report (focus on the income statement) differ from financial information used
for managerial accounting purposes?As a manager making business decisions within the company, what
additional information would you need? (Remember that the income statement may
be referred to using different terminology such as statement of earnings or
statement of operations.) Give at least two specific pieces of information
desirable to a manager, but not included in the published income statement.
Assignment Expectations
Part I
Write 3–5 sentences for each question.
Part II
Write a short essay (300-600) words.
Show sources when appropriate. APA format is suggested but not
required.
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