operates at a simple cost accounting system that directly charges each unit of product for its direct labour and material cost (exhibit 3) * Material cost is based on the prices paid for components under annual purchasing agreement * Labour rates are charged at 32.50 per hour and are charged to products on the basis of the standard run times for each product. The company has only one producing department which machines & assembles components into finished goods. The cost system allocates the
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Cost Accounting Instructions: * Each section is divided into 10 groups. Groups are formed on the basis of roll nos. like, 1-6, 7-12, 13-18 and so on till 55-60. The submissions are to be done as a group. * All students in each section are required to participate and solve the questions asked. One or two students in each group will be asked to come up and solve the problem on the board and he/she has to clarify doubts in class. Marks are assigned accordingly. * Answer all the questions
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CHAPTER 1: MANAGEMENT ACCOUNTING Introduction: Accounting may be broadly classified into two categories – accounting which is meant to serve all parties external to the operating responsibility of the firms and the accounting which is designed to serve internal parties who take care of the operational needs of the firm. The first category which is conventionally referred to as financial accounting, looks to the interest of those who have primarily a financial stake in the organization’s affairs
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Evolution of Management Accounting: Contemporary Significance and Retrospection Abstract: The management accounting aim in future forecasting, planning and making decisions for the firm. It is also good at cost managing (cost accounting), improving production and management controlling, for example, the Balance Scorecard and Management Control System. What is evolution? The synonym of evolution is development which means the experiences of its past to present, also means history. Thus
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Accounting Education 11 (4), 365–375 (2002) Derrick’s Ice-Cream Company: applying the BCG matrix in customer pro tability analysis M A LC O LM SM I T H * Division of Business and Enterprise, University of South Australia and Leicester Business School, De Montfort University, UK Received: August 2001 Revised: October 2001; June 2002 Accepted: July 2002 Abstract This case highlights the differences in the pro tability possible when different customers are in receipt of substantially the
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the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents Evaluation Synthesis ANALYSIS ANALYSIS APPLICATION APPLICATION COMPREHENSION COMPREHENSION COMPREHENSION KNOWLEDGE KNOWLEDGE KNOWLEDGE LEVEL A LEVEL B LEVEL C FOUNDATION COURSE - Syllabus 2012 the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament)
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CHECKLIST OF KEY FIGURES Volume II For Exercises and Problems in Kimmel, Weygandt, and Kieso Accounting, Tools for Business Decision Making, Third Edition Chapter 14 Exercises 14-2 (a) DM 5, 10. (b) DL 1, 6. 14-4 (a) $166,350; (c) $72,140. 14-5 (a) 3, 7; (c) 1, 2, 4, 9, 10. 14-7 (a) $35,100. 14-8 (a) CGM $303,500. 14-9 Total manfg. costs $381,000. 14-10 (a) $82,150; (c) $36,225; (e) $242,500. (g) $21,700; (i) $267,000. 14-11 (b) $17,000; (d) $60,000; (f) $225,000;
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PRINCIPLES OF COST ACCOUNTING This page intentionally left blank PRINCIPLES OF COST ACCOUNTING 15E E D W A R D J. V A N D E R B E C K Professor Emeritus Department of Accountancy Xavier University Principles of Cost Accounting, 15th Edition Edward J. VanDerbeck ª 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic
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PRINCIPLES OF COST ACCOUNTING This page intentionally left blank PRINCIPLES OF COST ACCOUNTING 15E E D W A R D J. V A N D E R B E C K Professor Emeritus Department of Accountancy Xavier University Principles of Cost Accounting, 15th Edition Edward J. VanDerbeck ª 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic
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monitoring. Job costing is an accounting method used to assign product costs to custom products or services. In job costing, direct costs are traced and overhead costs are allocated to individual jobs. Sometimes defects occur in custom products. Defective units can sometimes be reworked. The costs for both spoilage and rework need to be accounted for, as does the cost of scrap that arises from production. This Chapter Addresses the Following Questions: How are costs assigned to customized goods and
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