ACTIVITY-BASED COSTING An organisation so as to be to comply with financial reporting requirements, the traditional cost accounting system is closely linked to its general ledger system. This in particular has to do with cost allocation. Mostly, costs are accounted either for valuation (i.e., financial statements analysis) or decision-making activities (i.e., internal purpose) or both. Meanwhile, sometimes the costs are accounted for reimbursement purposes (e.g., corporate health insurance, corporate
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Case study: Variable and Fixed Costs, Contribution Margin and Decision Making Assignment #01 BUSMGT 734: STRATEGIC MANAGEMENT ACCOUNTING Yiyong Zhou ID: 6818321 Number of pages: 6 Q (a): To develop the contribution margin income statement, it is necessary to calculate the number of bottles of wine produced by HCV. This number is dependent upon the yield from the grapes. The relevant calculations are as follows: Pinot Noir Yield: Pounds harvested Loss in processing Yield: Grapes 100,000
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Exercise 2-3 (15 minutes) | | Product Cost | Period Cost | 1. | Depreciation on salespersons’ cars | | X | 2. | Rent on equipment used in the factory | X | | 3. | Lubricants used for machine maintenance | X | | 4. | Salaries of personnel who work in the finished goods warehouse | | X | 5. | Soap and paper towels used by factory workers at the end of a shift | X | | 6. | Factory supervisors’ salaries | X | | 7. | Heat, water, and power consumed in the factory
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Course Name: HND in Hospitality Management Food and Beverage Operations Management (Unit5 Student Name: Emilia Panzo Submitted to: Margaret Amankwah Nelson College London Wembley Campus, London Task1 1.1characteristics of food production and beverage service systems Food Production Methods Food production methods in the catering industry evolved over a period of time when there was an great
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of ethics to use GAAP accounting. d. Accrual accounting provides a uniform way to measure an organization’s financial performance. 2. The primary users of information provided by a management accountant are a. downstream components to the total value chain. b. upstream components to the total value chain. c. managers within the organization. d. customers of the organization. 3. A managerial emphasis for cost accounting means a. accountants
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What-If Analysis and Activity-Based Budgeting Forecasting Resource Demands Excerpted from Time-Driven Activity-Based Costing: A Simpler and More Powerful Path to Higher Profits By Robert S. Kaplan, Steven R. Anderson Harvard Business Press Boston, Massachusetts ISBN-13: 978-1-4221-2227-3 2227BC Copyright 2008 Harvard Business School Publishing Corporation All rights reserved Printed in the United States of America This chapter was originally published as chapter 5 of Time-Driven
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The Principles, Benefits and Compliance of Lean Accounting As a way to reduce costs, manufacturing businesses today are looking for a leaner approach to production and are focusing on the overall process of producing an item to eventually sell to a consumer. This process is called the value stream, which is defined in Cost Accounting: A Managerial Emphasis as “the value-added activities needed to design, manufacture, and deliver a given product or product line to customers” (Horngren, Datar, &
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Financial Accounting Focuses on reporting to external users including investors, creditors, banks suppliers, & governmental agencies. Financial Statements must be GAAP based. Management Accounting Processes of measuring, analyzing, and reporting financial & non-financial information that help managers make decisions to fulfill the goals of an organization. Managers use management accounting information to: 1. Develop, communicate, and implement strategies 2. Coordinate
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Budgeting OVERVIEW Brief description This toolkit provides guidelines on how to go about developing and monitoring a budget. It will help you with an overall organisational budget as well as with a budget for a specific project. It includes tools for estimating costs as well as tips for ensuring that your budgets meet the needs of your project or organisation. In the examples section we give actual examples of budgets and how they can be monitored. Why have a toolkit on budgeting? Budgeting
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Lessons from Lehman Brothers: Will We Ever Learn Learning Team B MGT/521 July 27, 2015 Sandra Griffin Lessons from Lehman Brothers: Will We Ever Learn The culture at Lehman Brothers was one of greed, excess, and corruption. According to Lawrence Serewicz (2011-2013) “…profits before prudence means risk that can never be avoided” (para 19). Lehman Brothers culture was clearly that of “…go along to get along” (para 20). The culture at Lehman Brothers was a culture that encouraged risk taking
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