Chapter Page I. Introduction 04 1. Project Study Approach 04 2. Objectives of the Study 04 3. Scope and Limitation of the Study 05 4. Brief Description of the Study 06 5. Rationale 07 II. The Product Concept 08 1. Name and Description of the Product 08 2. Functions or Purpose of Each Part 08 3. Pictorial Sketch and Orthographic Drawing 10 4. Exploded Drawing 10
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I. Lean Accounting Lean accounting often refers to more simplified accounting practices that focuses on eliminating waste, reducing production lead time, and producing products on customer demand. But Lean accounting does not stand alone. It is enabled by lean thinking and lean production methods. And lean accounting not only needs lean manufacturing, it also facilitates lean manufacturing.1 That’s why lean accounting is always related to, but not necessarily have to be associated with
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Activity Based Costing By: Azalea McSwain ACC310: Cost Accounting 1 Instructor: Susan Paris Date: April 18, 2011 Outline I: Introduction a. What is Activity Based Costing b. How Does it Work II. Body a. What does ABC do for Firms b. How to develop the ABC system in a firm c. What are the Steps d. Examples III. Conclusion IV. References Abstract Activity Based Costing was developed in the manufacturing sector of the United States during the 1970’s and 1980’s. This system
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prepared; the mail is opened either by the cashier or the employee who maintains the accounts receivable records; mail receipts are deposited in the bank weekly by the cashier. For a better safeguard assets and enhance the accuracy and reliability of accounting records, a company needs to follow specific control principles which are establishment of responsibility; physical mechanical, and electronic controls; segregation of duties, independent internal verification, documentation procedures and other
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1. Question: (TCO A) Wages paid to a timekeeper in a factory are a: Prime Cost YES.....Conversion Cost NO Prime Cost YES.....Conversion Cost YES Prime Cost NO....Conversion Cost NO Prime Cost NO.....Conversion Cost YES CORRECT 2. Question: (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n): period cost. opportunity cost. sunk cost
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AMERICAN INTERCONTINENTAL UNIVERSITY ACTIVITY-BASED COSTING & PROCESS COSTING Managerial Accounting The Ski Pro Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify in an effort to stabilize sales throughout the year. The company is considering the production of cross-country skis. This assignment requires that a determination be made with regard to how Ski Pro should proceed in their business endeavors. Included
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true or false. ____ 1. Manufacturing and service firms producing unique products or services require process-costing accounting systems. ____ 2. In process costing, each producing department has its own work-in-process account. ____ 3. The difference between actual overhead and applied overhead is the overhead variance. ____ 4. Using a time ticket, the cost accounting department can enter the cost of direct materials onto the correct job-order cost sheet. ____ 5. Process costing accumulates
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costing. Describe the source documents used to track direct materials and direct labor costs to the job cost sheet. Calculate a predetermined overhead rate and use it to apply manufacturing overhead cost to jobs. Describe how costs flow through the accounting system in job order costing. Calculate and dispose of overapplied or underapplied manufacturing overhead. Calculate the cost of goods manufactured and cost of goods sold. Lecture Presentation–LP2 www.mhhe.com/whitecotton1e 36 FOCUS COMPANY:
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Kudler Accounting System Vu T. Ma University of Phoenix Kudler Accounting System Kathy Kudler developed a business plan and open the doors of Kudler Fine Foods in 1998 in San Diego, California. Part of the initial business plan involved developing an accounting system. Kathy outsourced a consulting company, Smith System Consulting, to help select and install a retail enterprise management system (REMS). Smith System Consulting decided to install a modular and scalable retail management system
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{ { II Semester Paper: Examination \a "a sa sa { Management IIBM Institute of Business ExaminationPaPer Accounting Management Section A: Objective Type (30 marks) o . . questions shortnotetypequestions' & ofmultiple choice consists This section Answerall thequestions. carriesI markeach& PartTwo Partoneouestion MM.100 Ea Ea \a \a \o \ia Part One:Multiple choices: be revenue(SR) Rs 8 thenthe vAy' ratio is given I . If the variablecost(vc) be Rs 5 andthe sales by: a. 1.6 b .
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