manufacturing costs are not allotted to products but are considered as period costs and thus charged directly to Profit and Loss Account of that year. Fixed costs also do not enter in stock valuation. Marginal Costing: Definition CIMA London as ‘The accounting system in which variable costs are charged to cost units and fixed costs of the period are written off in full, against the aggregate contribution. Its special value is in decision making’. Segregation of costs into fixed and variable elements
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INTRODUCTION The budget is the financial expression of the project and should accurately reflect the costs of the proposed research/education/service program. The budget justification provides the sponsor agency and reviewers of the application with information such as why costs are programmatically necessary and how they are calculatced. Reviewers will analyze the financial data to determine if the proposed costs are allocable to the program, allowable under federal cost principles or non-federal
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Reta Sharfina Tahar 1111002006 Case 4-4 Whiz Calculator Company Questions: 1. From the information given in Exhibits 1 and 3, determine insofar as you can whether each item of expense is (a) variable with sales volume, (b) partly variable with sales volume, (c) variable with some other factors, or (d) not related to output volume at all. 2. What bearing do your conclusions in question 1 have on the type of budgeting system that is most appropriate? 3. Should the proposed sales expense budgeting
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cost pools, identification of cost drivers, calculation of cost application rates. D. Calculation of cost application rates, identification of cost drivers, identification of cost pools, assignment of cost to products. 3. During a recent accounting period, Marty's shipping department processed 26 orders. Each order typically takes four hours to complete; however, the average time increased to five hours because of various departmental inefficiencies. If
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E 1- 12 | | | | | | | | | name of the cost | variable cost | fixed cost | Product cost | period (Selling and adminiatraive) cost | opportunity cost | sunk cost | | | | direct material | direct labor | manufacturing overhead | | | | past rental income | | | | | | | x | | direct materials | x | | x | | | | | | warehouse rental | | x | | | x | x | | | equipment rental | | x | | | x | | | | worker salary | x | | | x |
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Finance Assignment III: Chapter 5 1. Explain the differences between fixed costs, semi fixed costs and variable costs The differences between fixed costs, semi-fixed costs and variable costs has to do with the amount of services provided. Variable costs are cost that are expected to increase and decreases with volume (patient’s days, number of visits, etc...). Fixed costs are costs expected to remain constant regardless of volume. Semi-fixed costs are those that are fixed with in ranges that
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ARTICLES OF PARTNERSHIP OF LEGACY ASSOCIATES KNOW ALL MEN BY THESE PRESENTS: That, we the undersigned, all of legal age and residents of the Republic of the Philippines have agreed to amend a general partnership under the terms and conditions herein after set forth and subject to the provisions of existing laws of the Republic of the Philippines. RECITAL The parties hereto wish: (a) to enter together into the business of purchasing, acquiring, operating, leasing, owning and
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http://homeworkgallery.com/index.php/product/acc-250-entire-course/ ACC 250 Week 1 Assignment Accounting Memo. The software that we use for accounting applications is obsolete. Therefore new accounting software should be acquired as soon as possible. As a result our organization has made room in this year’s budget for the software. ACC 250 Week 1 Checkpoint Choosing Accounting Software. Accounting software is typically designed to handle the needs of four kinds of companies. These are (i)
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ACCOUNTING 5130 SPRING 2016 (8 WEEK) SYLLABUS AND COURSE OUTLINE INSTRUCTOR: Peggy Jimenez, PhD, CPA OFFICE: BLB 329L EMAIL: Peggy.Jimenez@unt.edu (do not email me via Blackboard). I generally respond to student e-mails within 24 hours Monday-Friday. PHONE: 940-369-3093 OFFICE HOURS: Mondays 10:30am-12:00PM and by appointment. During these times I will be in my office and you are welcome to stop by with questions or concerns. If it is more convenient, I can also discuss via e-mail, online
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compared to other two products. Also, there are more variety in the types of flow controllers used in industry. Wilkerson raised flow controller prices by 10%, but there was no effect on demand. Wilkerson’s existing cost system is a simple cost accounting system. According to the case, the overhead costs were allocated to products as the percentage of direct labor cost. Each unit of product was charged for labor cost and direct material. In addition, variable
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