departments. Production status reports are periodically sent from the production departments to the production control function. Cost Accounting Controls. Job costing is a procedure in which costs are distributed to particular jobs or production orders. In process costing, costs are compiled in process or department accounts by periods (day, week, or month).The cost accounting department is responsible for maintaining a file of WIP cost records. Inventory Control. The control of inventories is accomplished
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of Accounting Accounting for Managerial Decisions Spring 2014 Instructor: Liao, Chih-Hsien Class Time: Wednesday 14:20－17:20 Office: Room 912, Building 2, College of Management Phone: (02) 3366-1121 Email: Office Hours: Monday 10:00－12:00, or by appointment Teaching Assistant (TA): COURSE DESCRIPTION This course is designed to provide an overview of basic cost accounting systems and how cost information is applied in an organization’s internal management. Cost accounting systems
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(a) Characteristics of an organization contributing to the use of activity based techniques Activity Based Costing (ABC) is a costing methodology used to trace overhead costs directly to cost objects, i.e. products, processes, services, or customers. Costs are assigned to specific activities (e.g. engineering, manufacturing or purchasing) based on their use of resources and costs are assigned to cost objects based on their use of activities. ABC recognizes the causal relationship of cost drivers
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MBA Financial and Managerial Accounting Assignment 2012 Question 1 : Question 1.1 An Asset is objects that you own. These assets are divided in 2 classes e.g. Non - Current Assets , which are assets that may take longer than a year to convert such as property, Investments ext. Current Assets on the other hand is assets that is quickly to converted into cash , such a debtors ( someone who owes you money ) inventory and cash. A liability is defined by the following characteristics; any type
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ETHICS IN ACCOUNTING: THE WORLDCOM INC. SCANDAL Conf.univ.dr. Lucian Cernuşca “Aurel Vlaicu” University, Arad, str. Piaţa Sporturilor, nr. 10, bl. 25, apt. 7, 310167 Arad, Phone: 0730468534, luciancernusca@gmail.com What is ethics? What does ethics have to do with accounting? How does a scandal affect the business environment and the society? This article will explain just those questions by analyzing a “famous” fraud scandal: WorldCom Inc. The article discusses the chronology of events
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Riodan Manufacturing Compared to the expansion and growth of business companies have witnessed throughout history, modern companies face many challenges and have some of the most advanced tools to be utilized. The invention of the modern day computer systems has revolutionized the way companies do business and allow for unprecedented growth. Unfortunately, the failure to embrace and understand this technology will lead to the down fall of even the largest corporate empire. Riodan Manufacturing is
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Activity Based Costing in the Public Sector By: Brandy Medina Public sector organizations at all levels and of all types are facing intense pressure to do more with less. Governments at all levels in almost all the countries in the world are feeling some kind of pressure. The pressure on spending comes from many sources, i.e. from politicians aiming to win taxpayers’ approval. There is pressure from the competition with other cities to attract homebuyers or with other counties, states or nations
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Running head: DANSHUI PLANT NO.2 Danshui Plant No.2 YourFirstName YourLastName University title 1 DANSHUI PLANT NO.2 2 1). Explain briefly contribution margin. How is it calculated? An accounting contribution margin refers the revenues less variable expenses. This implies that it reveals how much a company's revenues contribute strictly to the company's fixed expenses . The total amount for the company, the amount for each product line, the amount for a single unit of product
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concepts which could affect Manac’s pricing decisions and what we should consider when pricing. It also pays attention to the current standard costing approach adopted by the company together with Variance Analysis and the roles it plays in management accounting and how variance analysis contribute to overall profit. In efforts to improve profit levels it was decided to switch to ABC System and special attention is paid to the advantages and disadvantages. 1.0 Introduction Manac plc, is a large company
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high-quality products more quickly and at a competitive cost. In order to reach these goals, manufacturing organizations have been required to become more flexible, integrated and highly automated. However, since initial and operating costs are high, advanced manufacturing system users are concerned with achieving high system utilization. Despite the advantages of having high levels of automation,
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