Management Accounting as tools of daily job routine The hospitality industry consists of broad category of fields within the service industry that includes lodging, restaurants, event planning, theme parks, transportation, cruise line and additional fields within the tourism industry. The hospitality industry is a several billion dollar industry that mostly depends on the availability of leisure time and disposable income. A hospitality unit such as a restaurant, hotel, or even an amusement park
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What is CVP? CVP or Cost Volume Profit analysis is an extremely interesting subject and one of the most useful for helping managers with short-term planning and decision making. This is because CVP analysis emphasizes the interrelationships of costs, quantity sold and price, it brings together all the financial information of the firm. CVP helps the managers understand the relationship between cost, volume and profit in organization by focusing on interactions among the following five elements:
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“ Polysar Ltd Case” Brief Introduction to Polysar Limited Polysar Limited is the Canada’s largest chemical company and the world’s largest producer of synthetic rubber and latex and a major producer of basic petrochemicals and fuel products. The organization is structured into three groups: petrochemicals, rubber and diversified products; the rubber group accounts for 46% of Polysar’s sales, whose main products are butyl and halobutyl, and whose principal customers are tire manufacturers
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Purchasing and Supply Chain Management 2th Exam GEOP4335. Chapter 8: Supplier Selection and Evaluation |1. |In today’s competitive environment, progressive firms must be able to produce quality products at reasonable prices. Product | | |quality is a direct result of the _______________ and the ___________. | | |A. management / workforce
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As the intellectual capital is intangible, it is difficult for the accountants to make valuation on it. In this article, it said" it is observed that valuation should not be left to the market but that internally the role of strategic management accounting can inform valuation, support decision and promote competitive advantage." There are three special and important element in this model. It used a discounted economic approach to determine the comprehensive value of the enterprise.
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order to make sound decisions and precise projections is the understanding of the relationships among costs, volume and the company’s profit; otherwise known as CVP analysis. CVP analysis stands for Cost-volume-profit analysis which a form of cost accounting in managerial economics. The five essential concepts underlying CVP analysis include: 1. The behavior of both costs and revenues as being linear throughout the relevant range of activity 2. Costs categorized as either fixed or variable
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Economist Richard Thaler developed the concept known as mental accounting which contends that individuals divide their current and future assets into separate, non-transferable portions. By subscribing to this theory, individuals assign different levels of utility to each asset group, which affects their consumption decisions and other behaviors. The importance of this theory is illustrated in its application towards the economic behavior of individuals, and thus entire populations and markets
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三 True/False Questions 1. Job-order costing is used in manufacturing companies and process costing is used in service companies. Ans: False AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1 Level: Easy 2. A flour manufacturer is more likely to use process costing than job-order costing whereas a manufacturer of customized leather jackets is more likely to use job-order costing than process costing. Ans: True AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA
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Chartered Accountant, it is here that his specialised training, skill and judgment are most often called into play. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles and that they represent a true and fair view of the state of affairs of the organisation. Taxation With a number of taxes on the statute book, current and continuing tax information has become vital to the effective economics of business
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Costing Methods Paper Erica Rice ACC/561 18 February 2013 Edward Hastings Costing Methods Paper What strategies did the management of Super Bakery, Inc. use? Super Bakery’s challenges are to control cost by reducing the overhead for serving their customers in different parts of the country, and by doing this they can use the ABC method; Activity-Based Costing System to enhance control over overhead costs and under ABC, the company can trace many overhead costs directly to activities by allowing
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