PART B Questions (Q1and Q2 one full page in total, double spaced) 1. Improving costing accuracy: Firstly, the costing system used right now was established at past when only one type of sneakers was produced. However, the company is producing three types of sneakers now. The overhead and the total cost are significant larger than the past. Therefore, the existing costing system is not fit the current production. Secondly, the manufacturing space has been reset but the direct labour standards was
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Pasadena City College Syllabus - MANAGERIAL ACCOUNTING - ACCT 001B Fall 2015 – 70008 (Revised) Date: Time: Location: September 1 – December 15, 2015 Tuesdays/Thursdays; 7:00am – 9:30am R 307, Building R Instructor: E-mail: Phone: Chee-Sum Tan, MBA, CPA, CFA, ABV, CGMA ctan8@pasadena.edu 626-524-1674 Required Material: Textbook: Accounting: Tools for Business Decision Making (5th Edition); Kimmel, Weygandt, Kieso, Wiley Publishing (WITH “WILEYPLUS”). WILEYPLUS IS REQUIRED
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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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