ACC501 Cost Accounting.txt Cost Accounting or Cost-Volume-Profit Accounting ACC501 - Accounting for Decision Making Module 2 - Case Abstract This paper contains a brief overview of the current primary accounting standard GAAP but also explores CostVolume-Profit analysis and Cost Accounting. In the 1980s accountants and financial managers embraced technology and became the basis for the Personal Computer’s (PC) explosive expansion. The abilities of the computer coupled with the needs of
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Activity-Based Costing system first accumulates overheads costs for each organizational activity, and then assigns the costs of the activities to the products, services, or customers. Let’s take a look back in time, during the 1970’s and 1980’s, the boundaries of absorption costing system were felt with firmness which meant they were not as complex. Companies needed something different for a costing system that could reflect true product cost in order to battle competition. The absorption costing system
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of ethics to use GAAP accounting. d. Accrual accounting provides a uniform way to measure an organization’s financial performance. 2. The primary users of information provided by a management accountant are a. downstream components to the total value chain. b. upstream components to the total value chain. c. managers within the organization. d. customers of the organization. 3. A managerial emphasis for cost accounting means a. accountants
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unit) $3,000 $3,600 Variable Costs: Beginning Inventory $ 0 $ 200 Variable cost of goods manufactured 700 500 Cost of goods available for sale 700 700 Deduct ending inventorya (200) (100) Variable cost of goods sold 500 600 Variable operating costs 1,000 1,200 Variable costs 1,500
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Each product has the same DM and DL costs. But under the revised costing system, set-up labor is also a direct cost. The major difference is how the overhead is allocated in different system. In the standard system, the total indirect cost is $682688. The overhead rate is 439%，which is equal to indirect cost divided by total running labor $15600. To calculate the overhead of each product, we need to multiply the indirect cost by 439%. In the revised cost system, the overhead can divided into
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in Managerial and Financial Accounting. There a very specific differences between Managerial and Financial Accounting. The differences include the primary users of reports, types and frequency of reports, purpose of reports, content of reports, and the verification processes for each method. Users of financial reporting are external, such as stockholders, creditors, and regulators. Users of managerial reporting are internal users such as officers and managers. Financial accounting produces financial
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1,848 Total job cost $6,408 Unit cost = $6,408/200 = $32.04 Job 79: Direct materials $ 990 Direct labor 3,000 Overhead ($8.40 × 200) 1,680 Total job cost $5,670 Unit cost = $5,670/180 = $31.50 2. Job 80: Direct materials $2,400 Direct labor 3,300 Overhead ($8.40 × 400) 3,360 Ending Work in Process $9,060 3. Finished Goods 12,078* Work in Process 12,078 *Job 78 + Job 79 = $6,408 + $5,670 = $12,078 Cost of Goods Sold 5,670
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DEPARTMENT OF FINANCE AND ACCOUNTING BACHELOR OF BUSINESS ADMINISTRATION (BBA) COST AND MANAGEMENT ACCOUNTING (BBA 314) COURSE WORK SEMESTER ONE: 2012/2013 Henry Egyeyu 07/U/456/BAK/PS Tel: +256774366667/+256714366667 Question: Accounting theory and practices have identified financial management, financial accounting and management accounting as distinct entities and granted them independent status. Unfortunately, cost accounting which also appears to many users of accounting data and information
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of Full Cost Accounting Environmental pollution is more serious day by day. Boer, Estes and Klammer (1994, p.61) stated that the business community has a great challenge from environmental costs. In 90’s century, the businesses needed to increase in environmental cost (Zachry, Gaharan and Chaisson 1998, p. 72). So the business wanted to control the environmental cost. Tetra Tech EM Inc. (1997, p.1) stated municipal solid waste (MSW) from Florida was provided, and full cost accounting (FCA) could
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COST ACCOUNTING Cost accounting means the process of collection of data, analyzing the data, summarizing and evaluating various alternative courses of action. Basically, the cost accounting information are commonly used in the financial accounting information. Also the accounting system and financial reports are not subjected to the rules and standards of accounts, like the general accepted accounting principal. Which leads to different application of cost accounting system in different
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