Absorption: the sharing out of the costs of a cost center amongst the products which use the cost center. Account: a record in a double entry system that is kept for each (or each class) of asset, liability, revenue and expense. Accounting equation: an expression of the equivalence, in total, of assets = liabilities + equity. Accounting period: that time period, typically one year, to which financial statements are related. Accounting policies: the specific accounting bases selected and followed
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and restaurants. Technical research was done by the major firms of food suppliers and their products slowly became accepted by the catering industry, as skilled catering staff began to be in short supply. This was further optimistic by the rising costs of space that was necessary for a traditional kitchen. Traditional kitchen tasks were beginning to disappear at increasing speed. In 1966 the first cook-freeze operation in the UK began,
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irrelevant costs and benefits in a decision. Relevant Costs for Decision Making Chapter 14 © 2012 McGraw-Hill Education (Asia) Cost Concepts for Decision Making McGraw‐Hill Education (Asia) Garrison, Noreen, Brewer, Cheng & Yuen Slide 2 Identifying Relevant Costs An avoidable cost is a cost that can be eliminated, in whole or in part, by choosing one alternative over another. Avoidable costs are relevant costs. Unavoidable costs are irrelevant costs. A relevant cost is a cost
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Chapter 1 INTRODUCTION Objective of the Study The study is conducted, which aimed to identify the feasibility of the proposed business “Knights’ Fruit Malabon” at Poblacion, Mawab, Compostela Valley Province. Determining and identifying the procedures of the whole operation of the chosen business from its production, marketing and financing the said business. The objective of the study is to promote the product and create a harmonious relationship towards the customers and in the society
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1. What is Cost Accounting and how it is related to Management and Financial Accounting? Cost accounting is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. COST VS. FINANCIAL ACCOUNTINGFinancial
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function reliably at lowest overall cost.” Value engineering tries to provide appropriate functions at appropriate cost maintaining performance, quality, reliability or maintainability and safety. VE analyzes a function or method by asking such questions as: * What it is? * What does it do? * What must it do? * What does it cost? * What other material or method could be used to do the same job? * What would the alternate material or method cost? The essence of value engineering
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SCORECARD and TRANSFER PRICING PART 1-MC THEORIES (1.5 POINT EACH) 1. Graduating, Inc., uses an accounting system that charges costs to the manager who has been delegated the authority to make the decisions incurring the costs. For example, if the sales manager accepts a rush order that will result in higher-than-normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager. This type
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Cap 2. Job Order Costing Cost accounting involves the procedures for measuring, recording, and reporting product cost. From the data accumulated, companies determine the total cost and the unit cost of each product. The two basic type of cost accounting system are job order cost and process cost. Under a job order cost system the company assigns cost to each job or to each batch of goods. A company uses process cost system when it manufactures a large volume of similar products. Production
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handling * Capital planning * Forecasting * Production planning | ORGANISING | * Work study and job design | CONTROLLONG | * Production control * Inventory control * Quality control * Maintenance and replacement * Cost of reduction and cost control | 1. Production selection and design -A right kinds of products and good design of the product are crucial for the success of organization . A wrong selection of the product and /or poor design of the product can render the
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Depreciation is the analytical reduction in the recorded cost of a fixed asset. There are many examples of fixed assets that can be depreciated such as cars, houses, buildings, leasehold improvements, plant equipment, furniture and leasehold improvements with the only exception being land. Land is not depreciated since over time land is not depleted only with the exception of natural resources. Depreciation is used to match an amount of the cost of a fixed asset to the revenue that it generates. This
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