financial stake in the organization’s affairs – creditors, investors, employees etc. On the other hand the second category of accounting is primarily concerned with providing information relating to the conduct of the various aspects of a business like cost or profit associated with some portions of business operations to the internal parties viz., management. This category of accounting is called as Management accounting. In order to perform the primary task of decision making managers of business
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costing, all of the following statements are correct with respect to labor time and cost except: C. A machine operator performing routine annual maintenance work on a piece of equipment would charge the maintenance time to a specific job. Those hours should be charged to overhead For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? B. A costume maker that makes specialty costumes
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“This document is attributed to Donald N. Stengel” Attributed to Donald N. Stengal Saylor URL: http://www.saylor.org/books/ Saylor.org 1 Chapter 1 Introduction to Managerial Economics What Is Managerial Economics? One standard definition for economics is the study of the production, distribution, and consumption of goods and services. A second definition
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boatyard? Facts • Bates bought the boatyard using her savings and also a private mortgage • Bates realized the need for and adequate accounting system • Record on show just cash receipts and disbursements only • Balance sheets and profit and lost statements had only been prepared for tax purposes • There were several other business on property, not just boat manufacturing. • There is a large shed for storage of boats for the winter time • Large outdoor
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Introduction Financial forecasts are, quite simply, your forecast of how your business will perform financially over, say, the year ahead. Preparing forecasts will help you to assess your likely sales income, costs, external financing needs and profitability. Financial forecasts are essential if you need to raise money from a third party, such as a bank. But they also provide you with the means to monitor performance on, say, a monthly basis and thereby exercise effective financial control -
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Cost Allocation at Water Purification Group Mary May pushed the door to her office thinking about her plan to enrol her daughter for a medical degree at a private university. The private university is the only institution of higher learning that her daughter can apply for, considering her high school results. Mary sat down at her table and a smile came to her lips. Her financial situation will definitely improve after the company, Bio-Organics, announce this year’s bonuses. Project ORG7 she was
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diesel locomotives. Diesel locomotives consume HSD (High Speed Diesel) whose price keeps fluctuating depending on international crude oil prices while the cost of electricity has largely remained constant over a period of time. They also consume lesser power in steep gradients and can regenerate electricity while breaking hence reducing costs of operation. Faster acceleration and deceleration make electrical locomotives more attractive. To summarize railway electrification is justified on grounds
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Standard * Actual- Job order and process costing assign cost based on actual cost; actual DM, DL, and OH * Normal – Job order costing assign cost based on actual DM, DL, and OH is applied using predetermined rate at completion. Process Costing assign cost based on actual DM, DL, and OH is applied using predetermine rate using either FIFO or WA * Standard – Job order costing assigns cost based on the standard cost for DM,DL, and OH is applied using predetermined rate when goods
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franchise, hire purchase, sponsorship, lease schemes, creditors, debt factoring Income generation: methods eg sales, commission, sub-letting, sponsorship, grants, tracking mechanisms LO2 Understand business in terms of the elements of cost Elements of cost sales; materials; consumables; labour; overheads; capital; gross and net profits; discount costing Selling prices: product and service costing; formula to achieve a specific gross profit percentage; differential gross/net profit margins;
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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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