there is enough funding 9. Update FY Time bank spreadsheet for FY Financial Reports. Accounting Principles Indirect Cost – Any cost that cannot be directly identified with a single final cost objective but can be identified with two or more final cost objectives or an intermediate cost objective. (Cost Accounting Standard – CAS) EXAMPLE of Indirect Costs: Paid time off, holiday pay, Fica, Medicare, Futa, Suta, payroll expenses, 401k matching expense, 401k administration fee,
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expenses that are determined on the modified accrual rather than the full accrual basis of accounting. 2. Expenditures should be recognized on an accrual basis unless they qualify as one of the exceptions specifically set forth by the GASB. Utility costs are not such an exception and should thereby be recognized as expenditures in the period in which the utility services are used. 3. Wages and salaries are accounted for on an accrual basis. The change would have no impact on reported expenditures
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Cost Accounting Instructions: * Each section is divided into 10 groups. Groups are formed on the basis of roll nos. like, 1-6, 7-12, 13-18 and so on till 55-60. The submissions are to be done as a group. * All students in each section are required to participate and solve the questions asked. One or two students in each group will be asked to come up and solve the problem on the board and he/she has to clarify doubts in class. Marks are assigned accordingly. * Answer all the questions
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Assigning Costs for Income Statements is an outstanding task that assumes incredible importance in tody´s organizations. The methods are similar because they assign some costs to inventory as product costs, and expense other costs as period costs. The three methods differ in the categories that are used for product and period costs. Details of these categorizations follow. Absorption costing allocates all production costs, both fixed and variable, to units as product costs so cost of goods
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a decline, the company’s profitability (ROI, ROCE, Operating margin) has improved recently. However, the gross margin has dropped for five consecutive years, suggesting that selling prices are not being increased to pass on purchase (or production) cost increases. This deteriorating margin is a significant risk for the company as profits have only been increased by the large reduction in overhead as a percentage of sales in 2009. If margins continue to erode and if overheads as a percentage of sales
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Assign resources to tasks * Enter resource information * Assign costs to resources and tasks * Assign variable resource pay rates and costs rate tables Resources are the people, equipment, and materials necessary to complete a task. MS Project focuses on two aspects of resources: availability and cost. Availability determines when a specific resource can work on a task and how much work they can do and cost refers to how much money will be required to pay for that resource.
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1) Balance sheet accounts are considered to be _________. A. nominal accounts B. permanent accounts C. temporary stockholders’ accounts D. capital accounts 2) The major reporting standard for management accounts is _________. A. generally accepted accounting principles B. the Sarbanes-Oxley Act of 2002 C. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management D. relevance to decisions 3) H55 Company sells two products, beer and wine. Beer has a 10 percent
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E15-4 Analyze costs of manufacturing and determine missing amounts. (LO 2, 6), AN Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Case A Case B Case C Direct materials used $ (a) $ 83,000 $ 63,150 Direct labor 50,000 140,000 (h) Manufacturing overhead applied 42,500 (d) (i) Total manufacturing costs 145,650 (e) 213,000 Work in process 1/1/14 (b) 15,500 18,000 Total cost of work in process 201,500 (f) (j) Work in
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of an individual decision maker. 3. Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $100,000 Direct labor $75,000 Electricity used in the Factory $25,000 Factory foreperson salary $3,750 Maintenance of factory machinery $2,000 Alton Company's total product costs: A. $175,000. B. $30,750. C. $205,750. D. $28,750. Particulars Amount Raw materials $ 1,00,000 Direct labor $
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earlier, all product costs are charged to inventory. To facilitate this process, manufacturers break inventory into three categories: RM inventory, WIP inventory, and FG inventory. There are two categories of direct cost (DL & DM) and then there is overhead, which is a catch-all term for everything except DL and DM. Raw materials are charged to RM inventory when purchased and transferred to WIP inventory when it is used. DL is charged directly to WIP. Indirect product costs are charged to an overhead
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