product costing; costvolume-profit analysis; and budgeting. Course Objectives After completion of the course, you should be able to: Understand the roles of financial accounting (external) and managerial accounting (internal) Analyze financial reports, specifically the balance sheet, statement of profit and loss and statement of cash flow. Identify and apply key financial ratios to financial statement analysis. Identify and apply basic elements of cost concepts, product costing and
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To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com CHAPTER 4 DISCUSSION QUESTIONS Q4-1. The five parts are: (a) Direct materials section (b) Direct labor section (c) Factory overhead (d) Work in process inventories (e) Finished goods inventories Q4-2. The balance sheet is a statement of financial position; the income statement is a statement of activity. The income statement is complementary to the balance sheet, accounting in particular
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FROM: Brett Davis, Paul Gorski, and Sarah Wisenbarger DATE: September 17, 2015 SUBJECT: Analysis of Destin Brass Products Co. ------------------------------------------------- The purpose of this memorandum is to analyze the product costing of pumps, valves, and flow controllers at Destin Brass Products Co. Destin Brass supplies three products for high-quality brass boat fittings. Currently the most revenue is coming from the production of pumps; however, due to the fact that competitors
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Solutions Manual COST ACCOUNTING Fifteenth Edition Charles T. Horngren Srikant M. Datar Madhav V. Rajan ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
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Activity-Based Costing QUESTIONS 1. Manufacturing overhead costs cannot be directly traced to units of product like direct materials and direct labor. Assigning overhead costs to units of product requires some sort of allocation on some “reasonable” basis. 2. In the first stage, service department costs are assigned to operating departments. In the second stage, a predetermined overhead rate is computed for each operating department and used to assign overhead to output (or jobs or products)
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PART (i) (20 marks) Walker Company uses a job costing system at its plant. The plant has two production departments – Machining and Assembly. Its job-costing system has two direct cost categories (direct materials and direct manufacturing labour) and two manufacturing overhead cost pools (the Machining Department, allocated using machine hours and the Assembly Department, allocated using direct manufacturing labour costs). The 2010 budget for the plant is as follows: Machining Dept. Assembly
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Business Research Applications Paper January 14, 2013 Res 320 Foundations of Research Professor Deanna (Annie) Moats I work on a farm as a cost accountant. This business is a family owned business for over three generations. This organization has grown a great deal over the generations. Technology and state of the art equipment has helped the organization grow over these years. Some of the research techniques that we use in our office are Google
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Chapter 3—Predetermined Overhead Rates, Flexible Budgets, and Absorption/Variable Costing LEARNING OBJECTIVES |LO 1 |Why and how are overhead costs allocated to products and services? | |LO 2 |What causes underapplied or overapplied overhead, and how is it treated at the end of a period? | |LO 3 |What impact do different capacity measures have on setting predetermined overhead rates?
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Paper Title: Break Even Analysis Managerial Accounting Break Even Analysis LASA case M3A2: In this scenario in order to ensure that we identify all levels of sales where the profit is zero. Manager’s has to ensure that they perform a comprehensive Break Even Analysis between the number of units sold for three different products using the, variable cost, unit price and the fixed cost. This will be accomplished
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Cost Accounting : An Introduction MODULE - 6B Elementary Cost Accounting 27 COST ACCOUNTING : AN INTRODUCTION After passing your senior secondary examination, if you set up a small manufacturing unit, say manufacturing of packing boxes, a problem will arise what price of each box you should quote to the buyer. Many factors are considered while fixing the price of a product/item such as competitors’ price etc. One of the basic factors is the cost of its production. Cost is essential not only
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