when goods are sold their costs are moved from the finished goods inventory account to cost of goods sold. 4-2 Manufacturing organizations face greater challenges in product costing, especially the assignment of overhead costs, than retail or service organizations do. The basic idea behind all manufacturing costing systems is to determine the costs that products accumulate as they consume organization resources during manufacturing, as described above in 4-1. In retail organizations, goods are
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Subjects for study Six subjects and Seven Papers of study in IPCC are – Group I Paper 1: Accounting (100 marks) Paper 2: Law, Ethics and Communication Part I: Law (60 marks) Business Laws (30 marks) Company Law (30 marks) Part II: Business Ethics (20 marks) Part III: Business Communication (20 marks) Paper 3: Cost Accounting and Financial Management Part I: Cost Accounting (50 marks) Part II: Financial Management (50 marks) Paper 4: Taxation Part I: Income-tax (50 marks) Part II: Service Tax (25
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Name________________________________________ University of Oregon ACTG 360 Instructor: Kenneth Njoroge SPRING 2012 SAMPLE FINAL EXAM You have 2hrs to complete this final exam. You are allowed to use a single note sheet, no larger than 8.5 by 11 inches, during the exam. This sheet may be typed on both sides in any font size. Any other additional material is strictly prohibited. There are 13 pages in this quiz, including this cover sheet. The pages are photocopied on one side of the
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Chapter 7 Activity-Based Costing and Management LEARNING OBJECTIVES Chapter 7 addresses the following questions: Q1 How is activity-based costing (ABC) different from traditional costing? Q2 What are activities, and how are they identified? Q3 What process is used to assign costs in an ABC system? Q4 How are cost drivers selected for activities? Q5 What is activity-based management (ABM)? Q6 What are the benefits, costs, and limitations of ABC and ABM? These learning questions (Q1 through
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may have the luxury to spread project losses over several project whereas the small company may have few projects. Cost management is not only “monitoring” of costs and recording perhaps massive quantities of data, but also analyzing the data in order to take corrective action before it is too late. Cost management should be performed by all personnel who incur costs not merely the project office. Cost management must include cost estimating, cost accounting, project cash flow, company cash flow
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control costs. The pricing strategy did not differentiate between small and large orders, so the profitability of the orders varied. They relied on requesting everyone to keep costs down and distributing the costs evenly. I feel that Super Bakery’s management thought it was necessary to install an ABC System because in the article, Super Bakery’s management suspected that costs were not the same for each order. Although it makes sense the costs in rural Iowa would not be the same as downtown
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According to Opposing Viewpoints (2012), “wage and salary differences demonstrate how illegal and unskilled immigrants place downward pressure on wages by providing an incentive for employers to choose them over natives”. Immigrants are known to work jobs that most American’s shy away from such as agriculture work, factories, food preparation and cleaning services (Opposing Viewpoints, (2012). Employers rather hire unskilled workers because they can pay low wages, increase productivity, and work long
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each) Which of the following is not an example of a source document?Receiving reportPurchase orderSales orderAging reportJob costing systems are most appropriate for:a)Home builders b)Textbook publishers c)Beverage companies d)both a and b are appropriate industries for job costing systems An important input to the sales process is: A customer sales order The cash forecast Aged accounts receivable information A receiving report It is generally true of not-for-profit
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Chapter 13 1. A corporation issued shares of its $10 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: A credit to paid- in Capital in excess of par value, common stock for $24,000. 2. A corporation issued 300 shares of its $5 par value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charger with the state. The entry to record this transaction will include: A $300
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overstate the predetermined overhead rate CORRECT have no effect on the predetermined overhead rate cannot be determined from the information given 6. Question: (TCO F) Under a job-order costing system,
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