Part One Introduction 1. The Operations Function 3. Product Design The introductory part of this book provides an overview of the operations management field and some of the prerequisites for decision making in operations: operations strategy and product design. After reading this part, the student should have an appreciation for the importance of operations to the firm, the major decisions made in operations, the linkages of operations decisions to other functions, and the need for strategy to guide
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about product costs. 2. A job order cost system is most appropriate when a large volume of uniform products are produced. 3. A process cost accounting system is appropriate for similar products that are continuously mass produced. 4. The perpetual inventory method cannot be used in a job order cost system. 5. A job order cost system and a process cost system are two alternative methods for valuing inventories. 6. A job order cost system identifies
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(10 x 1 = 10 Marks) 1. The primary purpose of any vendor performance system is to: (a) Evaluate their product quality over time (b) Decide on vendor selection (c) Evaluate vendor performance (d) Assess if meeting all buying requirements 2. The ABC analytical tool as applied to inventory management is best aligned to: (a) Activity-Based Costing (b) Analytical –Based Costing (c) Alpha-numeric Based Classification (d) Pareto’s Analysis 3. The SCOR Model is
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CHAPTER 2: MANAGERIAL ACCOUNTING CONCEPTS/JOB COSTING ANSWERS TO QUESTIONS 1. The major differences between managerial and financial accounting are: |Financial Accounting |Managerial Accounting | |External users of information—usually stockholders, financial|Internal users of information—usually managers. | |analysts, and creditors. |
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with Walters decision to keep product 103? 3 Analysis of Profit and loss statement 4 Sensitivity analysis 6 Strategic scenarios 8 Q2) Should superior lower as of January 1, 2006 its prices of product 101? To what price? 10 Q3) why did Supreme improve profitability during the period of January 1 to June 30, 2005? 13 Analysis 14 Q4) why is it important that Superior has an effective cost system? 17 What is your overall appraisal of the company’s cost system and its use in report to management
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view of financial information across diverse industries. Technically, an expense is a specific accounting event related to the outflow of cash reducing corporate equity. Expense simply record the event and used to understand ‘what happened’ from an accounting perspective. Understanding Costs Costs are derived, used as a measure for economic purposes, which measure the economic performance across multiple dimensions of business, (organization, product, customer, etc.). A cost is a derived value of
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CHAPTER 3 Product Costing and Cost Accumulation in a Batch Production Environment ANSWERS TO REVIEW QUESTIONS 3-1 (a) Use in financial accounting: In financial accounting, product costs are needed to determine the value of inventory on the balance sheet and to compute the cost-of-goods-sold expense on the income statement. b) Use in managerial accounting: In managerial accounting, product costs are needed for planning, for cost control, and for decision making. c) Use
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rights reserved. SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic
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MANAGERIAL ACCOUNTING SOMNATH DAS BASICS OF MANAGERIAL ACCOUNTING Purpose of the course - familiarize you with: 1. Managerial accounting concepts. 2. Managerial accounting practices. 3. Use of managerial accounting information for decision making. 4. Pitfalls. Accounting is a branch of study concerned with the generation ( identification & measurement ) and provision (Communication) of information. Managerial accounting is in particular
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it’s delivered its product. These circumstances led Mustapha to reassess the most basic issues involved in designing a management control system. What should be measured? How should it be measured? Who should measure it? And for whom should it be measured. SWOT ANALYSIS STRENGTH | * Insel Inc has been famously known for their design and process expertise of semicustom integrated circuit and their special version of semicustom IC’s is called as “gate arrays” * The product engineering department
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