Sold Period costs Management accounting Product costs Manufacturing overhead Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not correctly describe any of the terms. a. The preparation and use of accounting information designed to assist managers in planning and controlling the operations of a business. Management accounting b. All manufacturing
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entrepreneur. Jean Baptiste Say expanded on this by making the entrepreneur the pivot of the economy, and a catalyst for economic change and development. The entrepreneur was seen as someone willing to take the risk of bringing different factors of production together. The commonly held view of the entrepreneur as a calculated risk-taker is close to the view of Knight (1921) that the entrepreneur is prepared to undertake risk. Profit, according to Knight, is the return for bearing
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SCALE When more units of a good or service can be produced on a larger scale with less input costs, then economies of scale are achieved. Economic growth is achieved when economies of scale is realized, this then implies that as a company grows and production units increase, the company will have a better chance to decrease its costs. There economies of scale are the cost advantages that a company obtains due to expansion, which leads to unit cost reduction as the scale of operations increase. There
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the best software can be made. A very important operating software system called the Material Requirements Planning (MRP) is a structure that controls the processes of fabrication planning and inventory. This is a system that uses the Master Production Schedule (MPS) to regulate the material requirements and uses a practice of inventory, expected receipts, and bill of materials. There are many benefits of using an MRP system within a business, but there are four main benefits. The four main benefits
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Leadership and Management Ovar Salaam LDR/300 April 09, 2011 According to Hughes, Ginnett, & Curphy (2000), leadership researchers have defined leadership in many different ways. Leadership can be defined as the process of influencing an organized group toward accomplishing its goals or the process by which an agent induces a subordinate to behave in a desired manner. There have been many great leaders in the past that fit the definitions above but there are others that do not seem to
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Rochem Ltd This case examines an equipment purchase decision as faced by a small food preservatives manufacturing company. The text is a description of a meeting between four managers concerned with the decision and presents their evidence to the management committee together with their personal views as to which of two alternative machines ought to be bought. No conclusion is reached in the case. Some notes on the Rochem Ltd case exercise The equipment purchase decision in general It is unusual
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Amanda Alt Sarah McCauley Kevin Randles Kexin Kie Ranesha Williams Cellular Manufacturing A manufacturing cell is a grouping of all the resources that are required to manufacture a part of a product. This includes the people, supplies, machines, tools and the equipment. The cell resources are arranged in close proximity to enhance communication and allow everyone to see what is going on in their particular part of the job. There are two types of cells and they are Product Cell and Process
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product lines- Valves, Pumps and Flow Controllers (Exhibit 2). Overheads are simply charged at 185% constant for three diverse products. The fact that there is huge variance in the number of units produced per production run- it is 375 for valves and 18 for flow controllers per production run. This shows the reason for high overheads cost too. Hence it calls for checking the cost allocation system of the company. Since Sippican produces three different products which comprise of different components
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shortage: a situation in which consumers want more of a good or service than producers are willing to make available at particular prices • entrepreneur: a person who decides how to combine resources to create goods and services • factors of production: the resources that are used to make goods and services Chapter 1, Section 1 Copyright © Pearson Education, Inc. Slide 3 Key Terms, cont. • land: all natural resources used to produce goods and services • labor: the effort people
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ACC00146 – 2012 S1 Assignment 1 Due: Monday 26 March 2012 (Week 6) Weighting: 20% Question 1 (5 marks) You have been employed as an entry-level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly describe the steps you might take to resolve this dilemma and use a real world example (not hypothetical) to support your approach. Question 2 (5 marks)
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