110 Study Guide_Ch. 11 (Sv) Learning Objectives [1] Distinguish between a standard‚ a budget and variance. [2] State the formulas for determining direct materials and direct labor variances. [3] State the formula for determining the total manufacturing overhead variance. II. Standard and variance Standard is the norm (e.g. standard number of years to get a college degree; standard number of hours to get a good night’s sleep; standard amount of time spent to pass CPA‚ etc).
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MANAGEMENT ACCOUNTING Information for Decision-Making and Strategy Execution SIXTH EDITION Anthony A. Atkinson University of Waterloo Robert S. Kaplan Harvard University Ella Mae Matsumura University of Wisconsin–Madison S. Mark Young University of Southern California Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City S~ Paulo Sydney Hong Kong Seoul Singapore
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question is worth one (1) mark. Question 1 In recent times the AASB has been reluctant to include alternative options within standards. This means: (a) Entities within Australia will have the choice as to whether or not they choose to meet the requirements detailed in accounting standards. (b) The number of options within IFRS-adopted accounting standards is expected to be restricted‚ although compliance with the AASB standard will mean compliance with the IASB standard. (c) The number of options
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many control activities that Toll Brothers can implement to reduce these business risks. Toll Brothers can take both preventive actions and detective actions. Some examples of preventative actions that Toll Brothers can do are separation of duties‚ proper authorization‚ adequate documentation‚ and physical control over assets. In terms of detective actions‚ Toll Brothers can perform reviews‚ analyses‚ variance analyses‚ reconciliations‚ physical inventories and audits. By performing these actions‚
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CHAPTER 1 FInANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT ISSUES FOR DISCUSSION ID1–1 Security analysts and stockholders: These users would use financial statements to try to estimate the future earnings and cash flow potential of the company‚ which would be used to project a value for the company’s stock. Bank loan officers: These users would use the financial statements to determine the ability of a company to repay loans to the bank. A company’s
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Governmental Accounting Standards Board and Financial Accounting Standards Board Analysis Paper ACC/460 October 28‚ 2013 Governmental Accounting Standards Board and Financial Accounting Standards Board Analysis Paper The purpose of this paper is to review‚ compare‚ and show the contrast between the two accounting standard boards; Governmental Accounting Standards Board (GASB)‚ and the Financial Accounting Standards Board (FASB). The objectives of both Boards will be discussed as well as similarities
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expense: building 3‚000 Depreciation expense: fixtures and equipment 1‚500 Interest expense 8‚500 Income taxes expense 30‚000 ________ $606‚400 $606‚400 ------------------------------------------------- Other Data 1. Film rental expense for the month is $14‚200. However‚ the film rental expense for several months has been paid in advance. 2. The building is being depreciated over a period of 40 years (480 months). 3. On the first of each month‚ the theater
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University of Phoenix Material Role of Financial Accounting Versus Managerial Accounting Matrix Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines. Term or Concept Financial Accounting Managerial Accounting What is the primary purpose of the accounting system? The primary purpose is to produce forms portraying a company’s performance over a period of time
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Laurel Cobb Course Title: Managerial Accounting for Decision Making Assignment 1- GAAP‚ JIT‚ and TOC Question/Prompt Please describe the implications of GAAP in an international company and how JIT and TOC are important to making managerial decisions on inventory and activity based accounting. Please delineate various cost categories and briefly describe each cost type and application within an enterprise. Review of Subject Generally Accepted Accounting Principles (GAAP) is a widely accepted
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Managerial Accounting Final Essay – Managerial Accounting Abstract Discussing the importance of managerial accounting for managers and business leaders who are not accountants. Understanding accounting principles‚ job costing‚ decisions for capital investments‚ and central versus decentralized business units. Managerial Accounting In business‚ accounting principle is necessary for report annual and quarterly reports‚ IRS‚ shareholders
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