EXERCISES E1-1 The variances for kitchen wages and utilities were favorable for September‚ whereas the variances for food and supplies were unfavorable. On a year-to-date basis‚ the only expense that did not have the same pattern as September was utilities which had a $120 F variance for the month‚ but an $850 U year-to-date variance. E1-2 No‚ the performance report should not be prepared just once a year. It should be furnished to managers at regular intervals‚ in this case monthly‚ on a
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Evolution of Performance Measurement Models in Management Accounting Name Grade course Tutor’s name 2nd October 2010 Abstract Changes in management accounting have gone by unnoticed in the recent years. This article tries to explain by how much management accounting has altered through the years‚ since the 1950s to date‚ and the reasons that led to the changes. This work also focuses on various performance evaluation models‚ their applications and their effectiveness. Introduction
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FACULTY OF BUSINESS & MANAGEMENT COURSE: BACHELOR OF ACCOUNTING WITH HONOURS COURSE CODE: BBFA2203 COURSE TITTLE: INTERMEDIATE FINANCIAL ACCOUNTING 1 SEMESTER: JANUARY 2013 MATRICULATION NUMBER : 861109355388001 IDENTITY CARD NUMBER : 861109-35-5388 TELEPHONE NUMBER : 016-4263635 E-MAIL : ajima_s@yahoo.com TUTOR : IZDIHAR B. BAHRIN @ MD. DAUD LEARNING CENTRE : GREENHILL LEARNING CENTRE DECLARATION I hereby declare that the work in
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businesses were to choose a cash basis accounting method‚ they would record revenue when payments were received and they would record costs when payments were remitted. Payable and receivable entries would not be used since future payments would not be recorded and an inventory entry would not be needed as well. The merchandise purchased for resale or the materials purchased for use in the manufacturing of products would be recorded as an expense in the accounting period in which those purchases were
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Hstorical Cost Accounting Advantages and disadvantages of historical cost accounting‚ alternatives to historical cost accounting 2.1 Introduction Accounting concepts and conventions as used in accountancy are the rules and guidelines by which the accountant lives. The historical cost accounting convention is an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. The historical cost accounting is the situation
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determine and calculate product cost. The income statements formats of both methods include period and product costs. However‚ each one has a different cost classification definition. Both have the same direct material and direct labor allocation‚ the differences is how they report the income‚ product‚ and pricing One of the main differences between the two methods is the accounting for the fixed manufacturing costs. In variable costing‚ fixed manufacturing costs are looked at as expenses of
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Please forward the following two questions to the entire batch as directed by Sengupta sir. AS 2 Determine the cost of inventory of M/s XYZ International Limited involved in the import and trading of mobile phones as at March 31‚ 2011 in accordance with Accounting Standard – 2‚ Valuation of Inventories‚ from the following data (5000 phones) :- Purchase cost of phones – Rs 50‚000 Custom duty on Import – Rs 30‚000 Port clearing charges – Rs 10‚000 Carriage inwards – Rs 15‚000 Salary to
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relatively large cost units‚ which normally take a considerable length of time to complete. Building and construc¬tion work‚ civil engineering and shipbuilding are some examples of industries where large contract work is undertaken‚ and where contract costing is appropriate. Contract Costing deals with the books of the Contractor only‚ i.e. the cost of the work and measuring the profit or loss on the contract. Contract costing is governed by IAS 11. Features of long term contracts 1. By contract
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this formula Direct labor cost = 40000 = 6250 Hours Per D.Labor hours rate 6.40 1) Prime Cost (2) Conversion Cost Material opening 24000 Direct labor 40000 + purchase 56000 FOH Applied Material available for use 80000 6250 Hours@ 8 50000 - Material ending (20000) Conversion cost 90000 Material used 60000 + Direct labor 40000 Prime Cost 100000 (3) Cost of goods manufactured (4) Cost of goods sold Prime cost 100000 Cost of goods manufactured
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Unit 6 Statement of Cash Flows and Financial Statement Analysis & The Metrics of a Company Unit Assignment Kaplan University January 18‚ 2013 AC505: Advanced Managerial/Cost Accounting |Transaction |Operating |Investing |Financing | |A. Paid bills to insurers and utility providers
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