Introduction to Cost and Management Accounting Lecturer: Nadini Persaud Contact Information: Email: nadini.persaud@cavehill.uwi.edu npersaud07@yahoo.com Office Location: Upstairs Main Library Tel: 417-4296 (DOMS General Office) 417-4297 (NP Office) March 2nd 2013 mid-term exam Contents Decision Making 3 Theory of Constraints 4 IMA Guidelines for Ethical Behavior 4 Competence 4 Confidentiality 5 Integrity 5 Credibility 5 Corporate Social Responsibility
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Introduction: The basic objective of accounting is to provide information that is useful in making business and economic decisions. What makes accounting information useful for decision-making? The answer is however the accounting information confirms to the qualities that should be possessed by the financial and cost & Managerial reporting. In view and addition to this‚ the importance of strategic cost management and costing techniques like Activity based costing should not be underestimated. This
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Management‚ the Controller‚ and Cost Accounting Management According to Henry Fayol’s Industrial and General Administration‚ "to manage is to forecast and to plan‚ organize‚ to command‚ to co-ordinate and to control". To an organization‚ those various activity can be narrowed to Planning‚ Organizing and Control by three groups of management: operating management‚ middle management and executive management with different role in each level. Planning is the process of sensing external opportunities
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sold 2630 * Merchandise inventory 2630 Sales 3900 Cost of merchandise sold 2630 Gross profit 1270 Ending inventory 3250 B. * Jan 4 acc rec 3900 * Sales 3900 * Jan 4 cost of merchandise sold 2660 * Merchandise inventory 2660 Sales 3900 Cost of merchandise sold 2660 Gross profit 1240 Ending inventory 3220 Inventory system 1. Perpetua: record sales and cost of merchandise sold uses FIFO LIFO 2. Periodic: records sales only
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decision-making authority to an agent. An example of such a relationship is when the owner of a company delegates the decision-making authority to the manager. The costs of divergent behaviour that arises as a result of the agency relationship are referred to as agency costs. Furthermore‚ Watts and Zimmerman (1978) developed the theory of positive accounting which is focused on the assumption that ‘all individual action is driven by self-interest and that individuals will act in an opportunistic manner to increase
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operations December 1‚ 2013. Its accountant quit the second week of operations‚ and the company is searching for a replacement. The company has decided to test the knowledge and ability of all candidates interviewing for the position. Each candidate will be provided with the information below and then asked to prepare a series of reports‚ schedules‚ budgets‚ and recommendations based on that information. The information provided to each candidate is as follows. Cost Items and Account Balances
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QUESTION 1 1. Annie’s Attic has the following account balances for the dates given: Cash‚ Sept 1 $40‚000 Cash‚ Sept 30 60‚000 Accounts receivable‚ Sept 1 10‚000 Accounts receivable‚ Sept 30 14‚000 Owner’s equity‚ Sept 1 ? Owner’s equity‚ Sept 30 ? Supplies‚ Sept 1 30‚000 Supplies Sept 30 24‚000 Accounts payable‚ Sept 1 6‚000 Accounts payable‚ Sept 30 ? Net income for September 20‚000 What would owner’s equity be on September 1? 5 points QUESTION 2 1. Annie’s Attic has the following account
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|CONTENTS |PAGE NO: | | | | | |1. |INTRODUCTION |3 | | | |
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100 Costs term 1. Absorption costing is a costing method that includes all manufacturing costs - direct materials‚ direct labor‚ and both variable and fixed overhead - as part of the cost of a finished unit of product. 2. Administrative costs are all executive‚ organizational‚ and clerical costs associated with the general management of an organization rather than with manufacturing‚ marketing‚ or selling. 3. Allocation base is a measure of activity such as direct labor-hours or machine-hours
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Galilee College Managerial Accounting Final Exam Overview for Saturday June 8th Instructions A. Complete the budgeting questions and any one of the others. 1. Service Cost Allocations CLASS: Teck Tecky Water Services provides water for Departments A‚B and C and has prepared its total budget using the following information for the next year:- Fixed Costs $300‚000 Budgeted Gallon Usage:- Variable Costs $0.10 per gallon Dept. A 2‚500‚000 gallons Available capacity 10‚000
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