BM6026 - Managerial Accounting & Finance Mini Assignment - Sem 1 2014/2015 Name : Suriati Binti Yusse Matric no : MB1412199T Class : Tuesday - 7.00PM - 10.00PM product selling price Variable Cost : Material : Extract of Tongkat Ali Other Ingredients Packing Material Overhead Cost : Drying cost of liquid Other Overhead Cost Labour Cost : Processing Packaging Total Variable Cost Unit Contribution Margin Expected volume sales % of total sales Weighted Contribution Q1 : capsule
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Jill’s decision‚ which are Jill herself‚ the lending bank‚ the working staff‚ the Australian tax office‚ and the customers. As the main owner of the business‚ (assuming Jill is a sole trader as the text implying)‚ any significant decisions will directly effect her own property‚ which implies once the new equipment plan fails at making profits‚ the huge loss will bring herself to break down. Banks who lend to Jill will also suffer from the bad debts if Jill’s profit does not cover her new purchasing
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A SHORT HISTORY OF ACCOUNTING AND BUSINESS The history of accounting is as old as civilization‚ among the most important professions in economic and cultural development. Accountants invented writing‚ developed money and banking‚ innovated the double entry bookkeeping system that fueled the Italian Renaissance‚ were needed by Industrial Revolution inventors and entrepreneurs for survival‚ helped develop the capital markets necessary for big business so essential for capitalism‚ turned into a profession
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Financial Accounting vs Management Accounting Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning‚ controlling and decision making. Management accounting refers to accounting information developed for managers within an organization. CIMA (Chartered Institute of Management Accountants) defines Management accounting as “Management Accounting is the process of identification‚ measurement‚ accumulation
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4011 APRIL 7‚ 2009 CRAIG CHAPMAN Biovail Corporation: Revenue Recognition and FOB Sales Accounting Background Late on October 9‚ 2003‚ David Maris‚ an analyst at Banc of America Securities (BAS)‚ was trying to interpret the shocking events of the previous few days and finish the write-up of his first report on the Canadian pharmaceutical firm‚ Biovail Corporation. Maris didn’t like what he saw at the company‚ but he never liked writing “Sell” recommendations. In any event‚ he wanted to make
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costs Current Reimbursement contracts Current External reporting (inventory calculation) Current All the information cannot come from one source. The main accounting system may accumulate current and past costs but for much decision-making and planning‚ estimates of future costs will need to be generated outside of that accounting system. RQ4.3 How common are product costing systems in practice? Why might a business choose to do without a product costing system? L-S‚ T & H‚ page 134. A
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Complete accounting cycle For the past several years‚ Abby Brown has operated a part-time consulting business from her home. As of June 1‚ 2012‚ Abby decided to move to rented quarters and to operate the business‚ which was to be known as Square One Consulting‚ on a full-time basis. Square One Consulting entered into the following transactions during June: June 1. The following assets were received from Abby Brown: cash‚ $30‚000; accounts receivable‚ $7‚500; supplies‚ $2‚000; and office equipment
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$5‚404.84 5 $9‚178.36 10 $3‚632.19 $10‚951.01 ———————————————————————————————————————— Checks and other debits Deposits Date Balance ——————————————————————— No. Amount No. Amount No. Amount ———————————————————————————————————————— 14 148.29 17 372.96 22 578.84 5‚484.38 10/ 1 $9‚875.31 18 708.62 24 921.30 843.86 10/ 8 $9‚219.03 19 157.00 25 246.03 941.54 10/23 $9‚541.58 21 234.15 25.00 SC 808.58 10/29 $10‚101.01 240.00 NSF 1‚100.00 CM 10/31 $10‚951.01 ————————————————————————————————————————
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Using the four steps in the reconciliation procedure‚ prepare a bank reconciliation at November 30. (b) Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors pertaining to recording cash receipts should be made to
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THEME: ACCOUNTS PAYABLE By John W. Day‚ MBA ACCOUNTING TERM: Accounts Payable An account payable is normally an unsecured‚ non-interest bearing current liability‚ owed by the company to a vendor for the purchase of trade goods or services. FEATURE ARTICLE: Accounts Payable Accounting If you are a small business owner or manager and you are having trouble keeping track of all those outstanding bills that have to be paid each month‚ perhaps you need to set up an accounts payable system. Some small
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