Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. Name at least two things financial planning could help you do. (0.5 points) Create a budget. Make choices about how to spend money responsibly. 2. What is trade? (0.5 points) The exchange of things of value 3. What is a service? (0.5 points) The action of helping or doing work for someone 4. Name one of the three functions of money. (0.5 points) Money is used as a medium of exchange
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Cost accounting deals with ascertainment ‚ allocation ‚ apportionment accounting aspect of costs.Management accounting deals with the effect and impact of costs on the business. 2. Cost accounting provides a base for management accounting whereas management accounting is derived from cost accounting and financial accounting. 3. Cost accounting does not include financial accounting ‚ tax planning and tax accounting. Management accounting includes financial and cost accounting ‚ tax accounting
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additional satisfaction of consuming each product up to N and multiply by its price. B. add the total satisfactions of consuming each product up to N. C. multiply the additional satisfaction from consuming the Nth product by its price. D. multiply total satisfaction from consuming N products by N. 2. Suppose that the following table lists the utility that Steve receives from consuming oranges at 50 cents apiece. What is the marginal utility of increasing consumption from 2 to 3 oranges? [pic]
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MANAGEMENT OF OVERHEAD COSTS IN CONSTRUCTION COMPANIES Brian Eksteen1 and David Rosenberg² ¹Professor of Construction Management‚ Faculty of Economic and Building Sciences‚ University of Port Elizabeth‚ P.O. Box 1600‚ Port Elizabeth‚ 6000‚ South Africa ²Senior Lecturer in Cost and Management Accounting‚ Faculty of Economic and Building Sciences‚ University of Port Elizabeth‚ P.O. Box 1600‚ Port Elizabeth‚ 6000‚ South Africa Costs not directly attributable to or recoverable from production and sales
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Case Study: Not Just Another Outdoor Company Nau’s approach is entirely new to the traditional business approach. First‚ Nau chose the suppliers that provide more sustainable fabrics as partnership‚ and bound each supplier manufacturer and Nau itself by a code of conduct. Secondly‚ the “web-front” approach allows customers try the product at boutique but purchase online‚ which can largely reduce the area of the store. Furthermore‚ 5 percent of the sales revenue has been pledged to charitable
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retirement 3. Labor control attempts to obtain maximum efficiency from all employees without compromising standards of labor performance. (T) 4. Increases in sales volume tend to improve labor productivity. (T) * As his efficiency increase‚ the cost of labor per unit produced actually decrease. * Increase in sales volume results in greater employee efficiency at lower labor cost per unit 5. The key to successful labor cost control is paying the lowest possible dollar wage.(F) May use
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COST SHEET FOR AMUL ICE-CREAMS [pic] PRESENTED BY HIRAL MEHTA 61 SAURAV MEHTA 62
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overhead to all units at the rate of $80 per machine hour. Production information follows: Luxury Exclusive Direct material $35 $60 Direct Labour $20 $20 Budgeted volume (units) 8‚000 15‚000 The management accountant has determined that the firm’s overhead can be identified with three activities: manufacturing setups‚ machine processing and product shipping. Data on the number of setups‚ machine hours and outgoing shipments‚ which are the activities’ three respective cost drivers‚ follow:
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the solution to help in the preparation of your case study question on cost classification. Keith PRACTICE PROBLEM AND SOLUTION Given the following‚ prepare manufacturing statement and partial income statement. Raw materials inventory 1/1/05 8‚000 Raw materials inventory 12/31/05 5‚000 Work in process inventory 1/1/05 2‚000 Work in process inventory 12/31/05 3‚000 Finished goods inventory 1/1/05 15‚000 Finished goods inventory 12/31/05 16‚000 Factory insurance 2‚000 Depreciation
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11. A total variance is best defined as the difference between total a. actual cost and total cost applied for the standard output of the period. b. standard cost and total cost applied to production. c. actual cost and total standard cost of the actual input of the period. d. actual cost and total cost applied for the actual output of the period. 12. The term “standard hours allowed” measures a. budgeted output at actual hours. b. budgeted output at standard hours. c. actual output
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