costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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1 The ethical guidelines which accountants are obliged to follow in the conduct of their work are made to combat criticism and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors reflect
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Independent University‚ Bangladesh (IUB) In Partial Fulfilment of the Requirements of EMBA Course-513E Management Accounting By Mohammed Shamsuddin Student ID: 1110805 Summer Semester‚ 2012‚ Management Accounting‚ EMBA INDEPENDENT UNIVERSITY‚BANGLADESH July 26‚ 2012 Dr.Dilip kumar Sen Professor School of
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CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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Accounting 4330 Auditing‚ Attestation and Assurance Services Syllabus "Learning is a verb; not a noun. It is journey; not a destination." Dougan Laird "I hear and I forget. I see and I remember. I do and I understand." Chinese Proverb Professors Address and telephone Office Hours* Dr. C. William (Bill) Thomas Blume Room 127 2-4 MW; 9-11‚ 1-3 TR 710-4924 *I encourage you to come by the office during regularly scheduled office hours. If inconvenient or an emergency
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Chapter 3-1 The Accounting Information System Chapter 3-2 Financial Accounting‚ Fifth Edition Study Objectives 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is and
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Content 1 Introduction 1 1.Task one 2 The models and concepts affecting the pricing decisions taken by organisations‚ critically reflecting upon their usefulness 2 2‚ Task two 6 The role of standard costing and variance analysis in management accounting and a critically discussion of the value and limitations of variance analysis as a means of identifying key areas which have contributed to the overall profit figure. 6 3‚ The advantages and disadvantages of introducing an Activity Based Costing
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This pack of ACC 201 consists: Week 1 Chapter 1 and 2 Practice Exercises.doc Week 1 Memo to Blair.doc Week 2 Assignment FASB Paper.doc Week 2 Chapter 3 Problems.doc Week 2 Chapter 4 Problems.doc Week 2 Chapter 4 Problems.doc Week 2 DQ1 Fraud.doc Week 2 DQ2 Debit Credit.doc Week 3 Assignment GAAP Ethics.doc Week 3 Chapter 5 Problems.doc Week 3 Chapter 6 Problems.doc Week 3 DQ1 Credit Sales and Collections
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ACC 491 Final Exam Copy this link to your browser and download: http://www.finalexamguide.com/ACC-491-Final-Exam-270.htm 1) If reported sales for 2010 erroneously include sales that occur in 2011‚ the assertion violated on the 2010 statements would be 2) The rights and obligations assertion applies to 3) Which of the following assertions is NOT made by management in placing an item in the financial statements? 4) Section 11 of the Securities Act of 1933 uses the term material fact
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Paper 1 ACC 202 Final Paper ACC 202: Principles of Managerial Accounting February 7‚ 2015 Final Paper 2 ACC 202 Final Paper Management accounting is accounting which is used by administration of a company or organization to make decisions concerning day to day functions. Management accounting‚ also referred to as managerial accounting‚ is required for administrators to make smart decisions regarding the way the organization is performing. Managerial accounting demonstrates
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