Contract costing is a system of job costing that is applied to 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
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Which of the following involves significant financial investments in projects to develop new products‚ expand production capacity‚ or remodel current production facilities? A) capital budgeting B) working capital C) master budgeting D) project-cost budgeting Answer: A Diff: 1 Terms: capital budgeting Objective: 1 AACSB: Reflective thinking 2) The two factors capital budgeting emphasizes are: A) qualitative and nonfinancial B) quantitative and nonfinancial C) quantitative
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Was the existing system adequate in the past? Why or why not? Why is it no longer adequate? The existing system was adequate in the past due to heavy reliance on direct labor hours. The ETO served as a central cost center‚ and transferred the costs to other divisions at direct costs plus allocated burden. Being in the late 1970s and early 1980s‚ technology testing of components required fewer cycles‚ and less complicated structures. Hence‚ such testing on products could be carried out by direct
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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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BUSINESS MANAGEMENT (C)ACC504 – ACCOUNTING CASES AND CONCEPTS Course Outline WINTER 2015 INSTRUCTOR: Joel Shapiro OFFICE ROOM: TRS 2-121 OFFICE HOURS: Mondays and Thursdays approx. 4-6 PM‚ Tuesdays approx. 8-9 AM HOME PHONE: 416-485-9142 OFFICE PHONE: 416-979-5000 ext 6743 HOME FAX: 416-485-9105 E-MAIL: shapiro@ryerson.ca PRE- (or CO-) REQUISITE: ACC514 – Intermediate Accounting II Students without the pre- (or co-) requisite may be removed from the course without notice
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The Effects of Technology on the Accounting Profession ACC/340 Neal Hennessy The Effects of Technology on the Accounting Profession The accounting profession has been around in one way or another for as long as people have traded goods and services. As the transactions between people have become more frequent and complex the accounting profession has become more and more essential and the tools used to perform its functions have become increasingly advanced. For the most part‚ the days of writing
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Puyricard Fine Chocolate. Puyricard is a premium chocolate-maker. It produces and sells fine handmade chocolates‚ calissons and confectionary through its own retail network (14 stores in France: 12 in Provence‚ 2 in Paris)‚ wholesales and website. It is the French leader for craft chocolate‚ with an annual production of 120 tons of chocolate and a turnover of 6‚9 million euros. The company is family-owned and run by the sons of the founders. It was created 40 years ago and the CEO‚ Tanguy Roelandts
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Individual Assignment Week Two Beauty Edgley ACC/280 Principles of Accounting Mr. Bobby Lon Nelson‚ CPA‚ MBA May 20th‚ 2010 Individual Assignment Week Two The answers from this exercise comes from the book Financial Accounting chapters 1‚2‚ and 7. E1-1 Urlacher Company performs the following accounting tasks during the year. Answer: __c___Analyzing and interpreting information. ____ r__Classifying economic events. ___c___Explaining uses‚ meaning‚ and limitations of data. ___r___Keeping
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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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quality of decisions made using that information. True False 3. An operating unit of an organization is called a profit center if it is responsible: only for revenues. for investments in assets. for costs and revenues. only for costs. 4. Properly designed management control systems have both fixed compensation and contingent compensation. True False 5. Controllable revenue is included in a performance report of a:
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