Master of Business Administration- MBA Semester 1 MB0041 – Financial and Management Accounting Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? ANS. Meaning of Accounting- The systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing‚ analyzing and reporting these transactions. The financial statements
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References: Edmonds‚ T.P.‚ Tsay B.‚ & Olds‚ P.R. (2011). Fundamental Managerial Accounting Concepts. New York‚ NY: McGraw-Hill Itrwin.
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COST ACCOUNTING M.ASAD ABBAS PAF KIET TABLE OF CONTENTS Executive Summary ......................................................................................................3 Introduction .....................................................................................................................4 Costing Strategy of Vesta Apparel.............................................................................5 Full Cost of the Primary
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is that: A) the units in beginning inventory are not necessarily assumed to be completed by the end of the period B) the units in beginning inventory are assumed to be completed first C) ending inventory will always be completed in the next accounting period D) no calculation of conversion costs is possible 3) In a normal costing system‚ the Manufacturing Overhead Control account: A) is increased by allocated manufacturing overhead B) is credited with amounts transferred
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In recent years‚ the range of accounting application is expanding rapidly‚ along with the increasing demand of economic market. As is well known‚ accounting is a key aspect of business. And in the accounting profession‚ there has been already existed interpenetration and overlapping among the different kinds of accounting. Cost accounting and financial accounting are two main components of accountancy. The former one is a part of accounting. In cost accounting‚ it dramatically researches the variable
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3-27 (30 min.) Sales mix‚ new and upgrade customers. 1. | NewCustomers | UpgradeCustomers | SPVCUCMU | $275 100 175 | $100 50 50 | The 60%/40% sales mix implies that‚ in each bundle‚ 3 units are sold to new customers and 2 units are sold to upgrade customers. Contribution margin of the bundle = 3 $175 + 2 $50 = $525 + $100 = $625 Breakeven point in bundles = = 24‚000 bundles Breakeven point in units is: Sales to new customers: | 24‚000 bundles
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Accounting is defined as the theory and system of setting up‚ maintaining‚ and auditing books of a firm. In a company‚ an accounting specialist is responsible for accounts‚ receivables and payables‚ including general ledger coding‚ inputting invoices to a payable system‚ writing checks and posting payments to accounts. However‚ the qualifications in becoming an accounting specialist requires a certain amount of education and experience. In this career field the responsibility in the financial aspect
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Accounting: Topic 6: Analysis And Interpretation Of Financial Statements (Part 2) Capital Structure Analysis Proportion of debt financing relative to equity financing (=gearing or leverage) * Reflects the entity’s financing decisions * Investments in assets are funded externally by liabilities‚ or internally by owner’s as shown in accounting equation (A=L+OE) Debt to equity ratio: Total liabilities/ Total equity x 100=x% Debt ratio: Total liabilities/ Total asset x 100=x%
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THE NATURE OF MANAGEMENT ACCOUNTING [SUMMARY] What is Management Accounting? Management Accounting is the process within an organization that provides information used by an organization’s managers in planning‚ implementing and controlling the organization’s activities. Management Accounting as One Type of Information Information is a fact‚ datum‚ observation‚ perception or nay other thing that adds to knowledge. • An organization’s day-to day activities requires a considerable amount of operating
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CHAPTER 3 COST-VOLUME-PROFIT ANALYSIS TRUE/FALSE 1. To perform cost-volume-profit analysis‚ a company must be able to separate costs into fixed and variable components. Answer: True Difficulty: 1 Objective: 1 Terms to Learn: cost-volume-profit (CVP) analysis 2. Cost-volume-profit analysis may be used for multi-product analysis when the proportion of different products remains constant. Answer: True Difficulty: 1 Objective: 1 Terms to Learn: cost-volume-profit
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