Cost Accounting‚ 14e (Horngren/Datar/Rajan) Chapter 2 An Introduction to Cost Terms and Purposes Objective 2.1 1) Cost objects include: A) products B) customers C) departments D) All of these answers are correct. Answer: D Diff: 2 Terms: cost object Objective: 1 AACSB: Reflective thinking 2) Actual costs are: A) the costs incurred B) budgeted costs C) estimated costs D) forecasted costs Answer: A Diff: 1 Terms: actual costing Objective: 1 AACSB: Reflective thinking 3) The general term used to identify
Premium Variable cost Costs
1. An Accounting Information System (AIS) * collects and processes transaction data and disseminates the information to interested parties. * Helps management answer such questions as: * How much and what kind of debt is outstanding? * Were sales higher this period than last? * What assets do we have? * What were our cash inflows and outflows? * Did we make a profit last period? Basic Terminology (see Textbook for definitions) * Event * Transaction * Account
Premium Generally Accepted Accounting Principles Revenue Double-entry bookkeeping system
Accounting Information System Overview a) Define Accounting Information System (AIS) (3 marks) An accounting information system is a collection of data and processing procedures that creates needed information for its users. It also can define as the information subsystem within an organization that accumulates and processes information from the entity’s various subsystems and communicates this information to the organization’s users. b) Compare and contrast between
Premium Accounting software Internal control Information systems
Accounting Information Systems FINAL STUDY Chapter 7 The accounting cycle begins with a transaction by the customer to purchase a product and ends with the closing of accounts for the next period in the accounting cycle The methods for accounting for the accounting cycle are through Journals‚ Ledgers and Trial balances and financial statements. AIS use numeric or alphanumeric codes to record‚ classify‚ store and retrieve financial data There are 4 types of codes they are Mnemonic codes‚ sequence
Premium Database Management SQL
Government agencies need procedures to track separately all inflows and outflows from various funds‚ to ensure that legal requirements about the use of specific funds are followed. * Financial institutions do not need extensive inventory control systems. * Passenger service companies (e.g.‚ airlines‚ bus‚ and trains) generally receive payments in advance of providing services. Therefore‚ extensive billing and accounts receivable procedures are not needed; instead‚ they must develop procedures
Premium Management Strategic management Marketing
Company contracted on 4/1/14 to construct a building for $2‚400‚000. The project was completed in 2016. Additional data follow: 2014 2015 2016 Costs incurred to date $ 560‚000 $1‚350‚000 $1‚900‚000 Estimated cost to complete 1‚040‚000 450‚000 — Billings to date 500‚000 1‚900‚000 2‚400‚000 Collections to date 400‚000 1‚300‚000 2‚200‚000 Instructions (a) Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2014
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
Accounting Information Systems Article Critique Introduction In the modern business management‚ information technology has become a very important tool‚ which has been used in different fields. As the branch of information system‚ accounting information system is the most important economic information in the enterprise; it continual‚ systematic and comprehensive reflects and supervises the condition of business. The purpose of this paper is to review one article and to discuss three relevant
Premium Management Information systems Information
ACADEMIC YEAR 2012/2013 BACHELOR OF ACCOUNTING (HONS) UKAI 2063 ACOUNTING INFORMATION SYSTEMS II TUTORIAL 6 Case 1: Universiti Tunku Abdul Rahman Situation: The university is considering a new system that will speed up the registration process. As part of the systems development team‚ you are asked to develop a plan for fact-finding. (Adapted from Shelley & Cashman 2010‚ Chp 04 Apply Your Knowledge‚Elmwood College‚ p181) Required: 1. List all the possible techniques that you
Premium Requirements analysis Member of Parliament Output
Accounting Information System II Chapter 12 – Electronic Commerce Systems REVIEW QUESTIONS 1. What is a VPN? * A VPN (virtual private network) is a private network that exists within a public network. 2. Name the 3 types of addresses used on the internet. * The Internet uses three types of addresses for communications: * (1) email addresses‚ * (2) Web site (URL) addresses‚ and * (3) the addresses of individual computers attached to network (IP address). 3
Premium OSI model Internet Data Link Layer
INVENTORY COSTING AND CAPACITY ANALYSIS TRUE/FALSE 1. Absorption costing “absorbs” only variable manufacturing costs. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: absorption costing Absorption costing “absorbs” all manufacturing costs‚ both fixed and variable. 2. Variable costing includes all variable costs — both manufacturing and nonmanufacturing — in inventory. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: variable costing Variable
Premium Variable cost Cost Costs