Chapter 8 Activity-Based Costing: A Tool to Aid Decision Making Solutions to Questions 8-1 Activity-based costing differs from traditional costing systems in a number of ways. In activity-based costing‚ nonmanufacturing as well as manufacturing costs may be assigned to products. And‚ some manufacturing costs—including the costs of idle capacity—may be excluded from product costs. An activity-based costing system typically includes a number of activity cost pools‚ each of which has its
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responsibilities. These responsibilities consists of responsibility as a servant of God‚ as a student (ourself)‚ as a child‚ and as a citizen. The first is responsibility as a servant of God. Have we run our duty as religious people? Many of us who are academically capable‚ fulfilled in terms of material but our soul is empty because it is not touched by religious values. For you‚ students‚ perform the obligation as a people‚ not to ask or complain but do your duty as a servant. Don’t just closer to Him when
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—Conceptual 21.Which of the following is not considered cash for financial reporting purposes? a.Petty cash funds and change funds b.Money orders‚ certified checks‚ and personal checks c.Coin‚ currency‚ and available funds d.Postdated checks and I.O.U. ’s 22.Which of the following is considered cash? a.Certificates of deposit (CDs) b.Money market checking accounts c.Money market savings certificates d.Postdated checks 23.Travel advances should be reported as a.supplies. b.cash because
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http://smallbusiness.chron.com/difference-between-traditional-accounting-computerized- accounting-4021.html INTRODUCTION: Before the advent of fast and cheap computers‚ accounting traditionally was processed manually with all transactions recorded in columnar papers and kept in voluminous binders. Once computers became popular and software affordable‚ accounting tasks moved into this medium‚ where concepts stayed the same but mechanics changed from papers to programs. AIMS AND OBJECTIVE:
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ACCOUNTING ASSUMPTIONS‚ PRINCIPLES‚ AND CONSTRAINTS Phil Toms March 29‚ 2013 The basic assumptions are monetary unit assumption and the economic entity assumption. The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. This assumption enables accounting to measure economic events. The monetary unit assumption is vital to applying the cost principle. An economic entity can be any organization
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Footwear’s management refuses to accrue the warranty expense adjustments proposed by West & Fair. Throughout the previous year Proli has been determining their warranties payable according to 0.2% of their annual net sales. Upon further investigation by our audit staff member‚ it was determined that since 2004‚ Proli Footwear’s warranties payable have been 0.3% of their annual net sales. Also $102‚000 worth of warranty liabilities was debited to other assets erroneously. Due to the miscalculation or the
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Vital and Dynamic Characters in A Tale of Two Cities A dynamic character is one who changes greatly during the course of a novel. There are many fine examples of dynamic characters in all Dickens novels. Three of these characters are Dr. Alexandre Manette‚ Jerry Cruncher and Sydney Carton. Dynamic characters play a very apparent role in the novel A Tale of Two Cities by Charles Dickens. Dr. Manette starts his life as a young successful man but then is traumatized by imprisonment and again
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The first law of Ecology states‚ “everything is connected.” Meaning each species depends on another species for survival. Humans for instance‚ depend on the survival of animals and plants to literally feed our ever growing population. Our diet comes down to small‚ overlooked organisms such as the honeybee. Without honeybees‚ the majority of fruits and vegetables would be diminished. Albert Einstein supposedly once said‚ "If the bee disappears from the surface of the earth‚ man would have no more
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Literacy in accounting Kierra Collins Florida State College of Jacksonville At least once in a life time a person will have to trust another with their financial wellbeing. People such as accountants who take care and manage the money of others. Accountants assist their clients with finical advice and make sure that all of their government work is in order. Others work for big corporations and the take care of their bookkeeping. Accountants have a very difficult job because not only do they have
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Financial accounting reports are prepared for the use of external parties such as shareholders and creditors‚ whereas managerial accounting reports are prepared for managers inside the organization. This contrast in basic orientation results in a number of major differences between financial and managerial accounting‚ even though both financial and managerial accounting often rely on the same underlying financial data. In addition to the to the differences in who the reports are prepared for
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