Cost Accounting Chapter Module-1 - Introduction to Cost Accounting Definition Cost: - Generally cost refers to all expenses incurred in producing a product or rendering service. But‚ from the cost accounting point of view “Cost is a normal sacrifice of resources in the creation of product or services”. Costing: - Costing is defined as “the technique and process of ascertaining cost of a given thing”. According to CIMA it is defined as “the establishment of budgets‚ standard‚ costs and
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Russia Review Sheet Market Economy: an economy that relies chiefly on market forces to allocate goods and resources and to determine prices Command Economy: an economy in which production‚ investment‚ prices‚ and incomes are determined centrally by a government. Socialism: a political and economic theory of social organization that advocates that the means of production‚ distribution‚ and exchange should be owned or regulated by the community as a whole. Traditional: A traditional economy is
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Heat of Fusion Report Sheet Data Intial volume of water in the styrofoam cup (before the ice was added) (mL) 100 Final volume of water in the styrofoam cup (after the ice melted) (mL) 145 Volume of water due to melted ice (mL) 45 Mass (g) melted ice 45 Initial temperature (°C) of the water placed in the styrofoam cup 47.3 Minimum temperature (°C) after the ice was melted 45 Calculations 1. The amount of liquid water placed in the cup was _____100_______ mL. Assume that
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Specific Parameters | 1. Understanding the procedures of Costing | Clarity of concept | | | 2. To be able to calculate the unit cost and prepare costing Profit & Loss statement | Precision in cost calculation and preparation of cost sheet | | | Grades | Grade Descriptors | Achieved Yes/No (Y / N) | P | A Pass grade is achieved by meeting all the requirements defined. | | M | Identify & apply strategies/techniques to find appropriate solutions | | D | Demonstrate convergent
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The Spread of Islam Muhammad‚ an orphaned child born in Mecca around 570 C.E‚ had greatly inspired the Arabs and influenced them to spread the Islamic religion as a “sacred duty”. Many Arabs who converted to the new religion were well respected by Muslims. However‚ there were few who disobeyed the offering to convert. They were either punished or forced to become slaves. “Peoples of the Book” also known as Christians and Jews‚ had the right to practice their faiths‚ but could not spread it. Along
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Factory Office 1‚500 500Rent Factory Office 5‚000 2‚500Commission to Salesman 1‚250Advertising 1‚250Income Tax 10‚000 Sales1‚89‚500Q1. Prepare the cost sheet Q 2 Prepare a cost sheet for the year ended March 31‚2009 Stock of finished goods ( April 1‚ 2008) 6‚000Stock of raw materials (April 1‚ 2008) 40‚000Work in Progress (April 1‚ 2008) 15‚000Purchase of raw Material 4‚75‚000Carriage inwards 12‚500Factory rent
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WHAT HAS THE INVISIBLE HAND ACHIEVED? Ross L. Watts Sloan School Massachusetts Institute of Technology January 27‚ 2006 _____________________________ This paper was presented at the Institute of Chartered Accountants in England & Wales Information for Better Capital Markets Conference in London on December 20‚ 2005. I am grateful to Ryan LaFond‚ Karthik Ramanna‚ Sugata Roychowdhury and Joseph Weber for their comments. All remaining errors are mine. 1. INTRODUCTION When I was invited
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condition that’s associated with a small head and incomplete brain development). The relationship between Microcephaly and the Zika virus has not yet been officially established‚ but the rising number of births with Microcephaly in parallel to the spread of the virus has experts almost certain that a relationship exists. The virus is still not researched properly and a lot needs to be known to effectively combat it. In short‚ we were never ready for it. A possible connection between the virus and
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------------------------------------------------- Formulae Sheet 1. Return on Assets = Net Profit before Interest and Tax / Average Total Assets 2. Average Accounts Payable settlement = Average Accounts Payable / Credit purchases x 365 3. Asset turnover ratio = (Sales / average Total Assets) x 100 4. Asset turnover period = (Average total assets / Sales) x 365 5. Return on Equity (Return on Shareholder’s’ Funds) = Net Profit after Tax and preference dividends / Average ordinary
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was a 67% increase of hate crimes against Muslims. Aside from that‚ there were also 1‚745 cases of anti-black racial happenings(Chan 1). Many argue that racism has long been gone‚ but recent events prove otherwise. One of the prime factors of the spread of racism is media. It is quite notable all across the world that once something is out on the internet‚ it’s never going to go away. Social media such as Twitter‚ Snapchat‚ and Instagram are the quickest ways of keeping in touch with friends‚ but
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