applicable to each statement. a. Specific identification b. Average cost c. First-in‚ first-out (FIFO) d. Last-in‚ first-out (LIFO) ____A___ 1. Is the most realistic ending inventory ____D___ 2. Results in cost of goods sold being closest to current product costs ____C___ 3. Results in highest income during periods of inflation ____C___ 4. Results in highest ending inventory during periods of inflation ____B___ 5. Smooths out costs during periods of inflation ____A___ 6. Is not practical for most businesses
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Part II. Marketing Aspect Marketing is the science of meeting the needs of a customer by providing valuable products to customers by utilizing the expertise of the organization‚ at same time‚ to archive organizational goals. It is the activity‚ set of institutions‚ and processes for creating‚ communicating‚ delivering‚ and exchanging offerings that have value for customers‚ clients‚ partners‚ and society at large. It is important to realize that the customer can be an individual user
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Jordan Dorelus The Great Gatsby 11-13-12 “Then suddenly she threw down her napkin on the table and excused herself and went into the house.” “Tom! Tom! Where are you Tom! We’ve got Company on the table and you just get up from the discussion‚ for what‚ to answer a stupid phone call‚ and who might that be at the other end of the line.” “Honey‚ it’s an important call…‚” Tom began. Who could be so important that they call during Dinner time while we have a guest over and you
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STANDARD COSTING VARIANCES Materials Actual Production X X X Vs. Standard Usage Standard Price Actual Usage Actual Production X X X Vs. Standard Usage Standard Price Actual Usage Actual Price Actual Price Total Variance Actual Production X X X Vs. Standard Price Actual Usage Actual Usage Actual Production X X X Vs. Standard Price Actual Usage Actual Usage Price Variance Actual Price Actual Price Standard Price Standard Price Actual Usage
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To: Rubrics Corporation From: Group 1 RE: Activity-Based Costing and Management Objective and Purpose It is said that Rubrics Corporation is no longer satisfied with single direct cost driver‚ which is also called Traditional Volume-Based Product-Costing System‚ because it is not accurate. A shortcoming or overloading of cost occurs when they use Traditional Volume-Based Product-Costing System to calculate cost of producing four products: Widgets‚ Gadgets‚ Smidgets‚ and Smadgets. To solve this
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IS STANDARD COSTING OBSOLETE? Department of Accountancy University of Kelaniya What is Standard costing? Standard costing is technique which establishes predetermined estimates of the costs of products and services and then compares these predetermined costs with actual costs as they are incurred. Management Accounting 2 What is Variance? The difference between a cost’s actual amount and its budgeted or planned amount Unfavorable cost variance Actual cost > Budgeted Amount Favorable cost
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Introduction As a result of Government policy over reform in Indian Education system ‚ the CBSE has introduced the new system Continuous Comprehension Evaluation to the secondary classes. Since then lot of feedback are coming to CBSE in contrast to the CCE pattern. The parents and general public are showing unsatisfactory to this present system. On the contrary‚ the eminent educationist are keep on advocating in favor of CCE system. The new reform in Indian Education is quite acceptable but it will take
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In this document I am going to explain the definition of cost and the difference between absorption costing vs. variable costing‚ and also if overproducing is an ethical practice or not. Also I will be showing some calculations and data to explain a get a better idea of this entire situation and how we can resolve some problems in management accountant. Cost is the monetary value of goods and services expended to obtain current or future benefits. The way that a cost will be used defines the way
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Competitive advantage therefore can be achieved by establishing cost leadership. The ultimate challenge faced by any company would be to leverage between the escalating operational costs and falling revenues so as to maximise the profits. Determine the costing procedure of an airline industry and the various possible efforts it takes to reduce the costs. The airline industry employs a trend and horizontal analysis to evaluate its performance and productivity. This industry can be categorised into international
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Sociological Aspects of Education SOC 101 April 24‚ 2010 Sociological Aspects in Education The growing diversity in our society has helped to broaden the scope of what and how we educate our children. The scientific study of social behavior and human groups‚ also known as sociology‚ has benefitted society with its impacts from different theories (Schaefer‚ 2009). Education is the foundation of any society and establishes the social and economic wealth for their future. We will explore education
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