Financial accounting is one kind of accounting different from the management accounting in the accounting system. As management accounting is for “internal” whereas financial accounting is for “external”. The following is a detailed explanation and analysis of the major objective and role of financial accounting. The purpose of financial accounting is to measure the performance of the entity and therefore provides the financial information to different stakeholders. Stakeholders will have their
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Cost Allocation at Water Purification Group Mary May pushed the door to her office thinking about her plan to enrol her daughter for a medical degree at a private university. The private university is the only institution of higher learning that her daughter can apply for‚ considering her high school results. Mary sat down at her table and a smile came to her lips. Her financial situation will definitely improve after the company‚ Bio-Organics‚ announce this year’s bonuses. Project ORG7 she
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If you guessed the WHS DECA marketing club‚ you are correct. WHS’s DECA marketing club recently had $4‚000 in travel allocations unexpectedly cut from their budget. Without this money they won’t be going to this year’s annually DECA competition in Anaheim‚ California. What is most surprising is that the students of DECA and their parents are paying all of their own travel
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Dear Fred‚ One and one-half (1 ½) years after joining Xerox‚ you achieved your primary short-term goal of becoming senior staff within five (5) years. Confronted with the current organizational restructuring in this your 6th year‚ you must intelligently navigate the political landscape to maintain the considerable power and influence you have acquired in order to achieve your ultimate goal of becoming a corporate officer and board member. The crossroads of the situation presented to you by Fred
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REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL ORIGINAL JURISDICTION WRIT PETITION (CIVIL) NO. 423 OF 2010 Centre for Public Interest Litigation and others versus Union of India and others With WRIT PETITION (CIVIL) NO. 10 OF 2011 Dr. Subramanian Swamy versus Union of India and others …Respondents …Petitioner …Respondents …Petitioners JUDGMENT G.S. Singhvi‚ J. 1. The important questions which arise for consideration in these petitions‚ one of which has been filed by Centre for Public Interest Litigation
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association should be subjected to the same kind of rigorous market analysis to which any private sector business venture might endure‚ this process is called portfolio analysis. v The business portfolio is a convenient methodology for determining asset allocation by associations. Advantages of portfolio analysis: v It encourages top management to evaluate each of the association’s businesses individually and to set objectives and allocate resources for each. v It stimulates the use of externally-oriented
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THE THREE METHODS OF RESOURCE ALLOCATION Throughout history‚ there have been three primary mechanisms for allocating resources. • In a traditional economy‚ resources are allocated according to the long-lived practices of the past. Tradition was the dominant method of resource allocation for most of human history and remains strong in many tribal societies and small villages in parts of Africa‚ South America‚ Asia‚ and the Pacific. Typically‚ traditional methods of production are handed down
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Economics is the study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society. Economics seeks to understand how those individuals interact within the social structure to address key questions about the production and exchange of goods and services. First‚ how are individual needs and desires communicated such that the correct mix of goods and services become available? Second‚ how does a society provide
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The fact that there is huge variance in the number of units produced per production run- it is 375 for valves and 18 for flow controllers per production run. This shows the reason for high overheads cost too. Hence it calls for checking the cost allocation system of the company. Since Sippican produces three different products which comprise of different components‚ processes for all three need to be customised and refined to bring in any kind of standards. Variations in batch size owing to the machining
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checked your figures. 8. There were two managers who made the recommendation to revise our sales program. a. 9. In regards to implementation implications of the expansion‚ there would not be a need for significant allocation of resources. a. significant allocation of resources are not needed because of the expansion 10. It is imperative that we find a solution a. We must find a solution 11. The function of this department is the collection of accounts. a. Collection of Accounts
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