SECTION A Question A1 is COMPULSORY Question A1 Below are extracts from the financial statements of a listed company which operates a chain of bakery and sandwich retail outlets in the United Kingdom. Income statements | |2009 |2008 | | |£’000 |£’000 | |Revenue
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balance sheet at the end of the period. True False 7. Advertising costs are considered product costs for external financial reports because they are incurred in order to promote specific products. True False 8. Selling and administrative expenses are product costs under generally accepted accounting principles. True False 9. A variable cost is a cost whose cost per unit varies as the activity level rises and falls. True False 10. When the level of activity increases‚ total variable cost will increase
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accumulating product costs rather than a process costing system? Student Answer: a steel factory that processes iron ore into steel bars a factory that processes sugar and other ingredients into black licorice a costume maker that makes specialty costumes for figure skaters all of these Comments: 2. Question : (TCO F) Process costing would be appropriate for each of the following except: Student Answer: custom furniture manufacturing. oil refining. grain milling.
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105 ----------------------------------------------------------------------------------------------- SLIDE 2 DESCARTES (1596-1650) “I THINK; THEREFOR I AM” THE ONTILOGICAL ARGUMENT: A method of proof which uses intuition and reason alone; examines the concept of God‚ and states if we can conceive of the greatest possible being‚ then it must exist. Speaker Notes: Descartes had strong belief in dualism; meaning that one possess materialistic and non-materialistic form such as body and soul
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NEW YORK UNIVERSITY Leonard N. Stern School of Business Final Exam Version C C10.0002 Principles of Managerial Accounting Spring 2004 Answer all questions of this examination in the exam booklet provided. Points Distribution: Part A Multiple Choice 54 points Part B Question 1 20 Question 2 20 Question 3 6 46 Total
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Week 8 Checkpoint 1. Assault: When someone attempts to harm or threatens someone else. 2. Breach of Confidentiality: Is when information has been released to someone who is not authorized to have it‚ or without the patients consent. 3. Battery: Touching a person without their permission. 4. Burden of Proof: Is the responsibility to prove harm or wrongdoing. 5. Defendant: This is the person that is being sued‚ or needs to defend themselves in court. 6. Contempt
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ACCOUNTING 569 MIDTERM 1 FALL 1995 NAME ______________________ ID # I. 15 Points 1. Otis Corp. has the following data: Selling price $50/unit Variable manufacturing costs $20/unit Fixed costs: Manufacturing $100‚000 Selling and admin. $ 50‚000 a.(3 points) The breakeven point is: b.(3 points) Given a volume of 15‚000 units‚ operating leverage is: c.(4 points)
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company. Managerial accounting is primarily used by individuals within a company or organization. The main purpose of financial accounting is to prepare financial reports that provide information about an organization’s performance to external parties like creditors‚ investors and tax authorities (Hilton‚ 2006). There are several key differences between both managerial and financial accounting. The first key difference is in the purpose of each method. For example‚ managerial accountings’ purpose
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CHAPTER 8 FLEXIBLE BUDGETS‚ OVERHEAD COST VARIANCES‚ AND MANAGEMENT CONTROL 8-1 Effective planning of variable overhead costs involves: 1. Planning to undertake only those variable overhead activities that add value for customers using the product or service‚ and 2. Planning to use the drivers of costs in those activities in the most efficient way. 8-2 At the start of an accounting period‚ a larger percentage of fixed overhead costs are locked-in than is the case with variable overhead
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1-1 Chapter 1 An Introduction to Managerial Accounting and Cost Concepts Introduction to Managerial Accounting MSc. Mohammad Hicham Khalil Objectives 1. Comparison of Financial and Managerial 2. 3. 4. 5. 6. 7. 8. Accounting. General Cost Classifications. Product Cost versus Period Cost. Cost Classifications on Financial Statements. Cost Classifications for Predicting Cost Behavior. Cost Classification for Assigning Costs to Cost Objectives. Cost Classification for Decision Making
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