CHAPTER 1 Managerial Accounting ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives *1. Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement. Indicate how cost of goods manufactured is determined. Explain the difference between
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Introduction Traditionally‚ cash basis of accounting has been used in the public sector; however‚ in recent years extensive debates have emphasised whether a move to accruals basis of accounting would be more feasible. The proponents argue for such a change due to the benefits accruals basis has to offer. There are still heavyweight supporters for cash basis such as IFAC – a body that issued 21 IPSAS based on IMF‚ EU Commission‚ and IFRS / IAS (Jorge Faustino‚ 2008). Moreover‚ there are several organisations
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CURRENT AFFAIRS The Constitution (Scheduled Tribes) Order (Second Amendment) Bill‚ 2013 Passed By Rajya Sabha Sunila Abeysekera‚ the Sri Lankan Activist‚ Died in Columbo at 61 Russia Lifted Ban on Import of Non-Basmati Rice and Oilseeds from India Harish Lakshman Elected New President of Automotive Component Manufacturers Association New Delhi Declaration on High Blood Pressure Adopted by Health Ministers of 11 SEARO Countries First Sree Narayan Guru Global Secular & Peace Award 2013 presented
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1. If a CPA recklessly departs from the standards of due care when conducting an audit‚ she or he will be liable to unknown third parties based on a. strict liability c. negligence b. gross negligence d. breach of contract 2. Under the common law‚ which of the following statements most accurately reflects the liability of a CPA who fraudulently gives an opinion on an audit of a client’s financial statements? c. The CPA is liable only to third parties in privity of contract
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AZO-STANDARD Azo-standard is a drug which is used for the treatment of urinary tract infections (UTI)‚ Surgeries and injuries. This drug is available in tablet form 100mg and 200mg doses respectively. It contains chemical name as phenazopyridine hydrochloride. It has lot of positive results in market as well thousands of positive reviews online. This medicine is recommended by physician as no 1 drug for the treatment of urinary tract infections. There are many other drugs like it such as Baridium
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external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12‚ The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs‚ make it easier to acquire foreign companies
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1) Current Ratio The ratio is mainly used to give an idea of the company’s ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash‚ inventory‚ receivables). The higher the current ratio‚ the more capable the company is of paying its obligations. 2) Quick Ratio An indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet its short-term obligations with its most liquid assets. For this reason‚ the ratio excludes inventories
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Current Affairs Week: 16 Jan 2012 to 22 Jan 2012 International Current Affairs 2012. The Government of India and the World Bank on 20 January 2012 signed an IDA credit of 130 million US dollars to finance the project called NERLP (North East Rural Livelihoods Project) Tags: Union government of India‚ World bank‚ Current Affairs January 2012‚ North east region India announced a Substantial Increase in Educational Assistance to Sri Lanka Current Affairs Week: 16 Jan 2012 to 22 Jan 2012 International
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1. Yes‚ I believe that Professor Ramirez acted ethically because even though she didn’t report she to the student review board for plagiarism. Professor Ramirez did not accept her paper and gave her a zero on the assignment. Also‚ Professor Ramirez did talk to Kelly to try to understand why she plagiarized and it was clear that Kelly understood her wrongdoing and told Professor Ramirez that she wouldn’t do it again. Therefore‚ I think that she acted ethical. I personally think that reporting students
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Chapter 3: Cost-Volume-Profit Analysis 95 Chapter 3 Cost-Volume-Profit Analysis SOLUTIONS LEARNING OBJECTIVES Chapter 3 addresses the following learning objectives: LO1 LO2 LO3 LO4 LO5 LO6 Explain the concepts of cost-volume-profit (CVP) analysis in decision making Apply CVP calculations for a single product Apply CVP calculations multiple products Describe the assumptions and limitations that mangers consider when using CVP analysis Assess operational risk using margin of
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