different quality material from standard; Buying materials from a non‑usual source due to urgency; Utilising different labour from standard; Price changes due to economic conditions; scarcity of supplies; Choosing to incur additional discretionary fixed costs; More (or less) overtime hours used than budgeted. 2. Efficiency/usage/quantity variances: Standard is out of date‚ set without due care; Inefficient use of material/labour‚ deliberate or otherwise; Poor supervision/equipment/maintenance.Changes in
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Street Journal. Cost Management and Strategy – refer to your assigned questions and problems Cost Drivers and Basic Cost Concepts -- What is a cost? Define cost pools. What is a cost object? cost assignment? Contrast a direct cost with an indirect cost. Define cost allocation. What is an allocation base? Contrast cost assignment with cost allocation. What is a direct material? Direct labor? Indirect material? Indirect labor? factory overhead? What are conversion costs? Prime costs? What are the
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manufacturing cost categories. LO2 Distinguish between product costs and period costs and give examples of each. including calculation of the cost of goods sold. LO4 Prepare a schedule of cost of goods manufactured. LO5 Understand the differences between variable costs and fixed costs. LO6 Understand the differences between direct and indirect costs. LO7 Define and give examples of cost classifications used in making decisions: differential costs‚ opportunity costs‚ and sunk costs. LO8
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exact implications of this problem. Example: George‚ a co-owner of a small coffee shop has noticed that there are fewer customers coming in to his store. He is worried about his profit‚ and is reluctant to change anything about the store due to the cost. Max‚ the other owner‚ is more concerned with the quality of the food they
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CONFIDENTIAL AC/OCT 2010/ACC116/165/211 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE COURSE CODE EXAMINATION TIME INTRODUCTION TO COST ACCOUNTING / COST ACCOUNTING ACC116/165/211 OCTOBER 2010 3 HOURS INSTRUCTIONS TO CANDIDATES 1. 2. 3. This question paper consists of five (5) questions. Answer ALL questions in the Answer Booklet. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to
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CHAPTER 3 COST-VOLUME-PROFIT ANALYSIS TRUE/FALSE 1. To perform cost-volume-profit analysis‚ a company must be able to separate costs into fixed and variable components. Answer: True Difficulty: 1 Objective: 1 Terms to Learn: cost-volume-profit (CVP) analysis 2. Cost-volume-profit analysis may be used for multi-product analysis when the proportion of different products remains constant. Answer: True Difficulty: 1 Objective: 1 Terms to Learn: cost-volume-profit
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Autobiographical Analysis Adeline Yeh Mah’s autobiography‚ "Falling Leaves‚" began with her horrible childhood in China during the 1900s‚ a time where foreign political and cultural influences were uprooting the very nature of Chinese customs. Adeline Mah‚ whose mother died promptly after her birth‚ was tormented by her siblings and shunned by her father. Adeline Mah’s step-mother‚ Jeanne Prosperi Yen‚ a manipulative and controlling Eurasian woman‚ verbally and physically abused Adeline throughout
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death. Many believe that these “jumpers” were put to the test. “The Falling Man” was one of the many workers that did not anticipate their end to come. But this particular ‘jumper’ was very different from all the others. The man was identified as a slightly dark-skinned‚ tall person wearing a uniform that most chefs and pastry workers wore- along with a noticeable bright orange shirt underneath. His stance as he was falling was one of the things many people noticed that was very unique. His body
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through his job at the theater. The rising action begins‚ as Paul’s father is angry because he wants Paul to be successful through education. Paul looses his job at the theater because of his father. He then get’s expelled from school. Paul steals $2‚000 and leaves on the train to live extravagantly for a short amount of time. After his adventure Paul returns on the train and starts walking in the woods. From
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Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures‚ a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the other
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