Chapter 2 Cost Terms‚ Concepts‚ and Classifications Exercise 2-2 (15 minutes) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 . 11 . 12 . 13 . 14 . 15 . Depreciation on salespersons’ cars ................ Rent on equipment used in the factory .......... Lubricants used for machine maintenance ..... Salaries of personnel who work in the finished goods warehouse.............................. Soap and paper towels used by factory workers at the end of a shift ...................... Factory supervisors’ salaries
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Content 1 Introduction 1 1.Task one 2 The models and concepts affecting the pricing decisions taken by organisations‚ critically reflecting upon their usefulness 2 2‚ Task two 6 The role of standard costing and variance analysis in management accounting and a critically discussion of the value and limitations of variance analysis as a means of identifying key areas which have contributed to the overall profit figure. 6 3‚ The advantages and disadvantages of introducing an Activity Based Costing
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$500‚000 and is known by both Brickhouse and Boudreau to be a fairly "soft" amount. Identify possible causes of action. -Brickhouse is acting unethically. His action serves only his self-interest‚ self review and has no clear basis in proper accounting procedures‚ so ignoring the familiarity with brickhouse ‚the controller‚ Louise Boudreau‚ should not manipulate net income in view of any compensation plan the company may have.He must comply with relevant laws and regulations and not assist others
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Accounting Information Systems Simulation Summary Internal Control Systems are processes put in place to safeguard the company. In the simulation‚ the task was given to help a new company set up an internal control system‚ implement control procedures for specific internal control issues‚ and manage the internal control system as the company continues to grow. Ramos International is an up and coming luxury hotel in Chesapeake‚ Virginia. The role given in this simulation is that of the Chief
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Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
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E-Accounting. E-accounting is the application of online and Internet technologies to the business accounting function. Similar to e-mail being an electronic version of traditional mail‚ e-accounting is "electronic enablement" of accounting and accounting processes which are more traditionally manual and paper-based. E-accounting involves performing regular accounting functions‚ accounting research and the accounting training and education through various computer based /internet based accounting
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correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
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Objective 1. Determine the total considerations transferred. 2. The land and buildings should be recorded on the premise of “in-use” or “in-exchange”. 3. Determine the fair value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying the acquisition method‚ the
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Chapter 11 Current Liabilities and Payroll Questions 1. A current liability is one that is payable within the coming year or within the company’s normal operating cycle if longer than a year. All other liabilities are long-term. A contingent liability is a potential liability that depends on a future event arising out of past events. The future event will determine the amount and existence of the liability. A contingent liability may or may not become an actual obligation. 2. The company reports
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[APC309 STRATEGIC MANAGEMENT ACCOUNTING Individual Assignment : Task a and Task b ] Table of Contents Part a 1.0 Introduction to performance management …………………………………………………………………………….2 2.0 EVA and ROI ……………………………………………………………………………………………………………………………2 3.0 Mangers orientation due to using EVA and ROI……………………………………………………………………….3 4.0 Overcoming the short term nature of EVA and ROI………………………………………………………………….4 5.0 Appendix…………………………………………………………………………………………………………………………………8 Part b 1.0 Introduction
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