Concept of Accounting ✓ Definition of Accounting ✓ Development of Accounting Standard ✓ Purpose of Accounting ✓ Nature and Characteristics of Accounting ✓ Accounting as a Language of Business ✓ Distinction between Accounting and Bookkeeping ✓ Financial Accounting Vs Management Accounting ✓ Accounting Practice in Bangladesh ✓ Accounting Profession in Accounting Field ✓ Accounting Ethics ✓ History of Accounting
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------------------------------------------------- Subject: Managerial Accounting Case 1 Seligram In the Seligram case‚ the existing cost accounting system measured two components of cost: direct labor and burden. All burden cost‚ which is the overhead‚ was grouped into a single cost pool and was calculated only by using a burden rate per direct labor dollar. This may cause problems since direct labor and overhead are not consumed by the products in the same proportion. Simply using the same burden
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Textbook case: Managerial Accounting for Managers‚ 2nd edition Noreen‚ Brewer and Garrison (McGraw-Hill/Irwin‚ 2008). Case 4-33 Cost Structure; Target profit and Break-Even Analysis Contribution Income Statement for all three scenarios: 15% commission 20% commission Own sales force Sales $16‚000‚000 $16‚000‚000 $16‚000‚000 Variable manuf. cost $7‚200‚000 $7‚200‚000 $7‚200‚000 Commissions $2‚400‚000 $3‚200‚000 $1‚200‚000 -Tot. variable cost ($9‚600‚000)
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Chapter 1 Case 1-6 During the early 2000s‚ the roles of accounting and the auditing profession changed and several accounting scandals were uncovered. A. What conditions caused accounting and the auditing profession role to change during this time? In the mid 80s‚ the AICPA lift on the ban on advertising caused revenue generation to become more critical to partner’s compensation. The profit structure of CPA firms changed‚ and in 1999‚ revenues for management consulting accounted for more
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Running head: Accounting Assumptions‚ Principles and Constraints Accounting Assumptions‚ Principles and Constraints Axia College Basic assumptions accounting consists of four assumptions; monetary unit assumption‚ economic entity assumption‚ time period assumption‚ and going concern assumptions. The monetary unit assumption states that only transaction data that can be expressed in terms of money be included in the accounting records. Economic entity assumption is the activities of the
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102:’ Part 1 Rnancial Accounting Problem 4-4; The account balances in the ledger of the Dindorf Company on January 3 1 (the end of its fiscal year)‚ before adjustments‚ were as follows: Debit Balances Cash and equivalents $ 119‚115 Accounts receivable 162‚500 Merchandise inventory 700‚680 Store equipment 21 5‚000 15‚475 Supplies inventory 38‚250 Prepaid insurance Selling expense 24‚900 105‚750 Sales salaries Miscellaneous general expenses 31‚000 6‚220 Sales discounts Interest expense 9‚300 Social
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ukessays.com http://www.ukessays.com/essays/accounting/history-of-accounting-traces-to-ancient-civilizations.php History of Accounting -Traces To Ancient Civilizations Various attempts have been made to locate the place and time of the birth of the double-entry system resulting in various scenarios. Most of these scenarios recognize the presence of some form of record keeping in most civilizations dating back to about 3000 BC. Included are the Chaldean-Babylonian‚ Assyrian and Sumerian
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Chapter 16 Managerial accounting concepts and principles 1) Direct costs are identified with and can be traced to a cost object. Indirect costs cannot be identified with or traced to a cost object. 2) Costs by function: A) Product costs consist of manufacturing costs: direct materials‚ direct labor and factory overhead. B) Period costs consist of selling and administrative expenses. 3) A) Prime costs which consist of direct materials and direct labor costs. B) Conversion costs which consist
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1. Several types of entities provide financial information to a variety of external users. Our primary focus in this book is on the financial information that profit-oriented companies provide to present and potential investors and to creditors. These profit-oriented companies also provide financial information that is used by financial intermediaries such as financial analysts‚ stockbrokers‚ mutual fund managers‚ and credit rating agencies. Not-for-profit organizations also provide financial
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1. A major advantage of the partnership form is that the personal assets of the partners are protected from creditors in case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement
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