Chapter 7 Homework Solutions Q7-1 Absorption and variable costing differ in how they handle fixed manufacturing overhead. Under absorption costing‚ fixed manufacturing overhead is treated as a product cost and hence is an asset until products are sold. Under variable costing‚ fixed manufacturing overhead is treated as a period cost and is expensed on the current period’s income statement. Q7-2 Selling and administrative expenses are treated as period costs under both variable costing and absorption
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GMS 401 – Chapter 1 - Operations management – the management of processes or systems that create goods and/or services o System is a set of interrelated parts that must work together - Process – a series of linked actions‚ changes‚ or functions bringing about a result o 3 types of process: • Core process – (or operational) processes directly create goods and/or services • Support processes – support core processes • Marginal processes – govern the system - Efficiency – operating at minimum
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Ethical Dilemma Executive Summary By: HARRY PAYE Week 1 Assignment This case is about Jackson Daniels a CPA who is faced with an ethical dilemma due to the discovery that the budget he prepared for management to extend a particular project was faulty and the projected values were overstated. Legally the implementation of the project on this faulty budget has the potential to expose management to possible lawsuit from creditors who believe that they were mislead‚ it also will cost management
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Nonprofit hospitals for example may obtain funding from grants‚ public or private organizations‚ or individual donations (Daft‚ 2015). Unlike for profit organizations‚ which aim to increase revenue by providing quality products and service‚ nonprofits obtain funding from stakeholders by demonstrating successful program outcomes‚ low operational costs‚ and adequate resource management (Daft‚ 2015). Stakeholders contribute funds to the nonprofit with the expectation that the
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2) 1) D 2) A 3) D 4) B 5) A 3) b) The types of risk indicated by this situation are systems risk‚ and legal and regulatory risks. c) I would recommend background checks on employees‚ segregation of duties‚ and physical security. 6) A. Conducting surprise cash counts- safeguarding assets B. Creating a policy manual-encouraging compliance C. Creating separate departments for purchasing inventory a d receiving inventory-promoting operational efficiency D. Deleting and employee’s
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Chapter 1 Managerial Accounting and Cost Concepts Solutions to Questions 1-1 The three major elements of product costs in a manufacturing company are direct materials‚ direct labor‚ and manufacturing overhead. 1-2 a. Direct materials are an integral part of a finished product and their costs can be conveniently traced to it. b. Indirect materials are generally small items of material such as glue and nails. They may be an integral part of a finished product but their costs can be
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Marketing Research Book Notes Chapter 1: Introduction to Marketing Research Learning Objectives • To know the relationship of marketing research to marketing‚ the marketing concept and marketing strategy • Define marketing research • Understand the purpose/uses of marketing research • Classify different types of marketing research studies • Describe a marketing information system (MIS) and understand why marketing research occupies a place in an MIS Marketing: “meeting needs profitably”
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addressing business overall‚ non profits must always remember no matter what‚ their target and goal will always be the people. The people‚ who are behind their causes and the people‚ who give willingly to their cause. However‚ when dealing with nonprofit communication‚ some may say that it’s impossible to do that when you practically have no budget. How does one effectively present the identity of their organizations? We will look at some alternative ways of communicating with a limited budget as
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E1-1 Urlacher Company performs the following accounting tasks during the year. Communicates__Analyzing and interpreting information. Records__Classifying economic events. Communicates__Explaining uses‚ meaning‚ and limitations of data. Records__Keeping a systematic chronological diary of events. Records__Measuring events in dollars and cents. Communicates__Preparing accounting reports. Communicates__Reporting information in a standard format. Identifies Identifies_Selecting economic activities
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because I wasn’t passionate about any of the nonprofits. I mean‚ in proportion to life‚ which I also find insignificant‚ it’s a rather bleak ratio‚ really. I didn’t fight tooth and nail for my “favorite” nonprofit‚ because as lovely as giving water to the needy is‚ I’m not incredibly concerned with it. That sounds awful‚ but I don’t lie unnecessarily. It’s tedious. On the subject of candor‚ I really don’t understand why you emphasized picking a nonprofit that we feel passionately about‚ then following
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