There are many accounting concepts which underpin GAAP such as the accruals and going concern concepts in particular. Going concern-it is assumed that the organisation will continue to operate indefinitely. This just means that when we draw up financial summaries‚ we do not assume the organisation is in severe financial difficulties. Accruals concept-when calculating the profit or loss of an organisation‚ all income and related expenditure for a specified period should be included‚ not simply
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Page 1 of 73 2 Student: _______________________________________________________________________________________ 1. Direct material costs are generally variable costs. True False 2. Property taxes and insurance premiums paid on a factory building are examples of manufacturing overhead. True False 3. Manufacturing overhead combined with direct materials is known as conversion cost. True False 4. All costs incurred in a merchandising firm are considered to be period costs. True False 5. Depreciation
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Chapter 01 Modern Project Management Answer Key Multiple Choice Questions 1. The advent of project management has been most profound in A. Automobile manufacturing B. Construction C. Information technology D. The U.S. Department of Defense E. Film making The impact of project management is most profound in the area of electronics industry‚ where the new folk heroes are young professionals whose Herculean efforts lead to the constant flow of new hardware and software products. AACSB: Reflective
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Question 1 (Worth 5 points) “The Cold Equations” is not an example of a science-fiction story a short story a novel a tragic ending Points earned on this question: 5 Question 2 (Worth 5 points) Antagonists are always bad people the opposition good people main characters Points earned on this question: 5 Question 3 (Worth 5 points) Man vs. Self is an example of a combination conflict an external conflict an internal conflict a failed conflict Points earned on this question: 5 Question
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Definition of financial accounting. T 2. Purpose of financial statements. T 3. Definition of financial accounting. T 4. Capital allocation process. F 5. Financial reports. F 6. Fair value information. F 7. Objectives of financial reporting. F 8. Accrual accounting. T 9. Generally accepted accounting principles. T 10. Users
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Chapter 1 UNDERSTANDING THE CHAPTER 1. What is an organization and why are managers important to an organization’s success? Answer – An organization is a systematic arrangement of people brought together to accomplish some specific purpose. All organizations share three common characteristics. 1) Every organization has a purpose and is made up of people who are grouped in some fashion. 2) No purpose or goal can be achieved by itself‚ therefore organizations have members. 3) All organizations
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CHAPTER 4 JOB COSTING 4-1 Cost pool––a grouping of individual indirect cost items. Cost tracing––the assigning of direct costs to the chosen cost object. Cost allocation––the assigning of indirect costs to the chosen cost object. Cost-allocation base––a factor that links in a systematic way an indirect cost or group of indirect costs to cost objects. 4-2 In a job-costing system‚ costs are assigned to a distinct unit‚ batch‚ or lot of a product or service. In a process-costing system
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FM 873950-X 5/10/06 11:44 AM Page i Chapter 7 Resource Masters i-vi C07 FM 873950-X 5/10/06 11:44 AM Page ii CONSUMABLE WORKBOOKS Many of the worksheets contained in the Chapter Resource Masters booklets are available as consumable workbooks in both English and Spanish. ISBN10 ISBN13 Study Guide and Intervention Workbook Skills Practice Workbook Practice Workbook Word Problem Practice Workbook 0-07-877228-1 0-07-877230-3 0-07-877232-X 0-07-877234-6
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1-17 (15 min.) Value chain and classification of costs‚ pharmaceutical company. Cost Item Value Chain Business Function a. b. c. d. e. f. g. h. Design of products‚ services or processes Marketing Customer Service Research and Development Marketing Production Marketing Distribution *2-23 (15–20 min.) Classification of costs‚ retail sector. Cost object: Videos sold in video section of store Cost variability: With respect to changes in the number of videos sold There may be some debate over classifications
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Test 1 Study Guide 1. Respiration * Respiration * Gas exchange * Necessary because cells require oxygen. * Exchanging O2 and CO2 * Carbon Dioxide is a waste product and must be removed from the body. * Internal respiration = gas exchange at the cellular level. * Oxygen diffuses from the blood into the tissue cells. * External respiration = gas exchange at the alveoli level. * Oxygen from the inhaled air diffuses into the blood in the pulmonary
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