Cost estimation is a fundamental aspect of managerial/cost accounting (Datar et al. 2008; Eldenburg and Wolcott 2005). The cost predictions are used in each of the management functions. for example used to predict costs so that management can determine the desirability of alternative options and to budget expenditures‚ profits‚ and cash flows. The objective is to support students in learning how to apply regression analyses to understand cost behavior and forecast future costs using real data from
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Quiz 2 1) Cost-volume-profit analysis is used primarily by management: A) as a planning tool B) for control purposes C) to prepare external financial statements D) to attain accurate financial results Answer: A Diff: 1 Terms: cost-volume-profit (CVP) Objective: 1 AACSB: Communication 2) One of the first steps to take when using CVP analysis to help make decisions is: A) finding out where the total costs line intersects with the total revenues line on a graph. B) identifying which costs are variable
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Chapter 6--Process Costing Student: ___________________________________________________________________________ 1. A process is a series of activities or operations‚ which are linked to perform a specific objective. True False 2. The cost flows for a process-costing system are totally different from those of a job order costing system. True False 3. Process systems are characterized by a larger number of homogeneous products passing through a series of processes. True False
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CHAPTER 9 Staffing and Human Resource Management Lecturer Giang Nguyen 1 After reading this chapter‚ you should be able to: 10.1 1 Describe the components of organizational staffing. 2 Be aware of the legal aspects of staffing. 3 Present an overview of recruitment and selection. 4 Present an overview of employee orientation‚ training‚ and development. 5 Explain the basics of a fair and reliable method of evaluating employee performance. 6 Summarize the basics of employee compensation. Lecturer
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Project managers must take cost estimates seriously if they want to complete software projects within budget constraints. After developing a good resource requirements list‚ project managers and their software development teams must develop several estimates of the costs for these resources. There are several different tools and techniques available for accomplishing good cost estimation. Software development project managers should prepare several types of cost estimates for most projects. Three
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CHAPTER 14: PROCESS COSTING AND THE COST ACCOUNTING CYCLE Multiple Choice c 1. ABC Company made the following journal entry. Work in Process Inventory $200‚000 Direct Labor $188‚000 Direct Labor Rate Variance 12‚000 From this entry we can tell that ABC uses a. job-order costing. b. process costing. c. standard costing. d. normal costing. d 2. CDE Company
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fsdfsdsdfSuppose sales in 2001 equal 26‚000 units‚ as budgeted in January‚ and that actual manufacturing expenses turn out to equal budgeted expenses. Prepare an income statement for the year (just include the manufacturing expenses) that will help senior management and the board understand the economics of cartridge production in 2001. 5. Work through the Youngstown Products numerical example (below). Youngstown Products‚ a supplier to the automotive industry‚ had seen its operating margins shrink below
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COST CLASSIFICATION CONCEPT OF COST: DEFINITION: A SACRIFICE OR GIVING UP OF RESOURCES FOR A PARTICULAR PURPOSE FREQUENTLY MEASURED BY THE MONETARY UNITS (RUPEES‚ DOLLARS) THAT MUST BE PAID FOR GOODS AND SERVICES . ➢ EMPHASIS ON COST INFORMATION: MANAGEMENT ACCOUNTANTS PAY A LOT OF ATTENTION TO COSTS BECAUSE COST HAVE A VITAL ROLE TO PLAY IN PLANNING ‚ EVALUATING AND DECISION MAKING. FOR EXAMPLE IN PLANNING THE ROUTE AND FLIGHT SCHEDULES THE MANAGER OF AN AIR LINE MUST CONSIDER
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EASY 3. Days of working capital is the amount of net operating working capital required per dollar of daily sales. a. True b. False (16.2) Working capital management F S Answer: a EASY 4. Determining a firm’s optimal investment in working capital and deciding how that investment should be financed are critical to working capital management. a. True b. False (16.2) Working capital financing F S Answer: b EASY 5. An increase in any current asset must be accompanied by an equal increase in some
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Question 5 0 / 1 point The return on investment measure of performance: 1) Is not as important a measure of management effectiveness as the amount of net income. 2) Relates dividends paid to the entity’s assets. 3) Is calculated using net income as the amount of return. 4) Is calculated by dividing average assets for a period by the amount of net income for the period. Question 9 0 / 1 point Expenditures capitalized as long-lived assets generally include those
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