Horngren‚ C.T.‚ Datar‚ S.M. and Foster‚ G. (2003) Cost Accounting - A Managerial Emphasis‚ Pearson Education‚ Inc.‚ New Jersey‚ Eleventh Edition CHAPTER 11 DECISION MAKING AND RELEVANT INFORMATION 11-1 The five steps in the decision process outlined in Exhibit 11-1 of the text are: 1. 2. 3. 4. 5. Obtain information Make predictions about future costs Choose an alternative Implement the decision Evaluate performance to provide feedback 11-2 Relevant costs are expected future costs that differ
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Chapter 13- The Rise of Jacksonian Democracy Vocab “Davy” Crockett- Served as Tennessee senator in the House of Representatives and was killed in the Battle of the Alamo Nicholas Biddle-Second and last president of the second bank of the United States. Black Hawk-Native American leader who resisted the movement of his tribe. Interestingly enough he died in Iowa and was buried on the banks of the Des Moines River. Sam Houston-American politician and soldier who helped secure the independence of Texas
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Chapter 13: The Bureaucracy 1. Polls about bureaucracy consistently show that the majority of Americans __________. a. favor the rights of businesses over that of the individual b. are in favor of privatization c. are in favor of outsourcing d. support “less government” e. support decreases in government programs 2. President Bill Clinton’s plan for reforming the bureaucracy was called __________. a. Performance-Based Budgeting b. Reinventing Government c. Pay as You Go d. Zero-Based Budgeting
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making across the various functional areas of an organization Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making Financial accounting: the form of accounting concerned with providing information to shareholders‚ creditors‚ and others outside the organization The work of managers and their need for managerial accounting information Every organization has managers – someone must be responsible
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Chapter 10 Plant Assets‚ Natural Resources‚ and Intangibles QUESTIONS 1. A plant asset is tangible; it is used in the production or sale of other assets or services; and it has a useful life longer than one accounting period. 2. The cost of a plant asset includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 3. Land is an asset with an unlimited life and‚ therefore‚ is not subject to depreciation. Land improvements have
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expected selling price. (iii) Dual Aspect The dual aspect concept can be defined as every transaction having a minimum of two entries into the accounting system. One represented by the assets of the enterprise and the other by the claims against it. Should there be a debit entry then there must be a credit entry as well. Due to this concept‚ the accounting equation ‘Asset = Equity + Liability’ is formed. Example: 1. Company ABC made payment of salary RM5000 by cheque to its staff. Using the dual
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Tropical Africa and Asia (1200 – 1500) Ibn Battuta 1. Young Muslim scholar 2. Completed the pilgrimage to mecca 3. logged 75‚000 miles of travel in 29 years 4. Powerful states and commercial systems were only made possible by local farmers‚ fishermen and pastoralists Tropical Lands and Peoples The Tropical Environment 1. Africa lies almost entirely within the tropics‚ as do southern Arabia‚ most of India and all of the Southeast Asian mainland and islands 2. In the lands around
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Demand Complementary Services Reservation Systems Differential Pricing Slide 11 of 29 New Services Realities Customer Empowerment Satisfying Employees Customer Co-production Slide 12 of 29 Root Cause of Customer Failure Slide 13 of 29 What Customers Want from Providers Knowledgeable employees Address needs on first contact Treat me like a valued customer 65% 64% 62% 54% 49% 49% 45% 43% 38% Demonstrates desire to meet my needs Can quickly access information Good value
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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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Nimo Lorenzo ACCTG 117 Payroll Accounting Management Monday Morning Class 02/04/2014 Matching Quiz 1. B 2. D 3. F 4. A 5. H 6. I 7. J 8. C 9. E 10. G Questions for Review 1. The Department of Labor enforces the Fair Labor Act which sets the basic federal minimum wage at $ 7.25 per hour and for the state of California’s minimum wage is $ 8.00 per hour. 2. The information that needs to be maintained by FLSA concerning employees’ wages earned is data about hours worked. 3. An employer
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