1-1 Chapter 1 An Introduction to Managerial Accounting and Cost Concepts Introduction to Managerial Accounting MSc. Mohammad Hicham Khalil Objectives 1. Comparison of Financial and Managerial 2. 3. 4. 5. 6. 7. 8. Accounting. General Cost Classifications. Product Cost versus Period Cost. Cost Classifications on Financial Statements. Cost Classifications for Predicting Cost Behavior. Cost Classification for Assigning Costs to Cost Objectives. Cost Classification for Decision Making
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3 costoReview Questions: CHAPTER 3; Cost Volume Profit True/False 1. Determining the number of units that must be produced in order to generate enough profit to cover total fixed costs is one reason for using a break-even analysis. 2. An expected value is the w eighted average of the outcomes‚ based on the percentage combinations of the incomes. 3. Which of the following statements about net income (NI) is TRUE? a. b. NI = operating income plus income taxes. NI = operating income
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Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting
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Question 1 1. The following is Addison Corporation’s contribution format income statement for last month: Sales $1‚000‚000 Less: Variable Expenses $ 700‚000 Contribution Margin $ 300‚000 Less: Fixed Expenses $ 180‚000 Operating Income $ 120‚000 The company has no beginning or ending inventories. A total of 20‚000 units were produced and sold last month. What is the company’s margin of safety in dollars? $400 000 10
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while the punch forces the part to yield and bend over the edge of the die. Edge bending is limited to bends of 90° or less. Due to pressure pad‚ wiping dies are more complicated and costly than v-dies anda re generally used for high production works. 3) In the plastic region‚ the volume is constant so; 0∗ 0∗ 0= ∗ ∗ ∗ ∗ =1 0∗ 0∗ 0 Then do; − 0 = 0‚15 0 = 1‚15 0 Similarly‚ bu in the opposite direction due to reduction; − 0 = −0‚05 0 0 = 0‚915 So; = 0‚95 Then; = 0 0 = ln 1‚0925 = 1‚725 ln
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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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An outline of the basic concepts of Narrative therapy. Narrative therapy Michael white and David Epston are best known for their use of narrative in therapy. According to white individuals construct the meaning of life in interpretive stories which are then treated as truth. Adopting a postmodern‚ narrative‚ social constructionist view sheds light on how power knowledge and truth are negotiated in families and other social and cultural contexts. Key concepts Focus narrative therapy involves
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Monopoly is a type of competition that doesn’t really have any competitors because it is firms that are regulated by the government. The MTA is a good example‚ because you cannot compete with that they are single sellers that have these businesses. 3. Oligopoly has a few competitors but it is difficult to enter into the business because they are a few major sellers‚ the products they offer are for example phone service‚ cable TV‚ Airlines‚ etc. These companies do not have many competitors because
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Accounting for Managers Discuss the strengths and weaknesses of the accounting concepts and conventions and of the regulatory framework (SSAPs and FRSs) that govern published financial statements. Do the criticisms of the concept and the regulatory framework mean that published financial statement do not provide investors with useful information? Introduction Strengths Weaknesses Information needs of investors Conclusion Discuss the strengths and weaknesses of the accounting concepts and conventions
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Shapiro: Chapter 2: Capital-Budgeting Principles and Techniques QUESTIONS 1. a. What is the relationship between accounting income and economic profit? Answer: Accounting income is calculated by taking revenues and subtracting all cash and non-cash expenses (such as depreciation). Accounting income also often recognizes losses for tax purposes as well‚ even though the economic loss may have taken place at another time. Economic profit is the sum of the present values of all the cash flows
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