CHAPTER 7 FLEXIBLE BUDGETS‚ DIRECT-COST VARIANCES‚ AND MANAGEMENT CONTROL 7-1 Management by exception is the practice of concentrating on areas not operating as expected and giving less attention to areas operating as expected. Variance analysis helps managers identify areas not operating as expected. The larger the variance‚ the more likely an area is not operating as expected. 2. Two sources of information about budgeted amounts are (a) past amounts and (b) detailed engineering studies
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INCOME AND EXPENDITURE What are the club’s main sources of income? • Membership fees • Entrance fees • Profits made by running a tuck-shop and bar/coffee shop • Profits made by running a Kit shop What are the club’s main items of expenditure? • Refreshments bought to sell at the tuck-shop and bar/coffee shop • Expenditure on cost price of the club jerseys and socks that get sold at the Kit shop • Operating expenses such as water‚ electricity‚ etc. • Maintenance expenses What ledger accounts
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BMW: The 7-Series Project (A) Submitted to Prof Ganesh N Prabhu (New Product Development) 12th July‚ 2011 Group 1F Abhishek Sonane‚ 1011297 Namrata Keshwala‚ 1011254 Nirmal Preethi G‚ 1011257 Pavan Kumar Uramandith‚ 1011337 Abstract The case elaborates on the different options considered by BMW regarding the manufacture of its prototype vehicles. Historically‚ BMW ’s prototypes were handcrafted by highly skilled artisans in the company ’s shop. A proposal had been made to alter the process
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Chapter 7: THE LIVES AND WORKS OF MASTERS IN VISUAL ARTS Reporter: Francis B. Corral BSECE II * Leonardo Da Vinci (1452-1519) - an Italian master of the arts of painting‚ sculpture‚ and architecture‚ a draftsman‚ an accomplished engineer‚ and a pioneer investigator‚ in the natural sciences. Life and works in painting * Born in 1452 in Vinci‚ Republic of Florence (now in Italy)‚ Leonardo spent his youth in Tuscany and in 1469‚ went to Florence with
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Chapter 7 In this chapter‚ the author uses an example of dieting to show that people use other people’s very basic understanding of markets to control them‚ and how knowing more can save you more. He says that a major contributor to that is that people‚ especially in America‚ can spend money that is not theirs. This is called a credit system (uses credit cards). Being able to do this‚ he says‚ is a good and a bad thing because people can overspend and end up broke. He says that this ties into
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CHAPTER 1 MANAGERIAL ACCOUNTING‚ TYPES AND ETHICS. 1) Managerial Accounting: Firms internal accounting system and designed to support the information needs of managers in order to make decisions. Not bound by GAAP. a) Managerial accounting has 3 objectives: i) To provide information for planning organization actions ii) To provide information for controlling organization actions. iii) To provide information for making effective decisions. b) Reports that help mangers that are nonfinancial are:
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INTRODUCTION Information Technology is the study‚ design‚ development‚ implementation and support management of information system. It helps to produce‚ manipulate‚ store‚ communicate and/ or disseminate information. We used the term information technology or IT to refer to an entire industry. In actuality‚ information technology is the use of computers and software to manage information. In some companies‚ this is referred to as Management Information Services (or MIS) or simply as Information
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Chapter 7 Risk and Return Recap - Expected Return and Standard Deviation for single asset and 2-asset Portfolio Probability Return(A) Return(B) Good 0.3 - 0.05 -0.10 OK 0.4 0.10 0.15 Poor 0.3 0.20 Portfolio 0.30 E(R) 8.5% Covariance 0.014177 15.68% 11.91% 0.0153 Corr. 0.0246 9.76% S.D. 10.25% 0.009525 Variance 12% 0.99 EQ 7.2 Expected Return: E(RA) = (0.3) (‐0.05) + (0.4) (0.10) + (0.3) (0
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Chapter 6 Key Terms Aspasia A foreign woman resident in Athens (ca. 470-400 B.C.E.) and partner of the statesman Pericles who was famed for her learning and wit. Ban Zhao A Chinese woman writer and court official (45-116 C.E.) whose work provides valuable insight on the position of women in classical China. Brahmins The Indian social class of priests. Caste The system of social organization in India that has evolved over millennia; it is based on an original division of the
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A reporter who had previously interviewed Gatsby before the information about his early life was known‚ headed to New York in anticipation of interviewing him again. The truth is Gatsby was born James Gatz in North Dakota on a farm. He attended St. Olaf’s in Minnesota while working as a janitor to pay his tuition‚ but dropped out after only two weeks. The next summer while he worked on Lake Superior digging for clams and fishing for salmon‚ he spotted a yacht owned by Dan Cody‚ who was a wealthy
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