company uses a process cost accounting system. Its Assembly Department’s beginning inventory consisted of 50‚000 units‚ 3/4 complete with respect to direct labor and overhead. The department started and finished 127‚500 units this period. The ending inventory consists of 40‚000 units that are 1/4 complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $24‚000 and overhead costs of $32‚000 for the
Premium Manufacturing Costs Cost
effectively through direct personal experience via the actual information from the manufacturers. ii) To focus attention on the learning process by delivering and exchanging information among the members of the group. iii) To promote translation of accounting theory into specific and meaningful experience. iv) To cultivate students to organise themselves‚ interdependent among the group members and communicate with one and another. v) To encourage students to experience lifelong learning and to practice
Premium Critical thinking Cost Learning
Cost Accounting‚ 14e (Horngren/Datar/Rajan) Chapter 2 An Introduction to Cost Terms and Purposes Objective 2.1 1) Cost objects include: A) products B) customers C) departments D) All of these answers are correct. Answer: D Diff: 2 Terms: cost object Objective: 1 AACSB: Reflective thinking 2) Actual costs are: A) the costs incurred B) budgeted costs C) estimated costs D) forecasted costs Answer: A Diff: 1 Terms: actual costing Objective: 1 AACSB: Reflective thinking 3) The general term used to identify
Premium Variable cost Costs
GUILLERMO VAJDA COST ACCOUNTING ASSIGNEMENT 3 CHAPTER 5 Exercises 5-29‚ 5-42‚ 5-44‚ 5-46‚ 5-50‚ and Problem 5-56 5-29 Al’s Speedy Gourmet‚ a small hamburger shop‚ has identify the following resources used in its operations. Each customer order is a batch. 1 Classify its costs as unit-level‚ batch level‚ product level or facilities level costs. 2 Suggest a proper driver for each item. Bread. Unit-level. Hamburger Hourly help- facilities level. Labor Store rent – Facility-level. Ground beef
Premium Costs Cost accounting Cost
the debate surrounding racial profiling in airports intensified. Many people believed that profiling was the best way to identify possible terrorists‚ but many others worried about violations of civil liberties. While some airports began to target passengers based solely on their Middle Eastern origins‚ others instituted random searches instead. Neither of these techniques seems likely to eliminate terrorism. Now‚ many experts in government and in airport security are recommending the use of a national
Premium Terrorism
SALE OF GOODS ACT 1908‚ ‘ROMALPA’ CLAUSES‚ PASSING OF PROPERTY CONSUMER GUARANTEES ACT 1993 1. (a) Why is it important in a Sale of Goods (SOG) contract to be precise about the time at which property passes? (Clue: what passes with property?) * When the property pass‚ the risk of the property pass to buyer too. Under the S 22 of SOG Act‚ Unless otherwise agreed‚ the goods remain at the seller’s risk until the property therein is transferred to the buyer; but when the property therein
Premium Contract Sale of Goods Act 1979 Contract of sale
econonmMicroeconomics Review Quiz Test 2 1. When is marginal utility equal to zero? A. When TU is zero. B. When MU is at its maximum. C. When TU is at its maximum. D. When MU is at its minimum. The following table shows Mia ’s $ marginal utility for litres of soya milk: 2. Refer to the above table to answer this question. Suppose that Mia has a budget of $7 and the price of a litre of soya milk is $1‚ what is the maximum quantity that Mia might purchase? A. 0. B. 4 litres
Premium Costs Variable cost Marginal cost
Please forward the following two questions to the entire batch as directed by Sengupta sir. AS 2 Determine the cost of inventory of M/s XYZ International Limited involved in the import and trading of mobile phones as at March 31‚ 2011 in accordance with Accounting Standard – 2‚ Valuation of Inventories‚ from the following data (5000 phones) :- Purchase cost of phones – Rs 50‚000 Custom duty on Import – Rs 30‚000 Port clearing charges – Rs 10‚000 Carriage inwards – Rs 15‚000 Salary to
Premium Depreciation
1. The Sarbanes-Oxley Act of 2002 requires that management of publicly traded companies: report on the adequacy of the company’s internal controls over financial reporting. use investment centers to evaluate top managers. compensate managers with fixed compensation plans only. eliminate stock options for managerial compensation. 2. In general‚ there is a direct relationship between the quality of the information provided to managers and the quality of decisions
Premium Management
What is Strategic Management Accounting? And why‚ Strategic Management Accounting? Simple definition: Management Accounting in the context of business strategies being planned and implemented by an organisation. Strategy is the way that a firm positions and distinguishes itself from its competitors. These business strategies must be developed in the context of the internal and external environments so that they are practical‚ or else they will remain a theoretical wish-list. It is also
Premium Strategic management Strategic planning Management