Objectives: ← To understand the meaning of standard costing‚ its meaning and definition ← To learn its advantages and limitations ← To learn how to set of standards and determinations ← To learn how to revise standards Introduction: Standard costing is a very practical and therefore widely used costing system‚ in businesses that make a range of products which‚ although different‚ pass through standard and repetitive processes and machinery. Standard cost is the estimated cost of material
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To: Carminho Building Products Ltd From: Rodrigues Accounting Dear Sir/Madam‚ We are submitting herewith our report entitled UK Subsidiary Expansion. The main purpose of this report is to help Carminho Building Products Ltd decide the potential and suitable site for the formation of a public listed subsidiary. This report will include United Kingdom’s current financial reporting environment and other information that Carminho Building Products Ltd would need in order to make a sound decision
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Not many people are fans of wars; nobody wins until years after the war begins and countless lives are lost. Fathers and Mothers have to bury their sons when they should be buried by their son or daughter; not the other way around. The consequences of war can be felt and seen all throughout the world today. Many Soldiers‚ families of soldiers and the trained dogs that are there to help the soldiers are coming out of war with PTSD and other mental health issues that can impede their lives. How can
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The Reasoning and Consequences of Addiction Addiction is defined as a “compulsive psychological need for and use of a habit-forming substance” (merriam-webster.com). It is a debilitating disease that spreads like an infection throughout the life of the addict. Persistent use then consumes every aspect of that life‚ damaging the physical‚ psychological and social well-being of anyone within its grip (merriam-webster.com). Addiction does not discriminate. People from every race‚ age‚ sex‚ religion
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A negative consequence that is a short term impact of the consumption of alcohol would be an adolescent experiencing hangover‚ due to parties or family gatherings. Hangover symptoms typically begins when your blood alcohol drops significantly and is at or near zero (Although‚ this is depending on what and how much the adolescent has consumed‚ this causes them to feel physically weak and tired‚ in full effect the morning after a night of heavy drinking of feeling awful from the pain in their head
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ownership. The separate statements of the subsidiary are more likely to provide useful information to the noncontrolling shareholders. Q3-4 A parent company has the ability to exercise control over one or more other entities. Under existing standards‚ a company is considered to be a parent company when it has direct or indirect control over a majority of the common stock of another company. The FASB has proposed adoption of a broader definition of control that would not be based exclusively on
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Inflation Consequences Author: Geoff Riley Last updated: Sunday 23 September‚ 2012 Analysing the Consequences of Inflation High and volatile inflation has economic and social costs. Anticipated inflation: When people are able to make accurate predictions of inflation‚ they can take steps to protect themselves from its effects. Trade unions might use their bargaining power to negotiate for increases in money wages to protect the real wages of union members. Households may switch savings into
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
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The basic accounting concepts have defined the conception of the preparation of financial statements and the process of preparation in the UK is well regulated. But financial accounting requires a fair amount of flexibility in some certain areas‚ so the need of judgements and estimations for accounts preparers is demand. Meanwhile it leaves a significant approach in accounting treatments. For example‚ when organizations decide which of several inventory valuation methods to utilize; managers make
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