Cost Accounting: In a broad aspects‚ Cost Accounting is a method of accounting in which all costs incurred in carrying out an activity or accomplishing a purpose are collected‚ classified‚ and recorded. This data is then summarized and analyzed to arrive at a selling price‚ or to determine where savings are possible. So Cost Accounting consists of the identification‚ measurement‚ collection‚ analysis‚ preparation‚ and communication of financial information For example‚ calculating the cost of product
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Question #01 Q # 1. What is international marketing? How it is different from domestic marketing? International marketing: International marketing involves recognizing that people all over the world have different needs. Companies like Gillette‚ Coca-Cola‚ BIC‚ and Cadbury Schweppes have brands that are recognized across the globe. While many of the products that these businesses sell are targeted at a global audience using a consistent marketing mix‚ it is also necessary to understand
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Chapter 1 Cost Accounting: Information for Decision Making Key Concepts 1 Describe the way managers use accounting information to create value in organizations. ♦ Cost accounting helps manages achieve the maximum value for their organizations by providing information for decision making and by measuring the effects of decisions on the value creation of the organizations. ♦ Value chain is the set of activities that transforms raw resources into the goods and services end users purchase
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CHAPTER 12 Statement of Cash Flows Study Objectives 1. Indicate the usefulness of the statement of cash flows. 2. Distinguish among operating‚ investing‚ and financing activities. 3. Explain the impact of the product life cycle on a company’s cash flows. 4. Prepare a statement of cash flows using the indirect method. 5. Use the statement of cash flows to evaluate a company. *6. Prepare a statement of cash flows using the direct method. Summary of Questions by Study Objectives
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Chapter 1 What is Management? Overview Chapter 1 examines what management is including what mangers do‚ and how they use resources to achieve organisational goals. The chapter highlights the four main functions of management (planning‚ organising‚ leading and controlling) as well as exploring the levels of management (first line‚ middle and top) as well as the importance of three types of managerial skills (conceptual‚ human and technical). The chapter concludes with a discussion of the major
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Assignment 1—Due Wednesday 28rd September‚ 2012 Please Note: There are three (3) questions in this assignment. Question 1: Plagiarism and referencing Although this question is not awarded marks‚ students MUST complete this entire question to get any marks for assignment 1. An understanding of plagiarism and “in text” referencing is essential to success in tertiary studies. Background information for Question 1 In an academic setting it is important to acknowledge the ideas of others that you
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CHAPTER 1 The Changing Role of Managerial Accounting in a Dynamic Business Environment ANSWERS to Review Questions 1-1 The explosion in e-commerce will affect managerial accounting in significant ways. One effect will be a drastic reduction in paper work. Millions of transactions between businesses will be conducted electronically with no hard-copy documentation. Along with this method of communicating for business transactions comes the very significant issue of information security. Businesses
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10-7. The FASB undertook the codification project in order to: (1) Simplify user access by codifying all authoritative U.S. GAAP in one spot; (2) Ensure that the codified content accurately represents authoritative U.S. GAAP; and (3) Create a codification research system that is up-to-date for the released results of standard-setting activity. 10-19. Tax holidays are discussed in 740-10-S50‚ 740-10-S99‚ 323-740-10-S99 (Intersection Topic) and 740-10-25. 10-20. ASC 740-10-25-5 et seq. requires that
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1 A company can allocate the costs incurred in the production of products or services in either a direct or an indirect manner. The direct costs can be defined as being the amount materials actually cost plus any other directly linked costs‚ such as labor‚ materials‚ electricity‚ labor for employee and management‚ machine depreciation) Production materials‚ machine or assembly wages. Labor and wages – the cost of obtaining‚ training and retaining labor is a significantly high cost which must
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ACCT2202 Advanced Corporate Accounting Week 1: Unit introduction ACCT2202 Advanced Corporate Accounting: Unit staff • Lecturer-in-charge and tutor • Dr Rick Newby • Tutors • Mr Val Chin (Val.Chin@uwa.edu.au) • Mr Kevin Burns (Kevin.Burns@uwa.edu.au) Unit overview: Learning outcomes • Completion of this unit should help you to: • interpret and apply specific requirements of a range of Australian Accounting Standards (AASBs) • critically evaluate accounting requirements under Australian
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