Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting‚ whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole‚ using historical‚ quantitative‚ monetary‚ and factual data. It is more formal and requires the use of GAAP. The information financial accounting
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Chapter 4 Growth and Crisis in Colonial Society 1720-1765 Freehold Society in New England Puritans created a yeomen society of independent farm families who owned their land as freeholders- without feudal dues or leases by 1750‚ rapidly increasing population outstripped the supply of easily farmed land‚ challenging the freehold ideal. A. Farm Families: Women’s Place Men were head of the household no time for anything. They did many labors by 1750‚ family sizes decreased due
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Unit 6 Statement of Cash Flows and Financial Statement Analysis & The Metrics of a Company Unit Assignment Kaplan University January 18‚ 2013 AC505: Advanced Managerial/Cost Accounting |Transaction |Operating |Investing |Financing | |A. Paid bills to insurers and utility providers
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Chapter 13: 1) E13-14 (5 points); 2) E13-16 (5 points); 3) E13-18 (5 points); 4) E13-19 (1 point); 5) P13-23A (8 points); 6) P13-25A (8 points); 7) P13-33A parts a‚ b and c only (8 points); 8) P13-39B (8 points); 9) P13-42B (7 points) Solutions: E13-14 (5 points): (a) The cash payback period is: $48‚000 ÷ $8‚000 = 6 years The net present value is: | | Time Period | | CashFlows | × | 9% DiscountFactor | = | PresentValue | Present value of net annual cash flows |
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INTRODUCTION Realised-profit‚ matching-based‚ historical cost accruals accounting (HCA) has for over fifty years been repeatedly challenged as being an inadequate basis for the measurement of "income" which reports increments in the value of businesses. Such challenges continue unabated and are made by both accounting standards regulators and by academic commentators. Despite its obvious deficiencies for measuring valuation based income‚ and subject to concept of prudence‚ internationally HCA remains
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preparation of a budget. 2) To coordinate all the activities of the business so that each is part of an integral total. 3) To centralized control for example to control each function so that the best possible results may b obtained. 4) To decentralizes (delegate) responsibility to each manager involved. 5) To act as a guide for management decision when unforeseeable conditions affect the budget. 6) To plan and control income and expenditure so that maximum profitability
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COST CLASSIFICATION ASSIGNMENT To classify the various costs would first of all require a definition between the two types of accounting that practically all businesses have to face and a number of key terms which are equally important. These are management accounting and financial accounting. 1. THE DIFFERENCE BETWEEN MANAGEMENT & FINANCIAL ACCOUNTING: Management accounting is concerned with decision making‚ cost apportionment‚ planning and control. It is based within the organisation and is
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business b. Large companies that have some form of international business c. All companies that have some form of international business d. None of the above Answer: C Conceptual‚ International Business‚ p. 6 4. The study of international business helps prepare you a. To deal with the evolving economy b. To develop the necessary skills to succeed in business c. To make a business survive d. (a) and (b) Answer: D Conceptual
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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
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Decision Making 13.3 Types of Costs 13.4 Types of Choices Decisions 13.5 Make or Buy Decisions 13.6 Addition / Discontinuance of a Product line 13.7 Sell or Process Further 13.8 Operate or Shut down 13.9 Exploring New Markets 13.10 Maintaining a desired level of profit 13.11 Summary 13.12 Terminal Questions 13.13 Answers to SAQs and TQs 13.1 Introduction In the previous unit we learnt about Marginal Costing. Marginal costing is the ascertainment of marginal cost and of the effect on profit
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