TASK 1: Cost Classification and Ethics The Sorrel Pharmaceuticals Corporation manufactures a variety of drugs that are marketed internationally. Inventories on May 31 and June 30 were as follows: May 31 June 30 Materials Inventory $354‚100 $327‚400 Work in Process Inventory 112‚600 116‚400 Finished Goods Inventory 138‚500 142‚800 Purchases of materials for June were $142‚600. Direct labor costs were incurred and computed on the basis of 27‚000 hours at $8 per hour. Actual overhead costs incurred
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1. A major advantage of the partnership form is that the personal assets of the partners are protected from creditors in case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement
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Chapter 01 1. The business entity assumption requires that a business be accounted for separately from other business entities‚ including its owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date.
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Managerial Accounting Chapters 11-13 Chapter 10 – 3 Relevant costs are costs that are avoidable by choosing another alternative. If a variable cost differs between alternatives in a decision‚ than it is relevant; however‚ it is not necessarily true that ALL variable costs are relevant. Chapter 10 – 7 Prentiss would need to isolate the unavoidable costs of the product line first. A decision of whether a product line or other segment should be dropped should focus on the differences in the
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Meaning of cost ‘COST’ represents a sacrifice of values‚ a foregoing or a release of something of value. It is the price of economic resources used as a result of producing or doing the thing costed. It is the amount of expenditure incurred on a given thing. Cost has been defined as the amount measured in money or cash expended or other property transferred‚ capital stock issued‚ services performed or a liability incurred in consideration of goods or services received or to be received. CLASSIFICATION
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Cost Accounting: A Managerial Emphasis‚ 14th Edition Horngren‚ Datar and Rajan Check Figures for Exercises and Problems Chapter 2. An Introduction to Cost Terms and Purposes 2-16 1. S‚ $1.1856 D‚ $1.0213 R‚ $0.6400 2-17 1. yeast D/V‚ flour D/V‚ pkg D or I/V‚ dep ov I/F or V‚ dep mix I/F or V‚ rent I/F‚ ins I/F‚ fact util I/F and V‚ fin labor D/V or F‚ mix mgr I/F‚ matl hand I/F or V‚ cust I/F‚ guard I/F‚ mach I/F or V‚ mach maint I/F or V‚ maint sup I/V‚ clean sup I/F. 2. Dep. M&M‚ MDM‚ MH‚ Mac.
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ZINN‚ HOWARD CHAPTER 18 Questions and Answers 1) The Vietnamese complaints against the French both in the letters to President Truman and the 1945 Declaration of Independence‚ were based on the levying of unjust taxes‚ increasing the poverty of the rural populace‚ exploitation of mineral and forest resources‚ massive starvation‚ and imprisonment of those who would rebel or question their colonial power. In the long list of grievances against the French stated in the Vietnamese Declaration of
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World History Notes Chapter 18 Section 3 Coach King Cierra Butler A Period Suffrage- the right to vote Robespierre- a shrewd lawyer and politician‚ quickly rose to the leadership of the Committee of Public Safety. Reign of Terror- which lasted from September 1793 to July 1794. Guillotine- the engine of the terror‚ its fast-falling blade extinguished life instantly. Napoleon Bonaparte- a popular military hero who had won a series of brilliant victories against the Austrians in Italy. Nationalism-
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The kite runner quotes chapters 18-21 1) We said our good-byes early the next morning. Just before I climbed into the Land Cruiser‚ I thanked Wahid for his hospitality. He pointed to the little house behind him. "This is your home‚" he said. His three sons were standing in the doorway watching us. The litle one was wearing the watch – it dangled around his twiggy wrist. (19.113) ~ To undo his actions – or pardon himself – Amir gives Wahid’s sons a watch. 2) The trek between Kabul and Jalalabad‚
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Chapter 18 summary From laon Cathedral as an important example of Early Gothic (1140-1194) to Nicholas’s altars and shrines provide an idea of how sumptuous were the furnishing of Gothic churched. The birthplace of Gothic art and architecture was Saint-Denis‚ where Abbot Suger used rib vaults with pointed arches and stained-glass windows to rebuild the Carolingian royal church. The west façade of Suger’s church also introduced statue-columns on the portal jambs‚ which important example of Early
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