Chapter 1 An Introduction to Managerial Accounting and Cost Concepts Introduction to Managerial Accounting MSc. Mohammad Hicham Khalil Objectives 1. Comparison of Financial and Managerial 2. 3. 4. 5. 6. 7. 8. Accounting. General Cost Classifications. Product Cost versus Period Cost. Cost Classifications on Financial Statements. Cost Classifications for Predicting Cost Behavior. Cost Classification for Assigning Costs to Cost Objectives. Cost Classification for Decision Making. Review
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having a conceptual framework of accounting‚ and list the components. 1‚ 2 1 3 3 2. Identify and apply the objective of financial reporting and the underlying assumptions used by accountants. 3‚ 4‚ 5 2‚ 3‚ 6 1‚ 2‚ 4‚ 5‚ 6 1‚ 2‚ 4‚ 5 1‚ 2‚ 4‚ 5 3. Describe the fundamental and enhancing qualitative characteristic of financial reporting. 6‚ 7‚ 8‚ 9‚ 10‚ 12 4‚ 6 2‚ 3‚ 4‚ 5 1‚ 2‚ 3 1‚ 2‚ 3 4. Identify and apply the constraints on financial reporting. 11‚ 12‚ 13‚ 14 5‚ 6‚ 7 5‚ 6 3‚ 4 3‚ 4 5
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Role of Cost Accounting and Ethical Consideration Role of Cost Accounting and Ethical Consideration Introduction Cost accounting is used to help management understand how much it cost to run a business. Understanding the role of cost accounting is important when one is trying to put together a team of managers to help run the company. The CEO of a merchandising organization needs to hire a CFO to run the accounting system‚ but the CEO has little understanding of cost accounting. The CEO
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CHAPTER 2 SOLUTIONS TO SUPPLEMENTARY PROBLEMS FROM SCOTT TEXTBOOK 6th edition 11. Several reasons can be suggested why oil company managers have reservations about RRA: • The discount rate of 10% might not reflect the firm’s cost of capital. • Low reliability. RRA involves making a large number of assumptions and estimates. While SFAS 69 deals with low reliability in part by requiring end-of-period oil and gas prices to be used (rather than prices anticipated when the reserves are expected
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Management‚ the Controller‚ and Cost Accounting Management According to Henry Fayol’s Industrial and General Administration‚ "to manage is to forecast and to plan‚ organize‚ to command‚ to co-ordinate and to control". To an organization‚ those various activity can be narrowed to Planning‚ Organizing and Control by three groups of management: operating management‚ middle management and executive management with different role in each level. Planning is the process of sensing external opportunities
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Cost accounting and the lean production philosophy By Tyrone Williams AIU Online September1‚ 2012 Abstract As Dr. Stephanie White prepares to cope with the a steep reduction in the budgetary allocation to the Uptown Clinic she must carefully determine which areas to cut while striving to maintain current levels of service. This essay will offer advice Dr. White on preparing for budget cuts. It will also discuss the lean production philosophy and how this compares with typical production
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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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Chapter 01 - Introduction to the Field CHAPTER 1 INTRODUCTION TO THE FIELD Review and Discussion Questions 1. What is the difference between OSM and OR/MS? Between OM and IE? Operations and Supply Management (OSM) is a synthesis of concepts and techniques that relate directly to production and distribution systems and enhance their management. Operations and Supply Management has a distinct management role that differentiates it from OR and IE. Operations and Supply Managers use the tools of
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full potential of SSC profitability is not being realised due to reliance on an outdated information and cost accounting model. The objective of this report is to elucidate the method of integrating SSC operational processes‚ information and cost accounting aspects through ABC‚ thus aligning them with their competitive strategy. We will identify potential issues and recommend viable solutions. 2.0 Conclusion SSC has reached a position
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sold 2630 * Merchandise inventory 2630 Sales 3900 Cost of merchandise sold 2630 Gross profit 1270 Ending inventory 3250 B. * Jan 4 acc rec 3900 * Sales 3900 * Jan 4 cost of merchandise sold 2660 * Merchandise inventory 2660 Sales 3900 Cost of merchandise sold 2660 Gross profit 1240 Ending inventory 3220 Inventory system 1. Perpetua: record sales and cost of merchandise sold uses FIFO LIFO 2. Periodic: records sales only
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