Introduction: The basic objective of accounting is to provide information that is useful in making business and economic decisions. What makes accounting information useful for decision-making? The answer is however the accounting information confirms to the qualities that should be possessed by the financial and cost & Managerial reporting. In view and addition to this‚ the importance of strategic cost management and costing techniques like Activity based costing should not be underestimated. This
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Questions 1 Brief Exercises Exercises 1 A Problems B Problems 2. 2‚ 3‚ 4‚ 5‚ 6‚ 7‚ 8‚ 9‚ 14 1‚ 2‚ 5 2‚ 4‚ 6‚ 7‚ 14 1A‚ 2A‚ 3A‚ 5A 1B‚ 2B‚ 3B‚ 5B 3. 10‚ 19 4 6‚ 7 4. 11‚ 12‚ 13‚ 14‚ 16 3‚ 6 3‚ 5‚ 6‚ 7 10‚ 11‚ 12 1A‚ 2A‚ 3A‚ 5A 1B‚ 2B‚ 3B‚ 5B 5. 17 8 6. 15‚ 17 7‚ 8 9‚ 12 2A‚ 3A‚ 5A 2B‚ 3B‚ 5B 7. 18‚ 20 9‚ 10 9‚ 10‚ 11‚ 13‚ 14 2A‚ 3A‚ 4A‚ 5A 2B‚ 3B‚ 4B‚ 5B 2-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number
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Chapter 2 1. A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature‚ function‚ and limits of financial accounting and financial statements. A conceptual framework is necessary in financial accounting for the following reasons: (1) It enables the FASB to issue more useful and consistent standards in the future. (2) New issues will be more quickly solvable by reference to an existing framework of basic
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Sales ($68 per unit × 410‚000 units) $27‚880‚000 Variable costs ($60 per unit × 410‚000 units) 24‚600‚000 Contribution margin $ 3‚280‚000 1b. Contribution margin (from above) $3‚280‚000 Fixed costs 1‚640‚000 Operating income $1‚640‚000 2a. Sales (from above) $27‚880‚000 Variable costs ($54 per unit × 410‚000 units) 22‚140‚000 Contribution margin $ 5‚740‚000 2b. Contribution margin $5‚740‚000 Fixed costs 5‚330‚000 Operating income $ 410‚000 3 Operating
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Introduction to Cost and Management Accounting Lecturer: Nadini Persaud Contact Information: Email: nadini.persaud@cavehill.uwi.edu npersaud07@yahoo.com Office Location: Upstairs Main Library Tel: 417-4296 (DOMS General Office) 417-4297 (NP Office) March 2nd 2013 mid-term exam Contents Decision Making 3 Theory of Constraints 4 IMA Guidelines for Ethical Behavior 4 Competence 4 Confidentiality 5 Integrity 5 Credibility 5 Corporate Social Responsibility
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Chapter 10 Standard Costs and the Balanced Scorecard Solutions to Questions 10-1 A quantity standard indicates how much of an input should be used to make a unit of output. A price standard indicates how much the input should cost. 10-2 Ideal standards assume perfection and do not allow for any inefficiency. Thus‚ ideal standards are rarely‚ if ever‚ attained. Practical standards can be attained by employees working at a reasonable‚ though efficient pace and allow for normal breaks
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II TRUE/FALSE 1. Overhead costs are a major part of costs for most companies – more than 50% of all costs for some companies. Answer: True Difficulty: 1 Objective: 1 2. At the start of the budget period‚ management will have made most decisions regarding the level of variable costs to be incurred. Answer: False Difficulty: 1 Objective: 1 At the start of the budget period‚ management will have made most decisions regarding the level of fixed costs to be incurred. 3. One way to
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Chapter 2 The Balanced Scorecard and Strategy Map | | ------------------------------------------------- QUESTIONS 2-1 Financial performance measures‚ such as operating income and return on investment‚ indicate whether the company’s strategy and its implementation are increasing shareholder value. However‚ financial measures tend to be lagging indicators of the strategy. Firms monitor nonfinancial measures to understand whether they are building or destroying their capabilities—with customers
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ACCT2201 CORPORATE ACCOUNTING Tutorial 8 – Week beginning 5th of May REVIEW QUESTIONS Chapter 15 8. When are potential voting rights considered when deciding if one entity controls another? Potential voting rights are rights to obtain voting rights of an investee‚ such as within an option or convertible instrument. Potential voting rights are only considered if the rights are substantive ie practical or utilitarian. This depends on the terms and conditions associated with the options.
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Exercise 2-2 | | |Product |Period Cost | | | |(Inventoriable) Cost | | |1. |Depreciation on salespersons’ cars | |X | |2.
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