effectively through direct personal experience via the actual information from the manufacturers. ii) To focus attention on the learning process by delivering and exchanging information among the members of the group. iii) To promote translation of accounting theory into specific and meaningful experience. iv) To cultivate students to organise themselves‚ interdependent among the group members and communicate with one and another. v) To encourage students to experience lifelong learning and to practice
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Study guide ACG24 Management Accounting This module has been developed using material with the acknowledgement and permission of Horngren‚ C.T.‚ Datar‚ S.‚ Foster‚ G.‚ Rajan‚ M.‚ Ittner‚ C.‚ Wynder‚ M.‚ Maguire‚ W. and Tan R. (2010)‚ Cost Accounting; a Managerial Emphasis (1st Australian Edition)‚ Prentice Hall International‚ Englewood Cliffs‚ New Jersey. We greatly appreciate the support of Leanne Lavelle of Pearson/Prentice-Hall Australia throughout the process. The University of South
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Cost Accounting‚ 14e (Horngren/Datar/Rajan) Chapter 2 An Introduction to Cost Terms and Purposes Objective 2.1 1) Cost objects include: A) products B) customers C) departments D) All of these answers are correct. Answer: D Diff: 2 Terms: cost object Objective: 1 AACSB: Reflective thinking 2) Actual costs are: A) the costs incurred B) budgeted costs C) estimated costs D) forecasted costs Answer: A Diff: 1 Terms: actual costing Objective: 1 AACSB: Reflective thinking 3) The general term used to identify
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Cost Concepts Semester II Basic Terms • Cost is the amount of expenditure‚ actual (incurred) or notional (attributable)‚ relating to a specific thing or activity. The specific thing or activity may be a product‚ job‚ service‚ process or any other activity • Expenses are expired costs‚ incurred and totally used up in generation of revenue • Loss is lost cost. The term ‘loss’ is used to describe mainly two accounting events. In traditional financial accounting it is used to denote a situation
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B313F Management and Cost Accounting Assignment 1 Date due: 29 October 2008 Weighting: 15% of the total marks of the course Question 1 (25 marks) Mini Case – Seto’s Storage Warehouse Paul Seto owns and manages a commercial storage warehouse. He stores a vast variety of perishable goods for his customers. Under the existing pricing policy‚ he has charged customers using a flat rate of $2.40 per kilogram per month for goods stored. His storage warehouse has 10‚000 cubic metres of
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CHAPTER 1 INTRODUCTION TO COST ACCOUNTING QUESTIONS 1. Management accounting stresses the informational needs of internal users over those of external users (the focus of financial accounting). Because of this perspective‚ management accounting provides information in a format that is flexible and relevant to a particular manager‟s usage. Financial accounting‚ on the other hand‚ must provide some uniformity in the manner in which information is presented for it to be comparable among companies and
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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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Accounting 2082 Managerial Accounting Exam 1 Sample Exam Questions Printed Name: Date: I certify that I have neither given nor received assistance on this exam‚ in accordance with the University of Cincinnati Student Code of Conduct. Signature: Instructions: Circle your answers for the multiple choice questions on the exam. Fill out the scantron sheet carefully‚ using a #2 pencil. Your name (last‚ then first) and M number must be on the scantron sheet. Type of
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Cost Accounting A Managerial Emphasis Fourteenth Edition Charles T. Horngren Stanford University Srikant M. Datar Harvard University Madhav V. Rajan Stanford University Prentice Hall Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montréal Toronto Delhi Mexico City São Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor in Chief: Donna Battista AVP/Executive Editor: Stephanie
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JUST-IN-TIME‚ AND SIMPLIFIED COSTING METHODS 20-1 Cost of goods sold (in retail organizations) or direct materials costs (in organizations with a manufacturing function) as a percentage of sales frequently exceeds net income as a percentage of sales by many orders of magnitude. In the Kroger grocery store example cited in the text‚ cost of goods sold to sales is 76.8%‚ and net income to sales is 0.1%. Thus‚ a 10% reduction in the ratio of cost of goods sold to sales (76.8 to 69.1% equal to 7.7%)
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