Cost Allocation Paper Cost Accounting Abstract This article’s focus is how cost accounting allocates costs of a manufacturing plant. All things are hypothetical. The conclusions of this report regarding costing of commercial services provided by Goodyear Tire should be recognized as a theory of the way Goodyear Tire conducts business activities‚ rather than suggestions of how Goodyear Tire should conduct business. Goodyear Tire is a publically traded company‚ which has many different
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Who Owns Your Company’s Social Media Accounts? Some business assets are easy to spot: a company car or fax machine‚ for example. Others are intangible‚ like a bank account or line of credit. And then there is one item that is just emerging as a recognized business asset: social media accounts. Yes‚ a business can “own” its social media presence. Online accounts for Facebook‚ Twitter‚ LinkedIn‚ and so on are valuable resources and‚ increasingly‚ businesses are struggling with determining to whom
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bank account in one of the countries in which PayPal operates‚ even if he or she does not have a PayPal account. Opening a PayPal account is very straightforward. You just need to go to the PayPal website (see References below)‚ put in an email address and choose a password. Once you are allowed into the PayPal system‚ you will be required to enter your bank account information‚ which will then be verified. You can then fund your PayPal account by transferring money from your bank account once both
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Al-Awfar Savings and Investment Account-i? Al-Awfar is a unique savings and investment account based on the Mudharabah‚ a contract of profit-sharing. 2. What is the meaning of Al-Awfar? Al-Awfar means “prosperous investment”. 3. What is the difference between Al-Awfar Savings Account and Investment Account-i and the normal Bank Islam Savings Account-i and General Investment Account-i (GIA)? Al-Awfar Savings and Investment Account-i is a rewarding account that offers a host of additional
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Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures‚ a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the other
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Cost accounting 4-37 General ledger relationships‚ under- and overallocation. The solution assumes all materials used are direct materials. A summary of the T-accounts for Needham Company before adjusting for under- or overallocation of overhead follows: Direct Materials Control Work-in-Process Control 1-1-2008 30‚000 Purchases 400‚000 Material used for manufacturing 380‚000 1-1-2008 20‚000 Direct materials 380‚000 Transferred to finished goods 940‚000 12-31-2008 50‚000 Direct manuf.
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Describe the schedule of cost goods manufactured. How does it tie into the income statement? 5. Why are product costs sometimes called inventoriable costs? Describe the flow of such costs in a manufacturing company from the point of incurrence until they finally become expenses on the income statement. 6. Is it possible for costs such as salaries or depreciation to end up assets on the balance sheet? Explain. 7. “The variable cost per unit varies with output‚ whereas the fixed cost per unit is constant
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WHAT ARE COSTS AND PROFITS? HUNGRY HELEN’S COOKIE FACTORY • Helen‚ the owner of the cookie factory‚ buys flour‚ sugar‚ flavorings‚ and other cookie ingredients. • She also buys the mixers and the ovens and hires workers to run the equipment. • She then sells the resulting cookies to consumers. 2 TOTAL REVENUE‚ TOTAL COST‚ AND PROFIT • The amount that Helen receives for the sale of its output (cookies) is its total revenue. • The amount that the firm pays to buy inputs (flour‚ sugar‚ workers
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The Cost of Absenteeism Any company’s successful operation depends in large part on the attendance of its employees. Unnecessary or unexcused absences affect company operations. Some absences are unavoidable. Others are worth taking steps to control. Absenteeism costs companies more money every year. Can you figure out what absenteeism costs your company in any given month? Can you multiply that by 12 to see what it costs in a year? Remember‚ this isn’t taking into account the cost of replacing
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Accounts Receivable Turnover = Net Sales/Average Net Account Receivables Accounts receivable turnover ratio measures the effectiveness of a company in extending credit and collecting debts. It is an activity ratio that measures how efficiently a firm uses its assets. Year ABC DEF GHI Industry Average 2012 31‚ 053/988 = 31.43 16‚842/1‚282.5 = 13.13 5‚160/618 = 8.35 17.64 2013 32‚722/1‚042 = 31.4 18‚657/937 = 19.91 5‚858/494 = 11.86 21.06 In this table you see the accounts receivable turnovers from
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