Two common costing systems used in business are traditionally cost accounting system (job costing‚ process costing and operating costing) and activity-based costing system (ABC). There are some similarities and differences between these systems. Regarding the similarities‚ both accumulate product costs throughout the production process and assign those costs to individual units of production. Additionally‚ product cost under two costing systems consists of direct materials‚ direct labor and manufacturing
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REVISION QUESTIONS Section 1 – Questions 1) a) Explain THREE possible defenses to a civil law claim of negligence. (6) b) State the circumstances in which an employer may be held vicariously liable for the negligence of the employee. (2) 2) a) State the circumstances in which an employer may be held vicariously liable for the negligence of an employee. (2) b) Outline the legal duties placed on employers
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Absorption and marginal costing (Relevant to AAT Examination Paper 3: Management Accounting) Li Tak Ming‚ Andy Deputy Head‚ Department of Business Administration‚ Hong Kong Institute of Vocational Education (Kwai Chung) Introduction Absorption costing and marginal costing are alternative cost accumulation systems used to ascertain product or job costs for inventory valuation and cost of sales. Absorption costing Absorption costing includes both variable and fixed production costs in the
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Analyse the evolution of ACTIVITY BASED COSTING (ABC). What Factors led to its emergence. Contents Abstract………………………………………………………………………………………. 3 Introduction……………………………………………………………………………….. 4 Activity Based Costing (ABC)……………………………………………………..…. 5 * What is ABC * Development Of ABC Terms Involved in ABC & Stages of ABC………………………………………… 6 Evolution Of ABC………………………………………………………………………… 7 Phases of development of ABC……………………………………………………… 8 What led to the emergence of ABC………………………………………………
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VARIABLE COSTING Learning Objectives 1. Explain the accounting treatment of fixed manufacturing overhead under absorption and variable costing. 2. Prepare an income statement under absorption costing. 3. Prepare an income statement under variable costing. 4. Reconcile reported income under absorption and variable costing. 5. Explain the implications of absorption and variable costing for cost-volume-profit analysis. 6. Evaluate absorption and variable costing. 7
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School of Accounting ACCT 1511: Accounting and Financial Management 1B Summer Session‚ 2012 Lecture Materials for Classes 10 -12 Management Accounting 10. Management Accounting: Review 11. Costing Systems 12. Budgeting for Planning and Control Student Handout Lecturer: Nicole Ang Website: http://lms-blackboard.telt.unsw.edu.au/webapps/portal/frameset.jsp 1 School of Accounting ACCT 1511: Accounting and Financial Management 1B Summer Session‚ 2012 Class 10 Review of Introduction to
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Airline Operating Costs By Peter Horder‚ Senior Vice President SH&E Ltd Prepared for: MANAGING AIRCRAFT MAINTENANCE COSTS Conference Brussels‚ 22 January 2003 Agenda Introduction Current Airline Environment Airline Cost Elements Indirect and Direct Operating Costs Overhead Cost Control Balance Sheet Effects Reference Sources Conclusions 1 Introduction Current airline environment Safety considerations and costs – Security restrictions – Insurance implications Cost reduction
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Revision Checklist for O-Level Physics 5054 Guide for Students www.XtremePapers.net REVISION CHECKLIST for O Level Physics 5054 A guide for students How to use this guide The guide describes what you need to know about your O level Physics examination. It will help you to plan your revision programme for the written examinations and will explain what the examiners are looking for in the answers you write. It can also be used to help you to revise by using the tick boxes in Section 3‚ ‘What
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Target Costing: A Historical Perspective Patrick Feil‚ Keun-Hyo Yook‚ Il-Woon Kim INTRODUCTION Target costing originated in Japan in the 1960s‚ though it remained a secret for years. Since the 1980s‚ however‚ when target costing was widely recognized as a major factor for the superior competitive position of Japanese companies‚ extensive efforts have been made to convey target costing to Western companies. Many large companies in North America and Europe have tried to adopt target costing to enhance
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Services Costing Solution Value Driver: Helps in identifying correct adoption of costing method which facilitates a transparent cost chargeback to Business Units (recipient of shared services) with granular insight of the cost constituents. Introduction: In today’s highly cost conscious environment‚ enterprise wide cost savings can be achieved by consolidating common work and infrastructure by using Shared Services units. But Business units often complain that Shared Services end up costing more
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