Introduction Activity Based Costing (ABC) is a methodology that identifies activities in an organization and assigns the cost of each activity with resources to all products and services according to the actual consumption by each. By using ABC to assign the overhead costs to each activity‚ the following steps should be followed: 1. Identify and define activities using interviews and surveys. Then build a list of activities. • Activity name-usually consists of an action verb and an object.
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Targeting Target Costing Targeting Target Costing COST MANAGEMENT AND INTER-ORGANIZATIONAL PRODUCT DEVELOPMENT OF MULTI-TECHNOLOGY PRODUCTS Martin Carlsson-Wall Dissertation for the Degree of Doctor of Philosophy‚ Ph.D. Business Administration Stockholm School of Economics 2011 Keywords: Target costing Cost management Accounting Inter-organizational accounting Management control Inter-organizational relationships Product development Inter-organizational product development Multi-technology
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Nassau Christian Schools History Revision Book 2010 Amerindians Theme 1 Amerindians possibly came from Asia -- from an area called Mongolia. The Amerindians are said to be descendants of the Mongoloid people. Their ancestors were nomadic hunters from East - Central Asia. They migrated into America by an ice (land) bridge covering the Bering Strait over 20‚000 years ago. Today the term Mongoloid only applies to the ESKIMOS. Amerindians are classified as a different race because of biological
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MARGINAL AND ABSORPTION COSTING Marginal costing is a technique in which production units are valued at marginal cost of production and fixed costs are written off as period costs. It follows that‚ stocks are valued using only the variable cost of production whereas fixed costs are treated as relating to the period and must be taken off in total. Management accounting is based on marginal costing. TERMINOLOGY USED. Gross contribution: Is the difference between sales value and variable costs
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Backflush Costing Backflush costing is a traditional and standard costing systems track costs as products pass from raw materials‚ to work in progress‚ to finished goods‚ and finally to sales. Such systems are called ’sequential tracking systems’ because the accounting system entries occur in the same order as purchases and production. Sequential tracking is common where management desires to track direct material and labor time to individual operations and products. Backflush costing is a method
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the total cost per unit under throughput costing? Under throughput costing‚ are product costs higher or lower than with other costing methods? Under throughput costing‚ if the sales price per unit is $20‚ direct materials are $8.00 per unit‚ direct labor is $4.00 per unit‚ variable manufacturing overhead is $6.00 per unit‚ if 20‚000 units are produced‚ how much would the variable costs considered period costs on the income statement under throughput costing be? Direct labor be included as a product
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OCR gateway Core C1 revision notes Anything written in purple is for higher tier Exam tips are in red Fossil Fuels 3 types Coal (made from dead plants that lived millions of years ago) Crude oil (made from dead sea creatures that lived millions of years ago) Natural gas (made from dead sea creatures that lived millions of years ago) Key words to learn Non-renewable- fossil fuels are said to be this as we are using them up faster than they can be made Finite- these will run out if we
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Revision Essay A lot of literature has been written about motherhood. Wordsworth is a well known English poet who mentions motherhood and female strength in several of his poems‚ including the Mad Mother‚ The Thorn‚ and The Complaint of a Forsaken Indian Woman. This leads some critics to assume that these poems reflect Wordsworth ’s view of females. Wordsworth portrays women as dependent on motherhood for happiness‚ yet he also emphasizes female strength. The poem The Mad Mother describes a woman
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CHAPTER 4 JOB COSTING 4.16 (10 min) Job order costing‚ process costing. a. Job costing l. Job costing b. Process costing m. Process costing c. Job costing n. Job costing d. Process costing o. Job costing e. Job costing p. Job costing f. Process costing q. Job costing g. Job costing r. Process costing h. Job costing (but some process costing) s. Job costing i. Process costing t. Process costing j. Process costing u. Job costing k. Job costing 4-17 (20
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costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing costs elements. ANSWER = FALSE -They track the same 3 cost manufacturing cost elements 6. Both job order costing and process costing account for direct materials‚ direct labor‚ and manufacturing overhead. ANSWER = TRUE 7. Costs flow through the accounts in the same basic way for both job order costing and process costing. ANSWER = TRUE 8. In a process cost system‚ only
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