Send Print Share ABC: too much activity and not enough costing? by Brian Rutherford 03 Feb 2001 Diploma in Financial Management Relevant to Paper D2 | | Activity based costing (ABC) hit the world of financial management with a very large bang in the late 1980s. Within a few years 20% of the UK’s largest companies were using‚ or at least piloting‚ ABC systems. By the turn of the millennium‚ however‚ the proportion of adopters was no higher‚ while one third of those adopting the technique
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Introduction * Meaning of Standard Costing: Standard costing is simply the name given to a technique whereby standard costs are computed and subsequently compared with the actual costs to find out the differences between the two. These differences are then analyzed to know the causes thereof so as to provide a basis of control. * Standard Costing: According to BROWN and HOWARD “Standard costing is a technique of cost accounting which compares the standard cost of each product or service
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C1 Revision Notes Atmosphere is a mixture of gases that surrounds the Earth. The three main chemical components present in air are Nitrogen‚ Oxygen and Carbon Dioxide. Trace amounts means only a very tiny concentration of gas is present. An element is made up of 1 type of atom. A compound is made up of 2 or more types of atom that are chemically bonded. A mixture also contains more than 2 or more type of atoms but they cannot be chemically bonded. A pollutant is a waste matter that contaminates
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RE PHILOSOPHY Miracles - REVISION What constitutes a miracle? A miracle is held to be an act of God‚ or an invisible agent‚ which goes against the laws of nature and has some religious meaning or significance. Definitions of miracles are often very broad and leave them particularly wide to interpretation. We may say that it is a miracle that someone has recovered from a cold‚ but that is only the believer’s interpretation and cannot be verified as miraculous. It simply reflects the way
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King Lear – Revision Male Potency Goneril’s emasculation of Albany in the first and final Acts‚ “milky gentleness…harmful mildness” [p.212 A1S4]; “[weak]-mannered man!” etc Elizabethan understanding of the word “nothing” which is so much repeated. It’s daughters not sons taking away Lear’s power. Old men‚ Lear and Gloucester. “I am ashamed…” [p209 A2S4]‚ Fool: “horns without a case” [A1S5] Goneril calling Lear’s knights a “rabble”‚ shows Lear to be an impotent leader. Thereafter‚ daughters take
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PROCESS COSTING-SINGLE DEPARTMENT INTRODUCTION In process costing system‚ a large number of homogenous products passed through several production departments where each department is responsible for one or more operations that bring a product one step closer to completion. In each department‚ materials‚ labor and overhead inputs may be needed and upon completion of a particular process‚ the partially completed goods are transferred to another process. SIMILARITIES AND DIFFERENCES OF JOB ORDER
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BS1 REVISION BOOKLET SECTION 1 WHAT IS BUSINESS What Is a Business: A business or establishment that aims to fulfil a purpose; • Make profits –producing high quality services and goods • Increase brand image/reputation • Try to survive against competitors • Increase market share • Good customer service • Be environmentally sustainable NEEDS - e.g to survive- shelter‚ water‚ food – PROBLEM: needs are limited WANTS – e.g luxuries - such as cars‚ houses‚ phones - POSITIVE: unlimited
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Two general approaches are used for costing products for the purpose of valuing inventories and cost of goods sold. One approach is called absorption costing. Absorption costing is generally used for external financial reports. The other approach called variable costing is preferred by some companies for internal decision making and must be used when an income statement is prepared in the contribution format. Ordinarily absorption costing and variable costing produce different figures for net income
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Advantages and disadvantages of variable costing Many managers use variable costing for internal reporting and decision making since it has number of advantages (Myers par. 1). First‚ on variable costing reports costs are organized by behavior which makes it easier to understand. Also‚ variable costing statements facilitate cost volume profit (CVP) analysis because it separates cost behavior by fixed and variable. Under variable costing‚ changes in inventory or production do not affect the
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group project Chapter 18: Process Costing Abstract This paper identifies the key points on Process Costing. It covers over various topics like the flow of costs through a process costing system‚ how to calculate equivalent units of production for direct materials and conversion costs‚ the preparation of a production cost report‚ and how to prepare journal entries for a process costing system. Examples will also be shown on how process costing is used in the real world through
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