Difference between historical cost and fair value accounting In order to make the most profitable and rational decisions entity’s stakeholders have to evaluate organisation’s financial statements. Today’s world of rapidly changing prices has made it difficult to estimate what something is actually worth. Thus leading to debates at what price – historical costing price or market value – assets and liabilities should be reported. Therefore‚ before making any evaluations about reported transactions
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PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However‚
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In “The Scarlet Ibis”‚ James Hurst uses indirect characterization to display the idea that pride is wonderful feeling‚ but too much of it can control someone and hurt them and others by having Doodle be the older brother’s pride‚ than by having his pride overcome him and end up hurting him. Towards the middle of the story‚ Doodle‚ the protagonist‚ is taught how to walk by his older brother. When they decide to show their family the surprise‚ everyone walks over to Doodle’s older brother to give him
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Child Labor Child labor was once a major problem here in the United States‚ but we no longer have that problem. Other developing countries that are still struggling still have child labor. This is mainly because the families are hurting for money and need the extra income‚ so they send their children to work. Besides the cheap labor children are preferred in many factories without labor laws because they are easy to direct. It is a major problem though. Today ‚ throughout the world 215 million
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Hi Students‚ I would like you to study this problem and the solution to help in the preparation of your case study question on cost classification. Keith PRACTICE PROBLEM AND SOLUTION Given the following‚ prepare manufacturing statement and partial income statement. Raw materials inventory 1/1/05 8‚000 Raw materials inventory 12/31/05 5‚000 Work in process inventory 1/1/05 2‚000 Work in process inventory 12/31/05 3‚000 Finished goods inventory 1/1/05 15‚000 Finished goods inventory
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Database Marketing Methods Getting database list can be fairly straightforward if they have their own customer. But even then‚ Citibank Singapore may have to develop more sources to obtain additional customer data about your customers. Here are some of Citibank in-house records collected that can be used to develop the customer database: Sales Receipts/Invoices/Order Forms These documents give Citibank the following information of customer buying behaviour: date of last purchase‚ dates of all
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Labor Unions 2 Labor Unions: Interaction with Human Resource Management Employee and labor relations The objective of this research paper is to provide better understanding on how Labor Unions interact with Human Resource Management and employee and labor relations. To provide a better understanding I will include the following topics: 1. History of Labor Unions 2. Common Reasons for Joining a Union 3. Grievance Procedures 4. Arbitration and Mediation During my career‚ I have
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4. 1) Labor demand is more elastic the greater the elasticity of demand for the output. When the wage rises‚ the marginal cost of production increases. A wage increase‚ therefore‚ raises the industry’s price and reduces consumers’ demand for the product. Because less output is being sold‚ firms cut employment. The greater the reduction is consumer demand‚ the larger the cut in employment and the more elastic the industry’s labor demand curve. Unions want to limit the availability of goods that compete
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11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity?
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With the advent of money‚ the equal acquisition of property through labor became distorted. In consenting to the use of money‚ men gave up on aspects of their natural rights. This led to the unequal accumulation of what was common; causing appropriation of goods through labor to go beyond what was necessary for sustenance‚ ultimately producing inequality in the ownership of private property. In reaching an agreement to use cash‚ individuals conceded their right to have an equal chance at acquiring
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