additional costs incurred. Actual variable costs increased from $218 to $247.50‚ causing an unfavourable flexible-budget variable cost variance of $59 457. The next section‚ 3.2 Variable and Fixed Variance Analysis‚ will look into the specific causes of this increased in cost and resources consumed. Understanding the reasons why actual results differ from budgeted amounts can help Barnes better manage its costs and pricing decisions in the future. If Barnes have not been able to pass these costs on to
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range of accounting application is expanding rapidly‚ along with the increasing demand of economic market. As is well known‚ accounting is a key aspect of business. And in the accounting profession‚ there has been already existed interpenetration and overlapping among the different kinds of accounting. Cost accounting and financial accounting are two main components of accountancy. The former one is a part of accounting. In cost accounting‚ it dramatically researches the variable cost‚ fixed cost‚ overheads
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EXPLORING RELIABILITY AND VALIDITY INSTRUCTIONS In a 2–3-page Word document (not including the title and reference page)‚ you will analyze the psychometrics provided from the Values and Motives Questionnaire (VMQ). Use APA formatting for the font (Times New Roman 12 pt.)‚ title page‚ margins‚ and section headings. To receive full credit for this assignment‚ be sure to: 1. Address the type of reliability and validity used. Explain the types of reliability and validity used. The authors of the
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Direct Cost 2. Indirect Cost 3. Cost Object 4. Cost Driver 5. Cost Allocation 6. Cost Sheet 7. Semi variable cost 2. Write a detailed note on Target Costing. (DEC‚ 2010) 3. Write a note on methods of absorption of overheads. (DEC‚ 2010) 4. Write a note on classification of overheads. (DEC‚ 2010) 5. Write short notes on the following: i. Product Costs ii. Period costs iii. Out of pocket cost iv. Sunk Costs v. Opportunity cost vi. Replacement cost vii. Joint cost (DEC‚ 2011)
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an ISO 46 oil‚ and the inlet oil temperature is normally 50C. The runner has a ground finish. You are told that misalignment is negligible. The filtration system filters down to 10 microns. What is the likely cause and why? What is the most cost-effective remedy? 3. A tilting-pad thrust bearing on a drilling rig has failed‚ and it is found that three of the 12 pads on one side of the bearing have worn‚ but all the other the pads are in perfect condition. What do you think is the likely
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FINANCIAL ACCOUNTING AND TAX PRINCIPLES INTERNAL ASSESSMENT PLEASE ANSWER ALL QUESTIONS ANSWERS MUST BE SUBMITTED BY 23/03/09. 1. The qualitative characteristics of relevance‚ reliability and comparability identified in the IASB’s Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements. Required: Explain what is meant by relevance‚ reliability and comparability
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a C. Reliability In order for assessments to be sound‚ they must be free of bias and distortion. Reliability and validity are two concepts that are important for defining and measuring bias and distortion. Reliability refers to the extent to which assessments are consistent. Just as we enjoy having reliable cars (cars that start every time we need them)‚ we strive to have reliable‚ consistent instruments to measure student achievement. Another way to think of reliability is to imagine a kitchen
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Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting‚ whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole‚ using historical‚ quantitative‚ monetary‚ and factual data. It is more formal and requires the use of GAAP. The information financial accounting
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Cost Accounting A Managerial Emphasis Fourteenth Edition Charles T. Horngren Stanford University Srikant M. Datar Harvard University Madhav V. Rajan Stanford University Prentice Hall Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montréal Toronto Delhi Mexico City São Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor in Chief: Donna Battista AVP/Executive Editor: Stephanie
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Datar‚ S.M. and Foster‚ G. (2003) Cost Accounting - A Managerial Emphasis‚ Pearson Education‚ Inc.‚ New Jersey‚ Eleventh Edition CHAPTER 11 DECISION MAKING AND RELEVANT INFORMATION 11-1 The five steps in the decision process outlined in Exhibit 11-1 of the text are: 1. 2. 3. 4. 5. Obtain information Make predictions about future costs Choose an alternative Implement the decision Evaluate performance to provide feedback 11-2 Relevant costs are expected future costs that differ among the alternative
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