CHAPTER 6 Joint Product and By-Product Costing LEARNING OBJECTIVES After studying this chapter‚ you should be able to: 1. Identify the characteristics of the joint production process. 2. Allocate joint product costs according to the benefits-received approaches and the relative market value approaches. 3. Describe methods of accounting for by-products. 4. Explain why joint cost allocations may be misleading in management decision making. 5. Discuss why joint production is seldom found in service
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CASE STUDY 1 1. Briefly describe the project desired by the customer‚ Mr. Karl Carr? Include the project objectives. Mr. Karl has started new business. For this business‚ he needs information system for managing inventory. Therefore‚ he wants to develop project about automating delivery system in order to supply the products to their retailers. The project should be implemented in two months according to the scope of the project which is identified by team member.
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Practice Quiz 1. Budgeting is the common accounting tool companies use for planning and controlling. Budgets a. provide a measure of planned financial results. b. focus managers’ energies on exploiting opportunities. c. help managers anticipate potential problems. d. enable managers to control through a set of specific activities with defined corrective actions. 2. [AICPA Adapted] Dewitt Co. budgeted its activity for October 2004 from the following information: *
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The Salamanca Statement (UNESCO‚ 1994) says: Regular schools with this inclusive orientation are the most effective means of combating discriminatory attitudes‚ creating welcoming communities‚ building inclusive society and achieving education for all; moreover‚ they provide an effective education to the majority of children and improve the efficiency and ultimately the cost effectiveness of the entire education system. (Quote from the Centre for Studies on Inclusive Education at: http://inclusion
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FINANCIAL STATEMENTS | Analyzing and Interpreting Financial Statements | | This paper will demonstrate my understanding of financial accounting and why generally accepted accounting principles (GAAP) are important. I will discuss how financial statements are used in the marketplace. I will describe each financial statement and tell what it reveals about the business. I will explain how the statements are linked and show examples. I will explain the notes to the financial statements. I will also
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HOW TO WRITE A STRONG THESIS STATEMENT A WRITING CENTRE HANDOUT 1. UNDERSTAND THE ACADEMIC WRITING TASK You can begin to formulate a good thesis statement only after you have got a solid grasp of the purpose of the assignment. If you’re asked to write a paper in response to a specific assignment question‚ then your first task is make sure that you clearly understand the academic writing task. Determine which of the following critical thinking skills you are primarily being asked to apply to your
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Hames Managerial Accounting Case: A4-61 PROBLEM STATEMENT: Axis Systems specializes in servers for work-group‚ e-commerce and ERP applications. The company’s original job costing system has two direct cost categories: direct materials and direct labor. Overhead is allocated to jobs at the single rate of $22 per direct labor hour. The CFO recently spear headed the allocation issue of jobs and came up with an ABC system to compare to the traditional accounting system. Axis System has been awarded
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MOTIVATION STATEMENT Since I was in Senior High School‚ I have believed that mathematics is an important factor in a life. All human activities in several fields such as information technology‚ economics‚ physics‚ social and others will run well if they are cited in a good mathematics framework. This circumstance stimulated me to attend faculty of mathematics and natural science. I choose statistics as my specialization even though at this time‚ there weren’t many people know about statistics
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Corporate Mission Statements: The Bottom Line Author(s): John A. Pearce II and Fred David Source: The Academy of Management Executive (1987-1989)‚ Vol. 1‚ No. 2 (May‚ 1987)‚ pp. 109115 Published by: Academy of Management Stable URL: http://www.jstor.org/stable/4164734 . Accessed: 11/11/2014 16:07 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use‚ available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that
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I have known my father to be a very brave and courageous police officer serving in the LAPD. He has really inspired me to be like him and I know that the Academy has so much to offer and if given the privilege of attending there‚ I would learn to become a great leader and meet many incredible people along the way who could guide me. When I heard about the Coast Guard Academy‚ all I could think about was what I could do to increase my chances of getting in. I’ve constantly been on the Coast Guard
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