MANAGERIAL AND COST ACCOUNTING LARRY M. WALTHER & CHRISTOPHER J. SKOUSEN DOWNLOAD FREE TEXT BOOKS AT BOOKBOON.COM Managerial and Cost Accounting © 2009 Larry M. Walther‚ under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted‚ and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-491-5 Download free books at BookBooN.com 2 Managerial and Cost Accounting
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Concept of Cost Accounting……………………………………………………………………03 Introduction……………………………………………………………………………………..03 Traditional costing v/s activity based costing…………………………………………………..04 Need for an Activity Based Costing……………………………………………………………06 Stages in Activity Based Costing……………………………………………………………....08 Cost Drivers…………………………………………………………………………………….09 Classification of activities………………………………………………………………...……10 Steps Involved in the Implementation of Activity Based Costing……………………………..11 Working Example……………………………………………………………………………
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12‚ 2012 Saving Money in Miami Miami is a wonderful city. However‚ living in Miami has some disadvantages because it is a tourist destination. That means the cost of living in Miami is higher than many other U.S. cities. According to Homefair.com‚ Miami is in the top six most expensive cities in the U.S. The average cost of living is approximately $51‚500 (Chapple‚ 2012). Although Miami is an expensive city‚ there are several ways to save money. Clothing‚ transportations‚ and entertainment
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Assignment 2 (20 points) Assignment 2: Costs and Profit Instructions Save this file in your course folder‚ and name it with Assignment‚ the section number‚ and your first initial and last name. For example‚ Jessie Robinson’s assignment for Section 1 would be named Assignment1JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day‚ be sure to save your
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1. Cost Leadership In cost leadership‚ a firm sets out to become the low cost producer in its industry. The sources of cost advantage are varied and depend on the structure of the industry. They may include the pursuit of economies of scale‚ proprietary technology‚ preferential access to raw materials and other factors. A low cost producer must find and exploit all sources of cost advantage. if a firm can achieve and sustain overall cost leadership‚ then it will be an above average performer in its
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each section are provided in the Course Description. Part A – Microeconomics – Worth 10% of total assessment: Answer any five (5) of the following questions. Each question is worth 10 marks; Question 1: (a) Explain the impact of external costs and external benefits on resource allocation; (2.5 marks) Ans : Resources are over - allocated when negative externalities exist because the equilibrium price is too low. Resources are under - allocated when positive externalities exist because the
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evaluate the opportunity cost of each Plan. An opportunity cost is what must be given up in order to obtain some item (Mankiw 483). Specifically if you cannot accomplish both Plans‚ but have to choose one over the other‚ you would look at what you’re giving up from one in order to obtain the other. Opportunity costs are key when viewing economics‚ as we have to take things into consideration that may otherwise be ignored. For example when looking at the opportunity cost of a job‚ we must evaluate
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essential for the quality of life of current and future generations. The challenge is to combine this with continuing economic growth in a way which is sustainable over the long term. Interest in determining costs and benefits is increasing in the environmental field. The possibilities for performing cost-benefit analyses in the waste area depend‚ however‚ on what is known about the actual emissions or discharges associated with waste disposal methods and their effects on the environment and health. On
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What is included in the cost basis of a long- lived asset? Explain for a least two types of such assets. Add the original price of your investment and any transaction costs. For example‚ if you buy 100 shares of stock at $10 per share and pay a $20 broker’s commission‚ your purchase expense totals $1‚020. Disregard dividends or other income you receive as cash while you own the investment. Dividends or interest are classified (and taxed) by the Internal Revenue Service as ordinary income and
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Job Order Cost System There are two main cost accounting systems used: Job order cost systems and Process cost systems. Both have very distinct differences that help each specialize in a certain type of manufacturing company. The job order cost system in particular is used to "provide product costs for each quantity of a product that is manufactured." When a product is called to be manufactured‚ then it is called a job. Once the job is ordered‚ the manufacturing company must go through a flow
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