Unit 1 Introduction to Managerial Accounting Stephanie Curry Kristina Unutoa American InterContinental University 03/31/2013 Abstract In this report we will be going over the objectives and characteristics of an internal accounting system‚ the importance of accounting information to the company‚ and the ethics in business and the managing accountant’s role. “HOW THE INTERNAL ACCOUTNING SYSTEM WORKS ON THE INSIDE” Introduction: The managerial accounting system is developed to give data
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rading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. Date Taken: 7/20/2014 Time Spent: 1 h ‚ 53 min ‚ 10 secs Points Received: 85 / 90 (94.4%) Question Type: # Of Questions: # Correct: Multiple Choice 6 5 Essay 4 N/A Grade Details - All Questions Page: 1 2 Question 1. Question : (TCO F) Computing unit product costs involves averaging in: Job-Order Costing Process
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Contrast Cash Basis Accounting and Accrual Basis Accounting The major objectives for business entity are to earn profit. Every company keeps their financial records and prepares their financial reports. There are two main accounting methods which are used to keep recording of the business. They are cash basis accounting (cash method) and accrual basis (accrual method). Either of any method can use in businesses. Company can choose the method which is benefit for them. The cash basis is the most simple
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finished goods inventory was: 1. $24‚000. 2. $ 9‚000. 3. $10‚000. 4. $14‚000. 3. The ending work in process inventory was: 1. $ 4‚000. 2. $ 8‚000. 3. $10‚000. 4. $0. 4. Farber Company uses a job order cost system. The information below is from the financial records of the company for last year: Total manufacturing costs $2‚500‚000 Cost of goods manufactured $2‚425‚000 Predetermined overhead rate 80% of direct labor cost Applied overhead was 30% of total manufacturing
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Assignment 3 Question 1 Question 2 Question 3 a) It would be beneficial for the company as a whole if logs were transferred to the Sawing Division at the suggested price of $61.50 per log. CM from selling externally = $75 - $40.50 - $9.50 = $25/unit $25 x 10‚000 units = $250‚000 CM from selling to Sawing division = $122-Trasnfer costs from Harvesting-Production costs = $122-40.50-9.50-35-4.5-2.5 = $30/unit $30 x 10‚000 units = $300‚000 $300‚000 - $250‚000 = $50‚000 The CM is greater
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TDA 2.3: Communication and professional relationships with children‚ young people and adults. 1 Know how to interact with and respond to children and young people. 1.1 Describe how to establish respectful‚ professional relationships with children and young people. When working within a classroom the children they are taught to call you Miss‚ Mrs or Mr and your surname so they understand who is in charge and it also shows respect for authority. You need to speak to the children in a way in which
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Through the Valley of Shadow Psalm 23. John 10:1-10. From John’s Gospel; in the preceding passage‚ Jesus has courted the indignation of some of the Jewish religious leaders by giving sight to a blind man on the Sabbath. Some of his antagonists heard Jesus say; “I came into this world for judgment so that those who do not see may see‚ and those who do see may become blind.” Some of his opponents asked him; “Surely we are not blind‚ are we?’” To which he replied; “If you were blind‚ you
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1. By the pool method the company would consume all competition to control supply interlocking directorate was when a company or group with control the board members of other companies to facilitate deals to benefit the baeking party horizontal integration is where a corporation controls all of one area of production to hold a monopoly on that stage of production vertical integration is when a company controls all stages of production of a product controlling every part and monopolizing prices 2
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ACCRUAL BASIS OF ACCOUNTING Accrual accounting records the effect of a business transaction as it occurs. When the business performs a service‚ makes a sale‚ or incurs an expense‚ the accountant records the transaction even if it receives or pays no cash. Net income from this activity equals the amount of cash received from customers minus the amount of cash paid for raw materials‚ labor‚ and the services of production facilities. If the entire operating cycle occurred in one accounting period
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Question (1) GENERAL JOURNAL J2 Date Account Titles and Explanation Debit Credit Nov. 1 4 8 10 15 16 18 24 24 24 24 No Journal Entry Cash Teaching Revenue Cash Accounts Receivable Cash Unearned Revenue Accounts Payable Cash Accounts Payable Cash Cash Unearned
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