CHAPTER 14: PROCESS COSTING AND THE COST ACCOUNTING CYCLE Multiple Choice c 1. ABC Company made the following journal entry. Work in Process Inventory $200‚000 Direct Labor $188‚000 Direct Labor Rate Variance 12‚000 From this entry we can tell that ABC uses a. job-order costing. b. process costing. c. standard costing. d. normal costing. d 2. CDE Company
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Experiment Title: Soda Straw Balance Grade Level: 3rd Grade Process-oriented objectives: The students will be able to measure weights of very small objects using the soda straw balance. Processes addressed: observing‚ communicating‚ measuring‚ predicting‚ and inferring NSES Content Standards: A &E Source of Experiment: Formulating and testing hypothesis; experimenting and constructing model. Materials: straws‚ bolts or screws‚ pins‚ equal sided blocks‚ and scissors. Safety Precautions: Teacher
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FRS 15 ‘Tangible fixed assets‘ FRS 15 was issued in February 1999 and sets out the principles of accounting for tangible fixed assets‚ with the exception of investment properties. The objective of the FRS is to ensure that tangible fixed assets are accounted for on a consistent basis. Fixed assets are held in our company for the profit of their use not from their resale. Tangible fixed assets should be capitalized when they are ready for use‚ which means when its physical completion is complete
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Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages‚ rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business
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CHAPTER 1 Overview of Current Account Balance * Introduction: The current account is the difference between exports of goods and services and imports of goods and services. If we denote the current account balance by CA‚ we can express this definition in symbol as CA = EX – IM The current account balance is one of two major measures of the nature of a country’s foreign trade (the other being the net capital outflow. A current account surplus increases a country’s net foreign assets by the
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1 BINOMIAL SETTING? In each situation below‚ is it reasonable to use a binomial distribution for the random variable X? Give reasons for your answer in each case. (a) An auto manufacturer chooses one car from each hour’s production for a detailed quality inspection. One variable recorded is the count X of finish defects (dimples‚ ripples‚ etc.) in the car’s paint. No: There is no fixed n (i.e.‚ there is no definite upper limit on the number of defects). (b) The pool of potential jurors for a
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A balance sheet is a statement businesses produce that outlines their assets and liabilities. It is a snapshot of their fixed assets‚ current assets‚ current liabilities and long term liabilities for a specific moment in time such as the end of a financial year. Using these figures‚ a business is able to calculate their net working capital; how much the business is worth‚ whether it can afford to expand and if it is a good venture for investors. There are different groups of people who are interested
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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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Explain how organisations respond to IT development Adopting business processes In today’s society IT is becoming more essential in everyday life. We use IT to contact people‚ to shop and to find information. Businesses are now trying to adapt to the ways of IT so they can build a stronger connection between their business and their consumers. One of the ways businesses are doing this is by introducing loyalty cards. Loyalty cards are basically cards that companies give you rewards and therefore
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ISSN: 2319 – 7285 G.J. C.M.P.‚ Vol. 2(3) 2013:84-91 WORK- LIFE BALANCE: A LITERATURE REVIEW Satinder Singh Chief Engineer (Drilling) Oil & Natural Gas Corporation Limited (ONGC)‚ Cementing Services‚ Ahmedabad Asset‚ Ahmedabad & Pursuing PhD (Management)‚ Gujarat University‚ Ahmedabad Abstract The literature review on Work-life Balance has been framed up in view of its gained popularity with the major aim to have prosperity of society and the realization of fulfilling lives for its
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