you want to increase your profit‚ then start to decrease your cost. What a dialogue‚ this is not a dialogue but this is the reality of today business. Every day an accountant invents new method of decreasing the cost. All method of calculation of FIFO‚ LIFO‚ standard costing‚ variance calculation and making of cost budget is not the end of cost accounting but this is the starting of cost accounting. Internet cost reduction method is also a
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2006‚ and assets at December 31‚ 2007‚ respectively‚ are 10) Assuming no beginning inventory‚ what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using the FIFO method exceeds cost of goods sold when inventory is valued using the LIFO method? 11) Which method of inventory pricing best approximates specific identification of the actual flow of costs and units in most manufacturing situations? 12) All of the following costs should be charged
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Chapter 8 Segment and Interim Reporting Chapter Outline I. FASB Accounting Standards Codification Topic 280‚ Segment Reporting (FASB ASC 280)‚ provides current guidance on segment reporting. A. ASC 280 follows a management approach in which segments are based on the way that management disaggregates the enterprise for making operating decisions; these are referred to as operating segments. B. Operating segments are components of an enterprise which meet three criteria. 1. Engage in business
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I Brief Contents 3 Chapter 1 Introducing Financial Accounting Chapter 2 Constructing Financial Statements Chapter 3 Adjusting Accounts for Financial Statements Chapter 4 Reporting and Analyzing Cash Flows Chapter 5 Analyzing and Interpreting Financial Statements Chapter 6 Reporting and Analyzing Revenues and Receivables Chapter 7 Reporting and Analyzing Inventory Chapter 8 Reporting and Analyzing Long-Term Operating Assets
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entries‚ and the cost of production report. 2. Describe process costing for settings without work-in-process inventories. 3. Define equivalent units‚ and explain their role in process costing. 4. Prepare a departmental production report using the FIFO method. 5. Prepare a departmental production report using the weighted average method. 6. Prepare a departmental production report with transferred-in goods and changes in output measures. 7. Describe the basic features of operation costing. 8
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A COMPARATIVE ANALYSIS OF CORPORATE REPORTING IN NIGERIA AND IN THE UNITED KINGDOM Abstract; This paper presents a comparative analysis of corporate reporting in Nigeria vis-à-vis UK. It describes the key factors in the business environment which influenced accounting system development as well as the regulatory frameworks. It tabulates and compares significant accounting rules and methods prescribed by both UK and Nigerian GAAPs‚ using the Financials of Dangote Cement Plc‚ a hugely market capitalized
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BACKGROUND OF SURNECO‚ INC. The Surigao del Norte Electric Cooperative‚ Inc. (SURNECO) was formally incorporated and registered with the National Electrification Administration (NEA) on September 24‚ 1977. After obtaining a Php13.5M with NEA‚ it took over the ownership‚ management and operation of the Surigao del Norte Electric Company in Surigao City which was owned by the Lumanlan after paying its assets‚ properties and franchise on June 26‚ 1978. SURNECO’s coverage area includes Surigao
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10.1 HSC topic: Operations -> is about planning & controlling operations with the aim of minimizing cost‚ maximizing productivity‚ improving efficiency and achieving strategic business goals 25% of indicative time The focus of this topic is the strategies for effective operations management in large businesses. Outcomes The student: H1 critically analyses the role of business in Australia and globally H2 evaluates management strategies in response to changes in internal and external
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MATERIALS MANAGEMENT According to bailey and farmer materials management is the “management of the flow of materials into an organization to the point where‚ those materials are converted into the firm’s end product.” Objectives of materials management Low Prices: Obtaining the least possible price for purchased materials is the most obvious purchasing objective and certainly one of the most important. If the purchasing department reduces the prices of the items it buys‚ operating costs are reduced
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FIFO: FIFO (first in‚ first out) is the memory which is used as the slave in this project. Input is taken from the AXI-BUS as the data-input and the corresponding information or data is stored in the FIFO memory. ROM: ROM (Read only memory) is the memory which is used as the slave in this project. Input is taken from the AXI-BUS as the data-input and
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