HSM 260 Checkpoint Scavenger Hunt Week 1 July 29‚ 2011 GAAP- (Generally Accepted Accounting Principles) - The rules that govern the way accountants generate financial reports. http://www.investopedia.com/terms/g/gaap.asp Basic accounting formula- The formula used in accounting that shows the total assets‚ liabilities‚ and the shareholders equity. Assets = Liabilities + Shareholder Equity. http://www.investopedia.com/terms/a/accounting-equation.asp Transaction‚ t-account- An analysis
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PRACTICE QUESTIONS ON BREAK-EVEN ANALYSIS 1. A small firm intends to increase the capacity of a bottleneck operation by adding a new machine. Two alternatives‚ A and B‚ have been identified and the associated costs and revenues have been estimated. Annual fixed costs would be $40‚000 for A and $30‚000 for B; variable costs per unit would be $10 for A and $12 for B; and revenue per unit would be $15 for A and $16 for B. a) Determine each alternative’s break-even point in units. b) At what volume of
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Axia College Material Jessica Bonner Appendix C Stakeholder Impact Analysis Table After reviewing each stakeholder position on the case by reading your classmates’ presentations‚ organize the stakeholders’ positions by completing the table. Provide a brief description of each stakeholder’s interest‚ then rate each stakeholder’s level of influence‚ urgency‚ persuasiveness‚ and importance. Reference the example on p. 357 (Ch. 5) of the text as a model. The legend below clarifies the meaning of the
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Question: Undeniably‚ breaking even is not the ultimate goal of firms. Why then bother about the break-even analysis? THE IMPORTANT OF BREAK-EVEN ANALYSIS It is an undisputable fact that every business’ objective is to survive and make profit as compensation of being in existence. Frankly‚ predicting a precise amount of sales or profits is nearly impossible. No business aims at making losses whatsoever. Given this‚ a person starting a new business often asks‚ ‘’ At what level of sales will my
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Cost Control and Cost Reduction A business enterprise must survive‚ grow‚ and prosper. Cost Control and Cost Reduction are activities necessary for ensuring that these objectives are fulfilled. With the liberalization of the Indian Economy and Globalization‚ there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival. This has increased the importance of cost control and Cost Reduction. Cost Control “Cost control
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Generally‚ the term cost of production refers to the ‘money expenses’ incurred in the production of a commodity. But money expenses are not the only expenses incurred on the production of a commodity. There are number of services and inputs such as entrepreneurship‚ land‚ capital etc.‚ which are offered by an entrepreneur without changing any price or receiving any payment for them. While computing the total cost of production‚ allowance should be made for such expenses. It is therefore essential
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Accrual Method HSM/ 260 -Financial Management for Human Services Managers July 12‚ 2012 Accrual Method The accrual method records the transaction even before the organization has received the money for the services. The accrual method works the best for nonprofits organizations then profit organizations. For example‚ if the organization supplying a service records the cost of the services‚ and does not wait until they receive the money for the services rendered. The accrual method shows
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for a fee. From your readings‚ should someone use a credit repair service? Why or why not? What are some actions these organizations can take that should be a red flag? Some credit repair clinics use practices that are fraudulent‚ deceptive‚ and even illegal stealing the credit files or Social Security numbers of people who are under 18 or have died‚ and substituting these for the files of people with poor credit histories‚ and advising clients to create a new identity by applying for an IRS Employer
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manufacturing cost categories. LO2 Distinguish between product costs and period costs and give examples of each. including calculation of the cost of goods sold. LO4 Prepare a schedule of cost of goods manufactured. LO5 Understand the differences between variable costs and fixed costs. LO6 Understand the differences between direct and indirect costs. LO7 Define and give examples of cost classifications used in making decisions: differential costs‚ opportunity costs‚ and sunk costs. LO8
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her Break-even for one month‚ she needs to identify and calculate the following Firstly‚ Jane needs to gather all her products with their Cost Price (Variable Cost per item) as well as her Selling Price. By identifying each products’ selling price and cost price‚ Jane can determine the difference – The Profit. This helps establish her fixed costs in which are referred to as the direct costs of production. This ensures how many need to be made and sold to cover all of Jane’s fixed costs. Therefore
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