answering challenge questions answering challenge questions [SECTION TITLE] 1 2 CONTENTS Practical experience requirements (PER) 4 challenge questions 5 sample answers 01 Demonstrate the application of professional ethics‚ values and judgement 6 03 Raise awareness of non-financial risk 7 04 Manage self 8 05 Communicate effectively 10 08 Improve departmental performance 12 10 Prepare financial statements for external purposes 13 13 Contribute to budget
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Unit 4 – Pure‚ Per Se and Natural Monopolies Individual Project Sometimes market activities (production‚ buying‚ and selling) have unintended positive or negative effects outside the market’s scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant‚ answer the following questions: * What two policies could you use to reduce the total amount of emissions? * Per our text book‚ the gases
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Pharmacists ensure that medications are used appropriately‚ and that they bring about the best results. Their responsibilities include professionally interpreting and reviewing the prescription orders written by doctors‚ dentists‚ and other authorized health care providers‚ and also for giving out the medications accurately to patients. The main goal of pharmaceutical care is to improve the quality of patients? Lives by the use of medications that have been prescribed in order to accomplish specific
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Costs of Production July 2011 Topics to be Discussed Measuring Cost: Which Costs Matter? How do Cost Curves Behave? – Cost in the Short Run – Cost in the Long Run How to Minimize Cost? How to draw Implications for Business Strategy? Topics to be Discussed Production with Two Outputs: Economies of Scope Dynamic Changes in Costs: The Learning Curve Estimating and Predicting Cost Measuring Cost: Which Costs Matter? Accountants tend to take a retrospective view of firms’ costs‚ whereas
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CONFIDENTIAL AC/OCT 2010/ACC116/165/211 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE COURSE CODE EXAMINATION TIME INTRODUCTION TO COST ACCOUNTING / COST ACCOUNTING ACC116/165/211 OCTOBER 2010 3 HOURS INSTRUCTIONS TO CANDIDATES 1. 2. 3. This question paper consists of five (5) questions. Answer ALL questions in the Answer Booklet. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to
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Cost Management or Cost Control In broad sense‚ both the terms have the same meaning. Yet cost management seems to connote broader perspective. Cost control to an un-initiated may mean cutting down the incurrence of cost or expenditure every time or in every situation. In reality it is not always so. In many specific situations‚ many times‚ one has to spend or incur cost in order to gain or make more money. It is in fact like an investment. Cost management sounds better then. Profits Making
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CHAPTER 22 The Costs of Production Topic Question numbers ___________________________________________________________________________________________________ 1. Costs: explicit and implicit 1-9 2. Profits 10-23 3. Short run versus long run 24-31 4. Law of diminishing returns 32-55 5. Short-run costs 56-157 6. Long-run costs 158-193 Last Word 194-196 True-False 197-210 ___________________________________________________________________________________________________
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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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understanding about cost accounting. This paper will discuss: Why is cost accounting so important to the success of the firm; what are the various methods of cost accounting and how are they used; how does an operating budget work to discipline a firm’s management; what are the elements of a budget; how are budgets constructed; what is variance analysis and how it is used. Cost accounting can be described as the process of accumulating‚ measuring‚ analyzing‚ interpreting and reporting cost information
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Chapter 6--Process Costing Student: ___________________________________________________________________________ 1. A process is a series of activities or operations‚ which are linked to perform a specific objective. True False 2. The cost flows for a process-costing system are totally different from those of a job order costing system. True False 3. Process systems are characterized by a larger number of homogeneous products passing through a series of processes. True False
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