To: From: Subject: Case S2-1 assignment Date: Memo I watched How It’s Made and chose to tell you about artificial limbs. Job order costing is appropriate to use since artificial limbs are specially made for certain people of all different shapes‚ sizes and colors so each limb is unique. This company would need a cost system because there are many different steps needed to create the limb. A manager would need to decide how much each individual person who spent time making the limb would
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Chapter 2 Discussion Questions 1. What is the meaning of cost behavior and how does the variable cost behave differently than fixed cost (per unit & total)? Cost behavior is the change of cost relative to change in some extent of activity. The total fixed cost remains constant regardless of change in the volume of activity. However‚ the fixed cost per unit is inversely related to the change in the volume of activity. As the change in the volume of activity increases‚ the fixed cost per unit
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John D. Rockefeller‚ born on July 8‚ 1839‚ has had a huge impact on the course of American history‚ his reputation spans from being a ruthless businessperson to a thoughtful philanthropist (Tarbell 41). He came from a family with not much and lived the American dream‚ rising to success through his own wit and cunning‚ riding on the backs of none. His legacy is huge‚ amassing the greatest private wealth of any American in history. Rockefeller’s influence on our country has been both a positive and
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glossary. c) EIU® Viewswire® provides current coverage of political and economic trends in 195 countries. Risk analysis and economic forecasts are provided for virtually all nations. This resource is recommended for courses in economics and international business. d)
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1) Managerial accounting has its focus on analyzing and providing cost information within the company internally so that its management can plan‚ operate and control the company more effectively. In contrast‚ financial accounting has its focus on the financial statements which are distributed to external stockholders‚ lenders‚ financial analysts‚ and others outside of the company‚ as mentioned by (K.A. Francis‚ n.d.) Knowledge in management accounting will allow Anne Radhika to have knowledge of
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of the income statement. d 22. Usefulness of the income statement. b 23. Limitations of the income statement. d S24. Use of an income statement. d S25. Income statement reporting. c 26. Income statement information. b 27. Example of managing earnings down. c 28. Example of managing earnings up. b 29. Improving current net income. a 30. Decreasing current net income. d 31. Single-step income statement advantage. b 32. Single-step income statement. d 33. Methods of preparing income
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Jim McFie‚ a Fellow of the Institute of Certified Public Accountants of Kenya FASB (the Financial Accounting Standards Board‚ a US body) was the first organization to develop “Concepts Statements”. All the other “Concepts Statements” have been based on those developed by FASB. A new “Conceptual Framework for Financial Reporting” was worked on jointly by FASB and IASB (the International Accounting Standards Board) and was published simultaneously by FASB and IASB in September 2010. It deals with
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and elements for formulating criterion-directed behavioural outcomes (Mager) as explained in the study guide. Behavioural (criterion-directed) outcomes are specific. They indicate what learners must be able to do‚ and give direction to the teacher ’s planning‚ and continuous evaluation. Thus it is a matter of observable and measurable behaviour. When formulated in detail‚ criterion-directed outcomes for behaviour should contain the following elements (Mager 1962)‚ in addition to the introduction
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ACCOUNTING AND THE BUSINESS ENVIRONMENT Chapter 1A Class Preparation Assignment (Rev 1-08) Checklist: __x____ I have obtained a copy of the textbook from the LLC & then purchased the Course Outline for BUACT- 206 (Bookstore) for use everyday in class. __x____ I read Chapter 1 in text‚ and found it to be a fulfilling experience. __x_ __ I reviewed the outline for Chapter 1 __x____ I know the Accounting Equation __x____ I understand how to analyze a transaction. __x____ I know
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Accounting Diversity Although accounting standards and practices are the same across the board in their orgin‚ the Accounting and taxation structures of different countries around the world make them vary between countries. Different countries apply different accounting practices. This accounting diversity is the reason that one company may seem profitable while another seemstobe operating at a loss. This difference between global accounting practices can head to poor business decision-making
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