Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which is NOT a characteristic of a functional-based costing system? a. It uses traditional product costing definitions. b. It uses unit-based activity drivers to assign overhead to products. c. It is cheaper than an activity-based costing system. d. It offers greater product costing accuracy than an activity-based costing system. ____ 2. Unit-based product costing uses which of the
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Compare assigned costs per product under both methods. Why has Activity-based costing changed the total costs assigned to each product? By comparing the two cost assigned methods‚ there are some differences existed: Unit Product Cost: | Gadgets | Smidgets | Smadgets | Smadgets | Traditional Costing Method | 400 | 1‚000 | 1‚350 | 850 | Activity-Based Costing Method | 590 | 1‚100 | 760 | 1‚250 | Overhead Cost | Widgets | Gadgets | Smidgets | Smadgets | Traditional Costing Method | 200‚000 |
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Chapter 2 1. Which of the following would be considered a product cost for external financial reporting purposes? a. Cost of a warehouse used to store finished goods. b. Cost of guided public tours through the company’s facilities. c. Cost of travel necessary to sell the manufactured product. d. Cost of sand spread on the factory floor to absorb oil from manufacturing machines. 1. Which of the following would be considered a product cost for external financial reporting purposes
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Contents QUESTION ONE: Accounting Concepts and Conventions 1 a) Accounting Concepts 1 i) The going concern concept. 1 ii) The accruals concept (or matching concept) 1 iii) The entity concept: 3 iv) The money measurement concept: 3 v) The historical cost concept: 4 vi) The realization concept: 4 vii) Duality concept: 4 b) Accounting conventions 5 QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process 9 1. Clash between
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While I was looking for an appropriate topic for research‚ I found an interesting publication‚ which fitted best to the subject (ethics in managerial accounting issues) and also included 5 good examples examples of possible problems associated with the field. The method of the study seemed unclear‚ especially considering the connection between the serial number of a dollar bill and the question to which the respondent had to answer in the end (in my work I will constantly refer back to the text
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Rahul Balhara Accounting and Finance: Managerial Use and Analysis MAR12 Sec C Financial Statement Analysis Project -- A Comparative Analysis of Kohl’s Corporation and J.C. Penney Co MAR12 Sec C Analysis of Kohl’s Corporation and J.C. Penney Corporation J.C. Penney was founded by James Cash Penney in 1902. This Plano‚ Texas based company is presently providing family apparel and footwear‚ accessories‚ jewelries‚ beauty products and home furnishings via 1‚100 department stores as of
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------------------------------------------------- Subject: Managerial Accounting Case 1 Seligram In the Seligram case‚ the existing cost accounting system measured two components of cost: direct labor and burden. All burden cost‚ which is the overhead‚ was grouped into a single cost pool and was calculated only by using a burden rate per direct labor dollar. This may cause problems since direct labor and overhead are not consumed by the products in the same proportion. Simply using the same burden
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Galilee College Managerial Accounting Final Exam Overview for Saturday June 8th Instructions A. Complete the budgeting questions and any one of the others. 1. Service Cost Allocations CLASS: Teck Tecky Water Services provides water for Departments A‚B and C and has prepared its total budget using the following information for the next year:- Fixed Costs $300‚000 Budgeted Gallon Usage:- Variable Costs $0.10 per gallon Dept. A 2‚500‚000 gallons Available capacity 10‚000
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Managerial Accounting 10th of March Anhar Hardjakusumah Understanding Cost Concepts Cost Terminology Product (Manufacturing over(head+ direct labor and materials) and Period Cost (selling + administrative) Variable and Fixed Cost Direct and Indirect Cost Controlable and uncontrollable cost Differential (the difference between the cost of two alternative decisions) Marginal (the change in the total cost that arises when the quantity produced has an increment by unit. That is‚ it is the cost of
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Managerial Accounting and Control Decision Making: Relevant Costs and Benefits Case 14-62 Roy Kondoy Shella Faye Sportway Corporation • Sportway is a wholesale distributor supplying a wide range of moderately priced sports equipment to large chain stores • Products: 60% purchased‚ 40% manufactured • The company has a Plastics Department that is currently manufacturing molded fishing tackle boxes • Sportway is able to manufacture and sell 8‚000 tackle boxes annually‚ making full use of its direct-labor
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