Chapter 1 An Introduction to Managerial Accounting and Cost Concepts Introduction to Managerial Accounting MSc. Mohammad Hicham Khalil Objectives 1. Comparison of Financial and Managerial 2. 3. 4. 5. 6. 7. 8. Accounting. General Cost Classifications. Product Cost versus Period Cost. Cost Classifications on Financial Statements. Cost Classifications for Predicting Cost Behavior. Cost Classification for Assigning Costs to Cost Objectives. Cost Classification for Decision Making. Review
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Hstorical Cost Accounting Advantages and disadvantages of historical cost accounting‚ alternatives to historical cost accounting 2.1 Introduction Accounting concepts and conventions as used in accountancy are the rules and guidelines by which the accountant lives. The historical cost accounting convention is an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. The historical cost accounting is the situation
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2 INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMIC RESEARCH (2 ICBER 2011) PROCEEDING nd nd JUST IN TIME APPROACH IN INVENTORY MANAGEMENT Abdul Talib Bon (Corresponding author) Faculty of Technology Management‚ Business and Entrepreneurship Universiti Tun Hussein Onn Malaysia‚ 86400 Batu Pahat‚ Johor‚ Malaysia Tel: +60127665756 E-mail: talibon@gmail.com Anny Garai Faculty of Technology Management‚ Business and Entrepreneurship Universiti Tun Hussein Onn Malaysia‚ 86400 Batu Pahat‚ Johor
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follows. Cost Items and Account Balances $ Administrative salaries 15‚500 Advertising for helmets 11‚000 Cash ‚ December 1 0 Depreciation – Factory Building 1‚500 Depreciation – Office Equipment 800 Insurance – Factory Building 1‚500 Miscellaneous expenses - Factory 1‚000 Office supplies expense 300 Professional Fees 500 Property Taxes - Factory Building 400 Raw material used 70‚000 Rent on production equipment 6‚000 Research & development 10‚000 Sales commission 40‚000 Utility Costs - Factory
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sold 2630 * Merchandise inventory 2630 Sales 3900 Cost of merchandise sold 2630 Gross profit 1270 Ending inventory 3250 B. * Jan 4 acc rec 3900 * Sales 3900 * Jan 4 cost of merchandise sold 2660 * Merchandise inventory 2660 Sales 3900 Cost of merchandise sold 2660 Gross profit 1240 Ending inventory 3220 Inventory system 1. Perpetua: record sales and cost of merchandise sold uses FIFO LIFO 2. Periodic: records sales only
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Just in Time‚ is it still a good strategy? The following essay will critically evaluate whether the ‘just in time’ approach to production is still a good strategy and whether it has any implications. The manufacturing approach ‘just in time’ was first established in japan during the mid-1970 by Taichi Ohno and Shigeo Shingo at the Toyota Motor Company. Toyota was one of the first companies to input this approach to streamline its manufacturing and production to minimise the retention of raw
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Accounting Theory (ACNT 1391-6425) Group Project Paper Accounting Treatment of Research and Development Costs Definition of Research and Development Research and Development activities are the cornerstones to corporations attempting to develop or improve their products or manufacturing methods or facilities. Companies normally undertake these activities with the expectation that the result will generate significant income. This paper will attempt to expound on the accounting treatment
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cycle times. Now the manufacturers put pressures on their suppliers. One way to ensure quick turnaround is by holding inventory‚ but inventory costs can easily become prohibitive. A wiser approach is to make your production agile‚ able to adapt to changing customer demands. This can only be done by JUST IN TIME (JIT) philosophy. Taiichi Ohno‚ a former shop manager and eventually vice president of Toyota Motor Company‚ is the individual credited most for the with the development of just-in-time. It
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Cost Accounting /Cost Concepts Monika Nanchahal HA 520-01: Healthcare Finance Management Abstract Today healthcare industry is becoming challenging due to health reforms and competitive pressure. The only valid business strategy can manage the cost and quality of patient care. It is imperative to understand the concept of cost accounting to accept
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Executive Summary My decision for this case is to implement the Just-In-Time Distribution (JITD) system that was proposed by his predecessor Brando Vitali. This system is entirely different from the existing set up and is being opposed by both the distributors and Barilla’s Sales and Marketing Department. Barilla Spa‚ an Italian pasta manufacturer‚ is experiencing amplified levels of inefficiencies and rising costs due to variability in demand from its distributors. In order to bring things back
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