Top of Form Grade Details - All Questions Page: 1 2 Question 1. Question : (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? Student Answer: A steel factory that processes iron ore into steel bars A factory that processes sugar and other ingredients into black licorice A costume maker that makes specialty costumes for figure skaters
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Law of Equi Marginal Utility According to this‚ a consumer is in equilibrium when he distributes his given money income among various goods in such a way that marginal utility derived from the last rupee spent on each good is the same. Assumptions The main assumptions of the law of equi-marginal utility are as under: (1) Independent utilities. The marginal utilities of different commodities are independent of each other and diminishes with more and more purchases. (2) Constant marginal
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COST AND MANAGEMENT ACCOUNTING Target Costing at Toyota Akriti Kapoor 11PGDM003 Section A Introduction There are numerous differences between management practices in Western companies and companies in Japan. One of the main differences is related to cost reduction. A manager in Europe or the United States generally expects to use cost information to make decisions about pricing and investments‚ while a Japanese manager expects to use cost information to control costs. Toyota uses cost
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Activity Based Costing can be defined as an accounting methodology that assigns costs to activities based on their use of resources‚ rather than products or services. This enables resources and other associated costs to be more accurately attributed to the products and the services which they use. It doesn’t change or eliminate any costs; it provides detailed information about how costs are consumed. (Online manager-net.com). Traditional cost accounting looks at what is spent‚ while ABC methods
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Adjectives: Limiting A limiting adjective‚ rather than describing a noun‚ defines it. To put it more simply‚ limiting adjectives either point out or set a numerical limit to the noun. These limiting adjectives are grouped into three classes of limiting adjectives: Descriptive adjective Noun an adjective that ascribes to its noun the value of an attribute of that noun (e.g.‚ ’a nervous person’ or ’amusical speaking voice’) Qualitative adjective An adjective used to identify the qualities or
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....... 5 6.3 SETUPS...................................................................................................... 6 6.3.1 Basic Assumptions: .............................................................................. 6 6.3.2 Periodic Costing Setup ......................................................................... 6 6.3.3 BOM STRUCTURE: ........................................................................... 9 6.3.4 WORK CENTRE STRUCTURE: ....................................
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me. Thanks Sultan Lashari 10 2629 LETTER OF TRANSMITTAL TO: Sir Michael Simon‚ Instructor micro economics FROM: Sultan Lashari‚ 10K 2629 DATE: 29th/November/ 2010 SUBJECT: Consumer behavior and Marginal utility We present our report on “CONSUMER BEHAVIOR AND MARGINAL UTILITY” that was assigned to us. This report provides information related to rational behavior of individual and utility of individual This report is divided into some parts‚ such as the INTRODUCTION. This part
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Airline Operating Costs By Peter Horder‚ Senior Vice President SH&E Ltd Prepared for: MANAGING AIRCRAFT MAINTENANCE COSTS Conference Brussels‚ 22 January 2003 Agenda Introduction Current Airline Environment Airline Cost Elements Indirect and Direct Operating Costs Overhead Cost Control Balance Sheet Effects Reference Sources Conclusions 1 Introduction Current airline environment Safety considerations and costs – Security restrictions – Insurance implications Cost reduction
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practical for most businesses ____B___ 7. Puts more weight on the cost of the larger number of units purchased ____A___ 8. Is an assumption that most closely reflects the physical flow of goods for most businesses ____D___ 9. Is not an acceptable method under IFRS Businesses incur various costs in selling goods and services. Each business must decide which costs are expenses of the period and which should be included in the cost of the inventory. The following table lists various types of businesses
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base. b. The State Energy Commission has ordered the firm to charge a price that will provide it with no more than a 12 percent return on its total assets. Determine Zar Island’s optimal (i) output level‚ (ii) selling price‚ and (iii) total profits under this constraint. You will need to use the quadratic equation on the next page to solve this problem. c. Is this a perfectly competitive solution? Why or why not? 3. Two companies (A and B)
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