Question no: 01:- Accounting profit and Economic profit. Economic Profit Implicit cost Accounting profit Explicit cost Total opportunity cost Revenue Revenue How an economist views a firm How an accountant views a firm Accounting profit equals sales revenue minus ( - ) all costs except the cost of equity capital‚ while Economic profit is sales revenue minus ( - ) all costs including the opportunity cost of equity capital. Thus economic profit may be lower than the accounting profit. If accounting
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Suzette was an accounting major student. Not only should she report‚ but also she needs to help the manager building a better intern control mechanism by using her accounting knowledge. But before I reveal Alex and Matt‚ I prefer to confirm and double check first if they really did some illegal activities like stealing‚ not only just follow what Paula told. 2. Do you believe that it was appropriate for Suzette to report the alleged theft ting to a store manager? Would it have been unethical for
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Management Accounting II Assignment I Marston Corporation manufactures disposable thermometers that are sold to hospitals through a network of independent sales agents located in the United States and Canada. The sales agents sell a variety of products to hospitals in addition to Marston’s disposable thermometer. The sales agents are currently paid an 18% commission on sales‚ and this commission rate was used when Marston’s management prepared the following budgeted income statement for the upcoming
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Statements on Management Accounting PRACTICE OF MANAGEMENT ACCOUNTING TITLE Definition and Measurement of Direct Material Cost TABLE OF CONTENTS Definitions . . . . . . . . . . . . . . . . . . . . . . . . . Materiality . . . . . . . . . . . . . . . . . . . . . . . . . Material Quantities . . . . . . . . . . . . . . . . . . . Material Lost in the Production Process . . . . Samples‚ Prototypes‚ and Initial Production Runs . . . . . . . . . . . . . . . . . . 1 2 2 2 3 Unit Price of Direct Material
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and whether to expand or close manufacturing facilities. 11 Decision Making and Relevant Information C h a p t e r Working Working with managers to make decisions is one of the main functions of the management accountant and an important thrust of this book. The use of accounting information for decision making has been a consistent theme in earlier chapters. In this chapter‚ we focus on specific and common decisions such as accepting or rejecting a one-time-only special order‚ insourcing
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Australia faced many major changes in the religious patters since 1945 to the present day; the reasons of these changes dependent on Christianity as the major religious tradition‚ Immigration and Secularism. Christianity as the major religious tradition: which means that Christianity is still the major religion in Australia since 1945‚ although that Christianity underwent many changes in its branches‚ some of churches has been raisin such as Catholic 25.3%‚ others has been decreases such as Anglican(
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1.1 INTRODUCTION: What is change? A systematic approach to dealing with change‚ both from the perspective of an organization and on the individual level proactively addressing adapting to change‚ controlling change‚ and effecting change. -Case Western Reserve University. “Change" is: * to give a different position‚ course‚ or direction. * to make a shift from one to another. * to undergo a modification. * to
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What impact does mass tourism have on the economy and environment in Spain?7 Conclusion 9 Grading sheet10 Reference list12 Declaration I declare that: * I composed this work * This work has not been accepted in any previous application for a degree or diploma by me or anyone else * All sources of my information have been acknowledged Date: Name: Signature: Word Count: “What impact does tourism have in coastal areas in Spain‚ since late 1950’s”? Introduction According
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ACCT 1003 – INTRO TO COST & MANAGEMENT ACCOUNTING LECTURE NO. 5 CVP ANALYSIS LESSON OBJECTIVES 1. Understand & explain what CVP business decisions it can aid 2. Appreciate the assumptions of CVP analysis 3. Calculate & Explain the significance of: • Contribution Margin • Break Even Point • Margin of Safety 4. Prepare and explain a CVP graph 5. Use CVP analysis to: • Plan Profits • Determine volume – given profit target • Perform Sensitivity Analysis 6. Incorporate Income Tax Rates in CVP analysis
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Project Management: Mitigating Risks to Improve the Chances of Success! Parikshit Chavan 19 Aug 2012 Abstract Project Management is increasingly important in the IT industry as more and more companies and organizations integrate technology into their structure to solve problems and work more efficiently. This paper explains the process of Project Management and the risks‚ specifically associated with IT projects‚ that threaten the effective execution and success and implementation of an IT
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