Slide 1-1 Chapter 1 Accounting in Action Financial Accounting‚ IFRS Edition Weygandt Kimmel Kieso Slide 1-2 Study Objectives 1. 2. 3. Explain what accounting is. Identify the users and uses of accounting. Understand why ethics is a fundamental business concept. 4. 5. 6. 7. 8. Explain accounting standards and the measurement principles. Explain the monetary unit assumption and the economic entity assumption. State the accounting equation‚ and define its components. Analyze
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Chapter 18: Practice questions 1-1 The total manufacturing cost per unit increases as total production volume increases. 1-2 Total variable costs change in response to changes in the volume of production. 1-3 The mixed cost per unit is constant throughout the relevant range of activity. 1-4 Fixed costs per unit decrease as production levels decrease. 1-5 A method used to separate mixed costs into fixed and variable components is called the high-low method. 1-6 The variable
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economic ‚social and environmental impact‚ for example reporting on Corporate social responsibility of a company. Corporate sustainability reporting provide organisations a guideline to make changes and improvement in aspect to business efficiency‚ reputation risk management ‚ stakeholder management other social and economic part of the business by disclosing the status of the business in the eyes of society and its stakeholders. Reporting non financial Corporate activities provide a way to communicate
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The Potential and Limitation of Teamwork Ethics as a Success Factor in the Business World Abderazak Ouassou Texas A&M University - Commerce The Potential and Limitation of Teamwork Ethics as a Success Factor in the Business World Lincoln Electric‚ one of the most successful companies‚ is the world leading manufacturer of arc welding products. It is also one of the leading producers of industrial electric motors. This success is mainly driven by the ethical practices of the company. The Lincoln
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Critical Evaluation of the Benefits and Limitations of Using ICT in Knowledge Management Processes 1.0 Introduction Knowledge management can be considered to be an essential strategic function in any organisation today. As the world becomes more globalised‚ and traditional structures of intermediation are removed whilst new ones are created‚ it is clear that knowledge‚ and consequently a learning organisation is one that is more likely to find unique sources of competitive advantage‚ and be
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With the help of examples‚ explain the concept of ’a shrinking world’. [9] A shrinking world is a phenomenon whereby the world appears to be getting smaller and space shrinks as a consequence of the revolution in transport and communication technologies reducing the frictional effect of distance on movement. Shorter time is taken for people‚ goods and services to cover the same distance. Revolutions in transport technology has seen an increasing rate of travel speed over space and time. During
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Maria Theresa became queen of Austria. She took local control away from the regional diets made German the language of the empire‚ created a large bureaucracy taxed the nobility and the clergy took control of the Roman Catholic Church. Limitations 1740 Frederick II became king of Prussia rejected the Pragmatic Sanction and invaded the Austrian province of Silesia this started the War of Austrian Succession (1740-48) 1748 the war ended with the Treaty of Aix-la-Chapelle Joseph II
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"Financial accounting produces information for external parties such as stockholders‚ suppliers‚ banks‚ and government regulatory agencies" (Horngren‚ Sundem‚ & Stratton‚ 2005‚ p. 5). "Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers & acquisitions‚ benefits/ERISA planning and long-term financial projections"(Accounting: Job Options‚ 2000). These reports are used by owners of a business‚ or by people who
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Instructor: Course: Date 1. Introduction This report examines various proposals raised by different managers of Dumbellow Ltd. The major issue addressed by these proposals is “how to deal with product Z which is currently resulting in losses and thus pulling down the net profit of the entire product line”. The financial controller proposed a termination of the production of the product while the marketing manager suggested a £1 per unit reduction in the price so as to increase
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Homework Assignment 1: MC 3. (A) MC 4. (D) MC 5. (B) 1) What are the three major business activities of a company that are motivated and shaped by planning activities? Explain each activity. Investing Activities: consists of the acquiring and disposing of assets needed to produce and sell a company’s products or services. These assets may be long-term or short-term assets depending on the nature of the company. Financing Activities: the methods companies use to fund the investments in assets
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