CHAPTER 1 INTRODUCTION TO COST ACCOUNTING QUESTIONS 1. Management accounting stresses the informational needs of internal users over those of external users (the focus of financial accounting). Because of this perspective‚ management accounting provides information in a format that is flexible and relevant to a particular manager‟s usage. Financial accounting‚ on the other hand‚ must provide some uniformity in the manner in which information is presented for it to be comparable among companies and
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Chapter Overview CHAPTER 1 Accounting and the Business Environment The chapter begins with an explanation of the term “accounting” and its importance to the business world. The text discusses how accounting information is needed by various decision makers—individuals‚ businesses‚ investors‚ creditors‚ government regulatory agencies‚ taxing authorities‚ non-profit organizations‚ and others. Financial and management accounting are compared. A brief history of accounting and the role of ethics in
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ACG 4341 - Review Sheet - Spring 2012 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following defines variable cost behavior? Total cost reactionto increase in activity|Cost per unit reactionto increase in activity| a.|remains constant remains constant| b.|remains constant increases| c.|increases increases| d.|increases
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In chapter 14 Henry Petroski talks about the decline in the quantity of today’s constructions. Today most of our infrastructure is built with low quantity materials and bad workers‚ which have relatively lower quantities compare to those old time contractures because the developers try to save more money. Under the influence of the society‚ people start to have an inferior attitude and expectation about all the constructions. One of the main reasons why people start to lower the standard of constructions
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Chapter 14-15: In the morning I hide behind a bush until I see Theo. I was hiding from Miss Sister I look out and see Miss Sister is nowhere in sight so I jump out of the bushes. I talk to Theo about all my troubles and problems. Theo then says something about how dancers used to put feathers in their hair. I laugh at just the thought. No way in a million years will I even put a single feather in my hair! I tell him that feathers will not go in my hair no matter how hard my mom tries. I tighten
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David Shim Case Study #2 A) What is the break-even point in passengers and revenues per month? Unit CM = $160 – $70= $90 Unit of Sales = 3‚150‚000 / $90= 35‚000 passengers Unit of Sales = 35‚000 x $160= $5‚600‚000 revenue B) What is the break-even point in number of passenger train cars per month? Unit of Sales = 35‚000/63= 555.5= 556 passenger cars C) If Springfield Express raises its average passenger fare
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Question 1 Product costs are costs that are associated with manufactured goods until the time period during which products are sold. It involved all costs in acquiring or making a product. These costs consist of direct materials‚ direct labour and manufacturing overhead. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold‚ the costs are released from inventory as expenses and matched against sales revenue. Since product costs are initially
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Merchandise: Products that a company acquires to resell to customers. Merchandisers earn net income by buying and selling merchandise. -Wholesalers or retailers Wholesaler: An intermediary that buys products from manufacturers and sells them to retailers or wholesalers. Retailer: An intermediary that buys products from manufacturers or wholesalers and sells them to consumers. Cost of goods sold: The expense of buying and preparing merchandise. Gross profit: Net sales of a product – Cost of goods
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Chapter 14 - The Civil War The Secession Crisis The Withdrawal of the South * South Carolina voted Dec 1860 to secede‚ by time Lincoln came to office six more states (Mississippi‚ Florida‚ Alabama‚ Georgia‚ Louisiana‚ TX) seceded * Seceded states formed Confederate States of America Feb1861. These states started seizing federal property but at first lacked power to seize the military instillations at Fort Sumter‚ SC and For Pickens‚ FL The Failure of Compromise * Compromise proposed
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Bentley Chapter 14 Study Guide: The Resurgence of Empire in East Asia Eyewitness: Xuangzang: A Young Monk Hits the Road (p. 281-282) 1. Who was Xuangzang‚ what was the purpose of his travels‚ and what was the impact of his travels? The Restoration of Centralized Imperial Rule in China The Sui Dynasty: Establishment of the Dynasty (p. 282) 2. How were the Sui rulers similar to the Qin dynasty? Give examples of what Sui rulers did. The Sui Dynasty: The Grand Canal (p. 282-283)
Free Song Dynasty China Tang Dynasty