Costing and Cost Accumulation in a Batch Production Environment ANSWERS TO REVIEW QUESTIONS 3-1 (a) Use in financial accounting: In financial accounting‚ product costs are needed to determine the value of inventory on the balance sheet and to compute the cost-of-goods-sold expense on the income statement. b) Use in managerial accounting: In managerial accounting‚ product costs are needed for planning‚ for cost control‚ and for decision making. c) Use in cost management: In order
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CHAPTER 1 THE CHANGING ROLE OF MANAGERIAL ACCOUNTING IN A DYNAMIC BUSINESS ENVIRONMENT Learning Objectives 1. Define managerial accounting and describe its role in the management process. 2. Explain four fundamental management processes that help organizations attain their goals. 3. List and describe five objectives of managerial accounting activity. 4. Explain the major differences between managerial and financial accounting. 5. Explain where managerial accountants are located in
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ACCOUNTING TOOLS FOR BUSINESS DECISION MAKING SIXTH EDITION MANAGERIAL This page intentionally left blank Jerry J. Weygandt PhD‚ CPA University of Wisconsin—Madison Madison‚ Wisconsin Paul D. Kimmel PhD‚ CPA University of Wisconsin—Milwaukee Milwaukee‚ Wisconsin John Wiley & Sons‚ Inc. Donald E. Kieso PhD‚ CPA Northern Illinois University DeKalb‚ Illinois Dedicated to the Wiley sales representatives who sell our books and service our adopters in a professional and ethical
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Forrest‚ Sharita. “Weak job market has more dads staying home - and they may stay there.” Illinois News Bureau‚ Aug. 1‚ 2012‚ news.illinois.edu/blog/view/6367/205018. Forrest provides summary‚ commentary‚ and analysis on Karen Kramer’s study on the topic of stay-at-home dads. The author focuses on the increase in the number of stay-at-home fathers‚ often caused by economic recessions. Families with a highly educated mother who has a greater earning potential are much more likely to have a stay-at-home
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Life Changing – Forest Gump Essay Jenelle Stanley Context in an individual’s life can drastically affect their belief of their capability‚ their choices‚ and their future relationships. In the film‚ Forest Gump by Robert Zemeckis‚ the character Jenny is struggling to believe that she could be ambitious or successful. Jenny never had good example set for her‚ and did not always make emotionally or physically healthy decisions as a result‚ and for most of Jenny’s life she could not accept
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Founder of the American candy company “Mars‚ Incorporated”‚ son of Forrest Mars Sr.‚ Forrest Mars Jr was born in Oak park‚ Illinois and is one of the most wealth man in nowadays America. As the eldest child in the family‚ Mars got his MBA in New York University and inherited this huge business of chocolate‚ pet food and other products‚ which enabled him to enter this huge market at a very high starting point. Whether it was acquisition of world’s famous gum company “Wrigley” or opposition of coal
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Table of contents Introduction 2 ROI and EVA® as Performance measures and their effects on managerial behaviour 2 Conclusion 4 Transfer pricing 5 Market-based Transfer Pricing 5 Full Cost Transfer Pricing 6 Cost-plus a mark-up transfer Pricing 6 Negotiated Transfer Pricing 7 References 8 Bibliography 8 Introduction “Managing for value has become the mantra of today’s executives as the reality of competitive environments force businesses to focus on improving profitability
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EXERCISE 14-1 (15-20 minutes) Valuation account relating to the long-term liability‚ bonds payable (sometimes referred to as an adjunct account). The 3‚000 would continue to be reported as long-term. Current liability if current assets are used to satisfy the debt. Current liability‚ 200‚000 long-term liability‚ 800‚000. Current liability. Probably noncurrent‚ although if operating cycle is greater than one year and current assets are used‚ this item would be classified as current. Current liability
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1. Conversion cost is the sum of direct labor cost and direct materials cost. F 2. Depreciation on office equipment would be included in product costs. F 3. When the predetermined overhead rate is based on direct labor-hours‚ the amount of overhead applied to a job is proportional to the estimated amount of direct labor-hours for the job. F 4. Indirect materials are charged to specific jobs. F 5. When a job is completed‚ the goods are transferred from the production department to the finished goods
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Ch8 Pricing Goods for External Sales Pricing Objectives: gain market rate of return Environment: Political reaction to prices patent or copyright protection Demand: Price sensitivity demographics Cost Considerations: Fixed and variable costs short-run or long-run In the long run‚ a company must price its product to cover its costs and earn a reasonable profit Most case: Company does not set the prices‚ competitive market does Price takers: the companies cannot set the price of gasoline by
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