Accounting Final Exam 1.) Five forces included in industry analysis Competitors. Potential entrants into the market. Equivalent products. Bargaining power of customers. Bargaining power of input suppliers. 2.) The balanced scorecard translates an organization’s mission and strategy into a set of performance measures that provides the framework for implementing its strategy. The balanced scorecard does not focus solely on achieving short-run financial objectives. It also highlights the
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Managerial Accounting 10th of March Anhar Hardjakusumah Understanding Cost Concepts Cost Terminology Product (Manufacturing over(head+ direct labor and materials) and Period Cost (selling + administrative) Variable and Fixed Cost Direct and Indirect Cost Controlable and uncontrollable cost Differential (the difference between the cost of two alternative decisions) Marginal (the change in the total cost that arises when the quantity produced has an increment by unit. That is‚ it is the cost of
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Hilton’s suppliers The touches that make Hilton Worldwide. Their supply management professionals in corporate offices and their six regional offices negotiate and implement contracts and agreements with suppliers of products and services in three key areas – Food & Beverage (F&B)‚ Guest Rooms and Public Space‚ and Property Operations ------------------------------------------------- Food & Beverage Hilton Supply Management works closely with national and regional food and beverage
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determine and calculate product cost. The income statements formats of both methods include period and product costs. However‚ each one has a different cost classification definition. Both have the same direct material and direct labor allocation‚ the differences is how they report the income‚ product‚ and pricing One of the main differences between the two methods is the accounting for the fixed manufacturing costs. In variable costing‚ fixed manufacturing costs are looked at as expenses of
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people will complain and never want to go to the office. However‚ there are jobs out there that are very rewarding that people want to do for their rest of their lives. He should have stated that there is a spectrum‚ and people are all over it. In chapter 14‚ Ferriss is talking about Mini-Retirements. He is convinced that going on mini-vacations every few months will benefit everyone. He is telling his readers how to afford traveling the world all the time. However‚ he makes a mistake by using a composition/
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CHAPTER 9 Three conditions for a market to be perfectly competitive? Many buyers and sellers‚ with all firms selling identical products‚ and no barriers to new firms entering the market. In perfectly competitive markets‚ prices are determined by The interaction of market demand and supply because firms and consumers are price takers. Price taker Buyer or seller that is unable to affect the market price. A buyer or seller that takes the market price as given When are firms likely to be
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Cost Accounting‚ 14e (Horngren/Datar/Rajan) Chapter 2 An Introduction to Cost Terms and Purposes Objective 2.1 1) Cost objects include: A) products B) customers C) departments D) All of these answers are correct. Answer: D Diff: 2 Terms: cost object Objective: 1 AACSB: Reflective thinking 2) Actual costs are: A) the costs incurred B) budgeted costs C) estimated costs D) forecasted costs Answer: A Diff: 1 Terms: actual costing Objective: 1 AACSB: Reflective thinking 3) The general term used to identify
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Vocabulary Quiz Name _______________ Chapter 1 1. An accounting principle that states that assets should be recorded at their cost. 2. Debts and obligations of a business. 3. Resources owned by a business. 4. The amount by which expenses exceed revenues. 5. An association of two or more persons to carry on as co-owners of a business for
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short run Correct Answer: in the long run‚ but not in the short run Question 6 1 out of 1 points Scenario 14-1. The economy is in long-run equilibrium. Suddenly‚ due to improved international relations and the increased confidence of policymakers‚ citizens become more optimistic about the future and stay this way for a long time. Refer to Scenario 14-1. In the short run‚ which of the following describes the changes that take place in the economy?
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Sydney Kraeger 10 2/18/13 APWH Chapter 14 Cornell Notes Introduction * Aeneas Sylvus doubted whether anyone could convince the Christians leaders to take arms against the Muslims * French and English armies had been fighting for over a century * The German rulers didn’t really control their states * Spain and Italy kingdoms could not unite * The plague took away a third of the European people * 1200-1500 – a time of great progress because of the renaissance
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