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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Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting‚ whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole‚ using historical‚ quantitative‚ monetary‚ and factual data. It is more formal and requires the use of GAAP. The information financial accounting
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1380 0 $ 1380 Total cost $ 461 380 $ 469 200 ($ 7820) If Waterways adds that amount to the cost of making the small fitting‚ the total cost still less than buying cost. The company would manufacturing the small fitting and buy the timing units. Part 3 Instruction Given the information above‚ what are the consequence of Waterways replacing the machine that is slowing down production because of breakdown? Current Machine Produces - 50 units per day New Machines Produce - 100 units per day Manufacturing
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CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: management accounting Management accounting information focuses on internal reporting. 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: False Difficulty: 2 Objective: 1 Terms to Learn: cost accounting A good cost accounting system
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Chapter 4 — Intro—1 1 CHAPTER 3 Topic Scopes: Stoichiometry and Solution Concentration • Molarity‚ molality‚ parts per million & percentage (w/w‚ w/v and v/v) • Stoichiometry calculation • Limiting reactant • Theoretical yield‚ actual yield and percentage yield 1 2 Mole Concept No. of Moles = Molarity (M) • Molarity (molar concentration) is the number of moles of a solute that is contained in 1 liter of solution Mass (g) molar mass (g/mol) No. of Moles = Molarity (mol/L) volume (L) Molarity
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CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions 1. Transaction identification. 1‚ 2‚ 3‚ 5‚ 6‚ 7‚ 8 2. Nominal accounts. 4‚ 7 3. Trial balance. 6‚ 10 4. Adjusting entries. 8‚ 11‚ 13‚ 14 5. Financial statements. 6. Closing. 12 7. Inventory and cost of goods sold. 9 8. Comprehensive accounting cycle. *9. Brief Exercises Exercises Problems 1‚ 2 1‚ 2‚ 3‚ 4‚ 17 1 2‚ 3‚ 4 1‚ 2‚ 7‚ 8 5‚ 6‚ 7‚ 8‚ 9‚ 10‚ 20 1‚ 2‚ 3‚ 4
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Hilton Manufacturing Company In February 2004‚ George Weston was appointed general manager by Paul Hilton‚ president of Hilton Manufacturing Company. Weston‚ age 56‚ had wide executive experience in manufacturing products similar to those of the Hilton Company. The appointment of Weston resulted from management problems arising from the death of Richard Hilton‚ founder and‚ until his death in early 2003‚ president of the company. Paul Hilton had only four years ’ experience with the company
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14 Accounting publications and research in twentieth-century Japan1 14.1 Introduction Japan’s interest in modern accounting began in the late nineteenth century with Alexander Shand [1844–1930].2 The Japanese translation of Shand’s (1873) Bank bookkeeping proved to be so important that his system of bank accounting became legally obligatory for the newly established banking system of the Meiji era. In the same year‚ Fukuzawa (1873–74) published a Japanese translation of Bryant and Stratton’s (1871)
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price‚ and ADV = advertising expenditures‚ what is the price elasticity? Choose one answer. | a. -1.5‚ elastic | | | b. 1.5‚ inelastic | | | c. 12‚ elastic | | | d. 120‚ elastic | | Incorrect Marks for this submission: 0/1. Question 3 Marks: 1 The method of forecasting with leading indicators can be criticized for Choose one answer. | a. frequent revisions of data after original publication. | | | b. occasionally forecasting a recession when none ensues. | | | c. forecasting
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Chapter 3 Modeling & Solving LP Problems In A Spreadsheet 1. In general‚ it does not matter what is placed in a variable (changing) cell. Ultimately‚ Solver will determine the optimal values for these cells. If the model builder places formulas in changing cells‚ Solver will replace the formulas with numeric constants representing the optimal values of the decision variables. An exception to this general principle is found in Chapter 8 where‚ when solving nonlinear programming problems‚ the
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