ACCT 203: Section 1 Essay Instructions The Issue: You are a partner in Acme Accounting PSC and as such are considering how to respond to a letter written to you by “Bob” a new client. In his letter‚ he stated that he heard that there are two ways he can identify cost in the normal course of his construction business operations. He would like two know what they are‚ the major differences between them and which one best fits his business in terms of performance analysis. Your partners have asked
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Unit 7 P1 Direct costs A cost that can be directly related to producing specific goods or performing a specific service. For example‚ the wages of an employee engaged in producing a product can be attributed directly to the cost of manufacturing that product. Variable costs Variable costs means the cost of production (cost of labour‚ material or overhead) that change according to the change in the volume of production units. Combined with fixed costs‚ variable costs make up the total cost of
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The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept
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P11- Explain Human Factors reporting procedures When a major incident occurs in the aviation industry this has to be reported to the right person‚ authority‚ organisation and health and safety procedures must be followed. If there was a serious air crash this would be reported to the AAIB‚ CAA and the HSE. All of these organisations would document all factors of their investigation and put in place key factors and procedures to follow to ensure that it doesn’t happen again. All accidents and incidents
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customers has vastly increased making it much more difficult to keep track of the finance and performance. This is where accounting plays its role of systematically recording‚ reporting and analysing the financial transactions of a business. This essay aims to compare and contrast the roles and responsibilities of a management accountant with that of a financial accountant. Accounting allows a company to analyse the financial performance of a business and represent its position through past and future
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Introduction The management and organizational approaches that are used by various firms play a critical role in their performance. The adopted management approach is important due to the fact that it determines the efficiency with which activities are performed. The organizational structure of the firm on the other hand determines the delegation and application of authority. The organizational structure is developed by the management. The structure facilitates effective interaction among employees
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Introduction A number of people whose activities have been set‚ coordinated and led by their members in order to the attainment of specific objectives or goals is used as defining an organization (Schein 1970). “Theory means here logic and metaphysics” (Timo and Gasparski‚ 1993‚ p.3). Different people may have different views on the operations within the organization. Therefore‚ organization theory is invented and influences what goes on in the organization. Moreover‚ from the organization theory
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1.1 Summarise the entitlement and provision for early year’s education It became an entitlement of all 3-and 4-year-olds in England to receive a free part-time early years education of up to 12.5 hours per week for a period of up to 38 weeks of the year as part of the Every Child Matters agenda and Childcare Act 2006. Every child should receive up to two years free education before reaching school age‚ this is ensured by local authorities‚ which is funded by the government. Although parents are
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TVS Group Batch-B Group 9 This report contains a brief description of TVS Group and its subsidiaries. About mission‚ vision statements of the company. This report also includes BCG matrix of various TVS industries‚ Porter’s five force analysis on TVS motors‚ Ansoff matrix and SWOT analysis of various TVS motors brands. AMRITA GOPIKRISHNAN ANOOP KUMAR S BALRAM RAIKAR KARTHIK G VIGNESHKUMAR B [TVS GROUP] November 2‚ 2012 INTRODUCTION The TVS Group was established in 1911 by T
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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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