Zabihollah Rezaee Ph.D.‚ CPA‚ CMA‚ INTRODUCTION In the past‚ bank accountants paid little or no attention to the use of managerial accounting concepts in the banking industry. Viewing managerial accounting from the perspective of the banking industry provides a unique opportunity to explore the development of the internal reporting structure. While the use of internal cost and profitabiHty reports is widespread in merchandising‚ manufacturing‚ and other service industries‚ banks have historically focused
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Study Material INTEGRATED PROFESSIONAL COMPETENCE COURSE Cost Accounting and Financial Management Part 1 : Cost Accounting Vol. I The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi PAPER 3 COST ACCOUNTING AND FINANCIAL MANAGEMENT Part – 1 : Cost Accounting VOLUME – I BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA This study material has been prepared by the faculty of the Board of Studies. The objective of the
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Corporate Law 1. Discuss the position of guarantee in respect of loans to a minor. 2. Does the release by the creditor of one of the sureties discharge the others? 3. Explain the provisions relating to appointment of directors in Producer Company. 4. Two separate company wish to amalgamate. State the steps which they must take for this purpose. 5. Does the failure of inspector to submit his or her report in time amount to an end to investigation? 6. A‚ the secretary of the company is also a minority
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Cost Accounting Cost accounting is a step further to and a refinement of financial accounting in which cost of manufacturing and selling each product or job or rendering service is determined‚ not at the time of accounting period but at the time when the product is manufactured or any service is rendered. In simple words‚ costing is a systematic procedure for determining the unit cost of output produced or services rendered. It provides for an analysis of the expenditure which enables the management to
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COSTING 4-1 Cost pool––a grouping of individual indirect cost items. Cost tracing––the assigning of direct costs to the chosen cost object. Cost allocation––the assigning of indirect costs to the chosen cost object. Cost-allocation base––a factor that links in a systematic way an indirect cost or group of indirect costs to cost objects. 4-2 In a job-costing system‚ costs are assigned to a distinct unit‚ batch‚ or lot of a product or service. In a process-costing system‚ the cost of a product
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Week 4 Practice Quiz 1. Budgeting is the common accounting tool companies use for planning and controlling. Budgets a. provide a measure of planned financial results. b. focus managers’ energies on exploiting opportunities. c. help managers anticipate potential problems. d. enable managers to control through a set of specific activities with defined corrective actions. 2. [AICPA Adapted] Dewitt Co. budgeted its activity for October 2004 from the following information:
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Define cost object and give three examples Cost object is defined as “Anything for which a separate measurement of cost is desired”. The term cost object and cost objective is synonymous. Cost object may refer to a process‚ a cost centre‚ and cost units. Cost unit is a quantitative unit of product or service in relation to which cost are ascertained. Cost centre is a location‚ function or item of equipment in respect of which cost are ascertained. 2. Define cost accumulation
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LABOUR COST ACCOUNTING. It is concerned with identifying the amount of labour costs to be changed to jobs and overhead accounts. Where a manufacturing organization operates a job costing system‚ information on the labour costs should be properly captured from the following documents:- i) Job Cards: This is open for each job‚ when the job is started‚ the time of starting is entered on the job card and when it is completed‚ the completion time is also entered. The difference between the two
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EntertainmentNow.com Prepared for Dr. Lucian Zelazny Department of Accounting McCoy College of Business 601 University Drive San Marcos‚ Texas 78666 Prepared by Veronica Piña Rupinder Singh Ashley Vollmer April 23‚ 2013 EntertainmentNow.com Case Overview EntertainmentNow.com is considered one of the world’s leading Internet retailers of entertainment products that sells an array of books‚ music‚ videos‚ and DVD’s‚ toys‚ and small electronics on the company’s International website
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Executive summary Cost management is a critical technique to every business firm; the main issue for manager making decision is cost control and profit maximization. This report aims to analyze the different cost occur in a real business based on a case study of Gearbulk Australasia Pty Ltd such as costing systems and value chain. The main methodologies we used in this project are face to face interview of the company’s line manager who called Bryan. It provides us lots of insights of cost control and
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