11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity
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for use in the future. In addition‚ households do not buy all goods and services produced in the economy; some goods and services are bought by governments and some are bought by firms that plan to use them in the future to produce their own output. General rule of thumb still stands. The measurement of GDP Definition of GDP as a measure of total expenditure: the market value of all final goods and services produced legally within a country in a given period of time GDP is the market value…
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CHAPTER 2 An Introduction to Cost Terms and Purposes Overview This chapter introduces the basic terminology of cost accounting. Communication among managers and management accountants is greatly facilitated by having a common understanding of the meaning of cost terms and concepts. The chapter illustrates a major theme of the textbook: using different costs for different purposes. The chapter also provides a framework to help you understand cost accounting and cost management.
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later. Definition of GDP • GDP is a measure of all currently produced final goods and services evaluated at market price. • A number of aspects of this definition require clarification. • Currently produced: GDP includes only currently produced goods and services and includes only goods and services produced during a given period such as er quarter and per year. • Such market transaction as exchanges of previously produced houses‚ cars or factories do not enter into GDP. • Exchanges of assets
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Comments: | | | | 2. | Question : | (TCO 1) Variable cost per unit | | | Student Answer: | | increases when the number of units produced increases. | | | | does not change when the number of units produced increases. | | | | decreases when the number of units produced increases. | | | | decreases when the number of units produced decreases. | | Instructor Explanation: | Chapter 1‚ Page 8 | | | | Points Received: | 0 of 4 | | Comments: | | | |
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COST SHEET – FORMAT |Particulars |Amount |Amount | |Opening Stock of Raw Material | *** | | |Add: Purchase of Raw materials |*** | | |Add: Purchase Expenses
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incorporate it in his Model T design . With a 4 cylinder‚ 20 hp engine‚ 45 mph top speed‚ 1‚200 lb curb weight‚ and fuel economy of 13 to 21 mpg it was one of the most efficient cars of the early 1900’s. In its existence Ford sold 15‚000‚000 Model T’s which is the 8th most sold car ever. None of his success would have not been able to come true if it wasn’t for his key invention of the assembly line. With the first assembly line being put to use on December 1‚ 1913 Ford was able to reduce the time
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probability that the grape berries will absorb the rainwater and swell by 5-10 %‚ which in turn will decrease the concentration of the sugar. This would lead bottling and selling of thin wines which sell at $2.00‚ which is about $.85 per bottle of wine‚ sold by harvesting the grapes immediately. There is also a .4 probability that botrytis molds are
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Importance of nonfinancial measures offer four advantages based on financial date. First‚ the long term organization strategies they do not deal with profitability‚ competitive‚ strength and longer term strategic goals. They only do their job of new product development and expand organizational capabilities which are important for strategic goals. Second‚ intangible assets which is intellectual capital and customer loyalty of company rather than balance sheet. Third non financial measures help us
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will increase while the quantity of the good produced and sold could increase‚ decrease‚ or remain constant. b. the quantity of the good produced and sold will decrease while its equilibrium price could increase‚ decrease‚ or remain constant. c. the quantity of the good produced and sold will increase while its equilibrium price could increase‚ decrease or remain constant. d. its equilibrium price will decrease while the quantity of the good produced and sold could increase‚ decrease‚ or remain constant
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