Chapter 1 An Introduction to Managerial Accounting and Cost Concepts Introduction to Managerial Accounting MSc. Mohammad Hicham Khalil Objectives 1. Comparison of Financial and Managerial 2. 3. 4. 5. 6. 7. 8. Accounting. General Cost Classifications. Product Cost versus Period Cost. Cost Classifications on Financial Statements. Cost Classifications for Predicting Cost Behavior. Cost Classification for Assigning Costs to Cost Objectives. Cost Classification for Decision Making. Review
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decision-making authority to an agent. An example of such a relationship is when the owner of a company delegates the decision-making authority to the manager. The costs of divergent behaviour that arises as a result of the agency relationship are referred to as agency costs. Furthermore‚ Watts and Zimmerman (1978) developed the theory of positive accounting which is focused on the assumption that ‘all individual action is driven by self-interest and that individuals will act in an opportunistic manner to increase
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DESKTOP NORTHWIND SAMPLE DATABASE 2007 STRUCTURE REPORT Brief Introduction: Database Name: Northwind Site/Server Name: Local Data Stored of Year: 2006 Total Objects: 6 (Tables‚ Queries‚ Forms‚ Reports‚ Macros‚ Modules) Total Tables: 20 Total Queries: 27 ‚(27 views) Total Forms: 34 Total Reports: 15 Total Macros: 2 Total Modules: 6 modules and 2 class modules A Complete Physical Schema of Tables Table: Customers Properties DateCreated: 11/30/2012 2:39:00
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100 Costs term 1. Absorption costing is a costing method that includes all manufacturing costs - direct materials‚ direct labor‚ and both variable and fixed overhead - as part of the cost of a finished unit of product. 2. Administrative costs are all executive‚ organizational‚ and clerical costs associated with the general management of an organization rather than with manufacturing‚ marketing‚ or selling. 3. Allocation base is a measure of activity such as direct labor-hours or machine-hours
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emphasis on inspections and quality control‚ reinforcing the need for an elaborate information management system. It appears that the full potential of SSC profitability is not being realised due to reliance on an outdated information and cost accounting model. The objective of this report is to elucidate the method of integrating SSC operational processes‚ information and cost accounting aspects through ABC‚ thus aligning them with their competitive strategy. We will identify potential issues
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Genetically Modified Food Should be Limited IPE 6 – Acadamec Writing Skills Research Paper February 17‚ 2013 Cigarettes and alcohol belong to the products with unhealthy substances which annually kill thousands people over the world. Many countries try to solve this global problem through the various campaigns or controversial advertisements. Governments attempt to make people conscious of all negatives of these products. However‚ this is not a case of genetically modified food. A lot
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Re Kingston Cotton Mills Auditors are watchdogs not bloodhound Entitled to trust the officers and employees of the co being audited Entitled to rely on the figures presented to them Have any reason to be suspicious‚ should personally make enquiries or checks APPOINTMENT Approved co and consent to act as auditor S8 appoint approved co auditor applied to Minister to Finance satisfied Minister of good character and competent to perform the duties of auditors i) granted with approval to act or ii)
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“Protecting the firm ’s assets through a good internal control system. The objective is to guard against loss of assets because of theft‚ accidental destruction‚ and errors. Assurance must exist that transactions related to assets have been properly processed and that appropriate physical handling and control over assets exist.” MYOB is a computerised accounting system in which it provides users with an exclusive modern integrated accounting package for relevant tasks of an accountant such as bookkeeping
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Cost accounting and the lean production philosophy By Tyrone Williams AIU Online September1‚ 2012 Abstract As Dr. Stephanie White prepares to cope with the a steep reduction in the budgetary allocation to the Uptown Clinic she must carefully determine which areas to cut while striving to maintain current levels of service. This essay will offer advice Dr. White on preparing for budget cuts. It will also discuss the lean production philosophy and how this compares with typical production
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sold 2630 * Merchandise inventory 2630 Sales 3900 Cost of merchandise sold 2630 Gross profit 1270 Ending inventory 3250 B. * Jan 4 acc rec 3900 * Sales 3900 * Jan 4 cost of merchandise sold 2660 * Merchandise inventory 2660 Sales 3900 Cost of merchandise sold 2660 Gross profit 1240 Ending inventory 3220 Inventory system 1. Perpetua: record sales and cost of merchandise sold uses FIFO LIFO 2. Periodic: records sales only
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