Lab budgeting and cost accounting under DRGs Medical Laboratory Observer‚ Feb‚ 1985 by W. Glenn Cannon Cost accounting is not a solution to management problems. It is a management tool designed to provide information that facilitates sound decisions. The two primary objectives of cost accounting are 1) to match cost with revenue and 2) to match resource consumption with the units of service provided. Under the DRG system‚ matching revenue with cost and evaluating appropriate utilization levels
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Agenda – Submit term projects to TURNITIN ASAP – Assignment #2 due April 1st 1159pm • List the coauthor’s name in the subject line. • Teaching Evaluation • Transfer pricing (cont.) – Stanco Inc. • Review chapters 11 and 12 & the practice final – Practice Q1 and Q2 • Review chapters 8 and 9 and the practice final – Practice Q3 and Q4 ACTG 2020 Week 11 1 • Online Course Evaluations (ONCE)/ & Seymour Schulich Teaching Excellence Awards (Schulich TEA) – TEA: http://schulich.yorku.ca/tea. – ONCE:
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The following essay explains the importance of cost accounting for stakeholders of Multinational Companies‚ particularly the shareholders & the customers. Who are the stakeholders of an organization? according to (Freeman 1984) stakeholder is “any group or individual who can affect or is affected by the achievement of the firm’s objectives” going by this definition stakeholders of a company would include lenders‚ creditors‚ customers‚ shareholders‚ government‚ media‚ political groups‚ local charities
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CHAPTER 1 Accounting in Action ASSIGNMENT CLASSIFICATION TABLE Brief Exercises A Problems B Problems 5‚ 6‚ 7‚ 11 1A‚ 2A‚ 4A 1B‚ 2B‚ 4B 3 6‚ 7‚ 8‚ 10‚ 11 1A‚ 2A‚ 4A‚ 5A 1B‚ 2B‚ 4B‚ 5B 4 8‚ 9‚ 12‚ 13‚ 2A‚ 3A‚ 14‚ 15‚ 16‚ 17 4A‚ 5A 2B‚ 3B‚ 4B‚ 5B Learning Objectives Questions Do It! Exercises 1. Explain what accounting is. 1‚ 2‚ 5 1 1 2. Identify the users and uses of accounting. 3‚ 4 1 2 3. Understand why ethics is a fundamental business concept. 4. Explain accounting standards
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Rittenberg 8th edition: Q 2-45 (pages 66 and 67) 2-45 (Audit Committees and Auditor Independence‚ LO 4‚ 5‚ 6) The audit committee is required to evaluate the independence of both the internal and external audit functions. Required a. What factors would you suggest an audit committee look at in evaluating the external auditor’s independence? b. How can the audit committee influence the independence of the internal audit function? c. The audit committee must pre-approve all nonaudit services
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ACCOUNTING FOR BUSINESS II CHAPTER 1 COST SHEET Meaning And Scope of Cost Accountancy The term cost accountancy is wider than the term cost accounting. According to the Terminology of Management and Financial Accountancy Published by the Chartered Institute of Management Accountants‚ London‚ cost accountancy means‚ “the application of costing and cost accounting principles‚ methods and techniques to the science‚ art and practice of cost control. It includes the presentation of information derived
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c 2. c 7. c 12. a 17. b 22. c 27. a 3. a 8. d 13. b 18. d 23. c 28. c 4. c 9. a 14. d 19. b 24. d 29. c 5. d 10. b 15. a 20. a 25. c 30. d Multiple Choice Questions - Computational 1. (b) Direct Materials P47‚000 Direct Labor 28‚000 Factory Overhead: Depreciation – Factory equipment P1‚000 Factory rent 2‚000 Factory insurance 500 Materials handling 1‚500 5‚000 Manufacturing cost P80‚000
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What is Cost & Management Accounting Reporting Systems? Cost Accounting Reporting System deals with the process of tracking‚ measuring‚ recording and classifying the appropriate allocation of expenditure (financial and non-financial) for the determination of the cost of product or service in an organization and for the presentation of suitably arranged data for the purpose of control and guidance of management (Horngren et al‚ 2010). Costs are measured in terms of Direct Costs‚ Indirect Costs and Overhead/Absorbed
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Emil Andersson Prof. Michael J. Abatemarco ACC 12- 002 Spring 2015 01/27/2015 Self-test questions 1. A. The five characteristics of partnership are associations of individuals‚ mutual agency‚ limited life‚ unlimited liability and co-ownership of property. The income of the partnership is not taxed as a regular entity. It is taxable on each partner’s personal tax rates‚ which is called associations of individuals. 2. C. Basis for splitting partnership income taxes is not part of a partnership agreement
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Revenue (RM250x1000unit) 250‚ 000 Total cost (RM228x1000unit) 228‚ 000 Profit 22‚000 From a view of kettle : The total contribution lost is RM 22‚ 000 + RM 21‚ 000 = RM 43‚ 000 b) Make or continue buy Total cost of making Associated units making: Total cost of buying Associated units buying: The component RM 95 x 3000 unit RM285‚ 000 The decision is buy because cost of savingRM79‚ 000 (RM 346‚000 – RM285
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