Classify each cost listed below as either a product cost or a period cost for purposes of preparing the financial statements for the bank. 1. The cost of the memory chips used in radar set. * Product Cost 2. Factory Heating Cost * Period Cost 3. Factory Equipment maintenance costs. * Period Cost 4. Training costs for new administrative employees * Period Costs 5. The cost of the solder that is used in assembling the radar sets. * Product costs 6. The Travel
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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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the Effects of Advancing Communication Technology on Business Lei-hui Lin Tutor’s: Sandra Elliott Word Count: 1442 Date: 21/08/2012 COTENTS: 1. Introduction 2. How more advanced technology impacts on business 3. How division of labor in business impacts on employees 4. How the extensive use of computers impacts on business 5. How internet communication impacts on business 6. How instant information impacts on business 7. Conclusion 8
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1. The chief economist for Argus Corporation‚ a large appliance manufacturer‚ estimated the firm’s short-run cost function for vacuum cleaners using an average variable cost function of the form. AVC= a + bQ+ cQ^2 (the 2 is suppose to be exponent) Where AVC=dollars per vacuum cleaner and Q=number of vacuum cleaners produced each month. Total fixed cost each month is $180‚000. The following results were obtained: Dependent Variable:AVC R-Square
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PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However‚
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INTERNATIONAL B-SCHOOL SUBJECT: FINANCIAL & COST ACCOUNTING Total Marks: 80 N.B.: 1)Allquestionsarecompulsory 2) All questions carry equal marks. Q1) ABC Ltd. Produces room coolers. The company is considering whether it should continue to manufacture air circulating fans itself or purchase them from outside. Its annual requirement is 25000 units. An outsider vendor is prepared to supply fans for Rs 285 each. In addition‚ ABC Ltd will have to incur costs of Rs 1.50 per unit for freight and Rs 10‚000
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ASSIGNMENT ON COST CONTROL AND COST FREDUCTION SUBMITTED BY‚ MOHAMMED NAFAISE E.K ROLL NO: 1600 COST CONTROLL & COST REDUCTION COST CONTROL The practice of managing and/or reducing business expenses. Cost controls starts by the businesses identifying what their costs are and evaluate whether those costs are reasonable and affordable .Then if necessary
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A DAY WORTH REMEMBERING April 10‚ 2007 is a day I will never forget. It was the day I gave birth to my son. Beforehand‚ I thought it would all be a piece of cake‚ but to my surprise‚ it was far from that. On my way to a routine check-up‚ it seemed as if all I was able to think about was how bad my back hurt and that I could not wait to have this baby. I arrived at the doctor’s office and everything seemed to be running smoothly. I sat in the small‚ cramped room for what seemed like forever after
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Worth A Shot A bead of sweat rolls down my neck as I take a deep breath and position myself in front of the goal. I look from the soccer ball to the goal and back to the ball again‚ deciding if I should take the shot. In a split second‚ I must decide. Through hastened process analysis‚ I elect to drop the ball back to an awaiting teammate‚ a calculated risk‚ but – tragedy- the other team intercepts and takes possession of the ball‚ losing my team’s chance to score. During a lecture on not doubting
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WHAT ARE COSTS AND PROFITS? HUNGRY HELEN’S COOKIE FACTORY • Helen‚ the owner of the cookie factory‚ buys flour‚ sugar‚ flavorings‚ and other cookie ingredients. • She also buys the mixers and the ovens and hires workers to run the equipment. • She then sells the resulting cookies to consumers. 2 TOTAL REVENUE‚ TOTAL COST‚ AND PROFIT • The amount that Helen receives for the sale of its output (cookies) is its total revenue. • The amount that the firm pays to buy inputs (flour‚ sugar‚ workers
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