Prime Cost YES.....Conversion Cost NO. Prime Cost YES.....Conversion Cost YES. Prime Cost NO....Conversion Cost NO. Prime Cost NO.....Conversion Cost YES. | 2. (TCO A) The costs of staffing and operating the accounting department at Central Hospital would be considered by the Department of Surgery to be (Points : 6) | direct costs. sunk costs. incremental costs. None of the above | 3. (TCO A) The cost of lubricants
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provide redundant pictures of an information system. We don’t need both." Discuss. ANS. Logical data flow diagrams (DFDs) present only the logical elements of an information system. By excluding the physical elements‚ the logical DFD allows us to concentrate on what a system is doing without being distracted by how the f Physical DFDs present the physical elements of an information system. They concentrate on who is acting on the data flowing through the system. Physical DFDs allow us to concentrate
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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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$450‚000 3. Montana Max sells a 2‚500-acre ranch for $1‚000‚000 in cash‚ a note receivable of $1‚000‚000‚ and debt relief of $2‚400‚000. He also pays selling commissions of $60‚000. In addition‚ Max agrees to build a new barn on the property (cost $25‚000) and spend $100‚000 upgrading the fence on the property before the sale. What is Max’s amount realized on the sale? $3‚675‚000 4. 5. When a taxpayer sells an asset‚ what is the difference between realized and recognized gain or loss on
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Case 1.1 Industry and Strategy Analysis a. Apply Porter’s five forces framework to the specialty coffee retail industry. 1. Rivalry among Existing Firms. Direct rivalry among existing firms is often the first order of competition in an industry. Starbucks competes with a broad scope of coffee beverage retailers‚ including fast-food chains‚ doughnut chains‚ and convenience stores associated with many gas stations. Also‚ there are a number of companies that were growing chains of retail coffee
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--------------------------------------- Cupola Awning Corporation introduced a new line of commercial awnings in 2013 that carry a two-year warranty against manufacturer’s defects. Based on their experience with previous product introductions‚ warranty costs are expected to approximate 3% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales $5‚560‚000‚ Actual Warranty Expenditures: $59‚250. This represents a loss contingency. Estimated warranty liability
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States‚ United Kingdom‚ and Chinese Accounting Systems‚ Accounting Standards‚ Accounting Practices This report discusses the accounting practices of the following countries U.K‚ U.S.A and China. An analysis of these different accounting systems will be conducted on issues such as the growth and background‚ social‚ economic and fiscal pressures that have led to each nations current characteristics. Concluding on the direction each nations accounting systems and practices seem to be heading towards
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Subsequent events Students of financial reporting and auditing papers will have to gain an understanding of how subsequent events (also known as ‘events after the reporting period’) affect the financial statements of an entity. This article will consider the financial reporting aspects concerning subsequent events using a case study type scenario‚ and will then discuss the auditing requirements that candidates of Paper F8‚ Audit and Assurance need to be aware of. Financial reporting considerations
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Managerial Accounting Vs Financial Accounting Resources carbon.cudenver.edu/~gcolbert/6550.ch12.pdf MANAGERIAL ACCOUNTING AND COST-VOLUME-PROFIT Managerial Accounting Contrasted to Financial Accounting. Managerial accounting supports Managerial Accounting vs. Financial Accounting cob.ohio-state.edu/~bentz_1/525/problems/Finvsmgrl.doc Bentz Financial vs. Managerial Accounting in which financial accounting and managerial accounting are alike in which managerial accounting seems to differ from
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AIS – Final Study Chapter Highlights Chapter 1 – ACCOUNTING SYSTEM INSIGHTS 1. Enterprise system – A system that supports business activities throughout the enterprise‚ including inputs‚ processing‚ and outputs 2. Integrated enterprise system – Shares data across functional areas within the enterprise 3. Business processes – Related activities performed by an enterprise to create value by transforming input into output 4. Value chain – An organizing framework for business processes
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