Chapter 6--Process Costing Student: ___________________________________________________________________________ 1. A process is a series of activities or operations‚ which are linked to perform a specific objective. True False 2. The cost flows for a process-costing system are totally different from those of a job order costing system. True False 3. Process systems are characterized by a larger number of homogeneous products passing through a series of processes. True False
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Cost/Benefit Analysis Evaluating Quantitatively Whether to Follow a Course of Action You may have been intensely creative in generating solutions to a problem‚ and rigorous in your selection of the best one available. However‚ this solution may still not be worth implementing‚ as you may invest a lot of time and money in solving a problem that is not worthy of this effort. Cost Benefit Analysis or CBA is a relatively* simple and widely used technique for deciding whether to make a change. As its
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Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures‚ a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the other
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found the slope (1/4) in the previous part of the problem. Therefore‚ 350=(1/4)*3200 + b‚ which implies b = -450. So the equation for the line is y = (1/4)*X - 450. The slope (1/4) means that enrollment in economics courses increase by 1 person every time total enrollment increases by 4 people. 2) Graph the following two equations on the same graph‚ X = 440 - 4Y and X = 40 + 4Y. Solve these two equations for X and Y. Do the graphing. The solution‚ solving the two equations for the two unknowns‚ are
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The Illusion of the Capital Gains Tax Increase Policymakers and researchers have long been interested in how potential changes to the capital gains tax system affects the health of the overall economy. A capital gain is the increase in the value of a capital asset realized over its cost basis (Saxton). The lower tax rate for capital gains is the policy that the United States has followed from the inception of the income tax‚ a policy followed by almost every other advanced economy on earth. As numerous
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those struggling with the anxieties of writing‚ but her main project seems to be offering the reader a reality check regarding writing‚ publishing‚ and struggling with one’s own imperfect humanity in the process. Rather than a practical handbook to producing and/or publishing‚ this text is indispensable because of its honest perspective‚ its down-to-earth humor‚ and its encouraging approach. {REFLECTION} Chapters in this text could easily be included in the curriculum for a writing class. Several of
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business and how the new equipment will help the business to function and the cost of the product will determine what the managers of the business decides. Marginal costs are change in total costs divided by change in output. Marginal revenue is the change in total revenue divided by change in output. Increase in fixed costs means that when the fixed costs cannot be changed it is the short run and when the fixed costs change it is the long run. The second questions that I chose to answer was
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budgets. 3. The costs of direct materials are classified as: A. Choice A B. Choice B C. Choice C D. Choice D 4. The three basic elements of manufacturing cost are direct materials‚ direct labor‚ and: A. cost of goods manufactured. B. cost of goods sold. C. work in process. D. manufacturing overhead. 5. 25. Prime cost consists of direct materials combined with: A. direct labor. B. manufacturing overhead. C. indirect materials. D. cost of goods manufactured.
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indirect costs are allocated using only one or two cost pools. All or most costs are identified as output unit-level costs. Products make diverse demands on resources because of differences in volume‚ process steps‚ batch size‚ or complexity. Products that a company is well suited to make and sell show small profits while products for which a company is less suited show large profits. 9-5 (1) Identify the activities that consume resources and assign costs to them. (2) Identify the cost driver(s)
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source same End result ! ends with financial statements ! integral part of other business aspects B. Cost Accounting Terminology 1. Nature of Cost Cost - A sacrifice of resources: Cost is a measurement in monetary terms of the amount of resources used for some purpose. Expense - The cost charged against revenue in a particular accounting period. 2. Purposes of Gathering Cost Information Routine decision making:
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