Please forward the following two questions to the entire batch as directed by Sengupta sir. AS 2 Determine the cost of inventory of M/s XYZ International Limited involved in the import and trading of mobile phones as at March 31‚ 2011 in accordance with Accounting Standard – 2‚ Valuation of Inventories‚ from the following data (5000 phones) :- Purchase cost of phones – Rs 50‚000 Custom duty on Import – Rs 30‚000 Port clearing charges – Rs 10‚000 Carriage inwards – Rs 15‚000 Salary to
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Reliability and Objectivity of Accounting Measurement‚ Author: Y.Ijiri and R.K.Jaedicke‚ The Accounting Review‚ Vol.41. No.3‚ 1966‚ 474-483 Summary: Accounting is a measurement system in which number of alternative measurement methods are available. Criteria for choosing best measurement alternative is an issue over the life of accounting. The user groups and the purpose for which data will be used are important‚ however‚ the use or purpose of the data is simply too broad and general a criterion
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GUILLERMO VAJDA COST ACCOUNTING ASSIGNEMENT 3 CHAPTER 5 Exercises 5-29‚ 5-42‚ 5-44‚ 5-46‚ 5-50‚ and Problem 5-56 5-29 Al’s Speedy Gourmet‚ a small hamburger shop‚ has identify the following resources used in its operations. Each customer order is a batch. 1 Classify its costs as unit-level‚ batch level‚ product level or facilities level costs. 2 Suggest a proper driver for each item. Bread. Unit-level. Hamburger Hourly help- facilities level. Labor Store rent – Facility-level. Ground beef
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Evolution of Performance Measurement Models in Management Accounting Name Grade course Tutor’s name 2nd October 2010 Abstract Changes in management accounting have gone by unnoticed in the recent years. This article tries to explain by how much management accounting has altered through the years‚ since the 1950s to date‚ and the reasons that led to the changes. This work also focuses on various performance evaluation models‚ their applications and their effectiveness. Introduction
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Accounting Final Exam 1.) Five forces included in industry analysis Competitors. Potential entrants into the market. Equivalent products. Bargaining power of customers. Bargaining power of input suppliers. 2.) The balanced scorecard translates an organization’s mission and strategy into a set of performance measures that provides the framework for implementing its strategy. The balanced scorecard does not focus solely on achieving short-run financial objectives. It also highlights the
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Introduction Wrong or inaccurate measurements can lead to wrong decisions‚ which can have serious consequences‚ costing money and even lives. The human and financial consequences of wrong decisions based on poor measurement being taken in matters as important as environmental change and pollution are almost incalculable. It is important therefore to have reliable and accurate measurements which are agreed and accepted by the relevant authorities worldwide. Metrologists are therefore continuously
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Contract costing is a system of job costing that is applied to relatively large cost units‚ which normally take a considerable length of time to complete. Building and construc¬tion work‚ civil engineering and shipbuilding are some examples of industries where large contract work is undertaken‚ and where contract costing is appropriate. Contract Costing deals with the books of the Contractor only‚ i.e. the cost of the work and measuring the profit or loss on the contract. Contract costing is
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this formula Direct labor cost = 40000 = 6250 Hours Per D.Labor hours rate 6.40 1) Prime Cost (2) Conversion Cost Material opening 24000 Direct labor 40000 + purchase 56000 FOH Applied Material available for use 80000 6250 Hours@ 8 50000 - Material ending (20000) Conversion cost 90000 Material used 60000 + Direct labor 40000 Prime Cost 100000 (3) Cost of goods manufactured (4) Cost of goods sold Prime cost 100000 Cost of goods manufactured
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Cost Accounting: In a broad aspects‚ Cost Accounting is a method of accounting in which all costs incurred in carrying out an activity or accomplishing a purpose are collected‚ classified‚ and recorded. This data is then summarized and analyzed to arrive at a selling price‚ or to determine where savings are possible. So Cost Accounting consists of the identification‚ measurement‚ collection‚ analysis‚ preparation‚ and communication of financial information For example‚ calculating the cost of product
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Unit 6 Statement of Cash Flows and Financial Statement Analysis & The Metrics of a Company Unit Assignment Kaplan University January 18‚ 2013 AC505: Advanced Managerial/Cost Accounting |Transaction |Operating |Investing |Financing | |A. Paid bills to insurers and utility providers
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