manufacturing cost categories. LO2 Distinguish between product costs and period costs and give examples of each. including calculation of the cost of goods sold. LO4 Prepare a schedule of cost of goods manufactured. LO5 Understand the differences between variable costs and fixed costs. LO6 Understand the differences between direct and indirect costs. LO7 Define and give examples of cost classifications used in making decisions: differential costs‚ opportunity costs‚ and sunk costs. LO8
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Part (a) This accounting firm is named as Chapman and French‚ and its office is located on Suite B3‚ 2 Central Avenue‚ THORNLEIGH NSW 2120. There is an online website for researchers or clients‚ and the address is http://www.chapmanandfrench.com.au/. They are chartered accountants with 7 members‚ and they are people of 2 directors‚ a consultant‚ a financial planner‚ an accountant‚ an administration supporter‚ and a receptionist. There were several explorations for the career or employment opportunities
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Cost accounting deals with ascertainment ‚ allocation ‚ apportionment accounting aspect of costs.Management accounting deals with the effect and impact of costs on the business. 2. Cost accounting provides a base for management accounting whereas management accounting is derived from cost accounting and financial accounting. 3. Cost accounting does not include financial accounting ‚ tax planning and tax accounting. Management accounting includes financial and cost accounting ‚ tax accounting
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CHAPTER 3 COST-VOLUME-PROFIT ANALYSIS TRUE/FALSE 1. To perform cost-volume-profit analysis‚ a company must be able to separate costs into fixed and variable components. Answer: True Difficulty: 1 Objective: 1 Terms to Learn: cost-volume-profit (CVP) analysis 2. Cost-volume-profit analysis may be used for multi-product analysis when the proportion of different products remains constant. Answer: True Difficulty: 1 Objective: 1 Terms to Learn: cost-volume-profit
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Alberta School of Business Department of Accounting OPERATIONS and Information systems Accounting 523 Section X50 winter 2013 Midterm Exam Last Name First Name I.D. Number INSTRUCTIONS 1. Read these instructions carefully. 2. You must hand in this exam booklet before leaving the exam. 3. To answer the multiple choice questions‚ circle the letter of your answer. To change your answer‚ stroke through the old answer and circle the new response. You may write
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COST ACCOUNTING: A BRANCH OF ACCONTING THE PRINCIPAL PURPOSE OF WHCH IS TO DTERMINE THE COST OF A SINGLE UNIT OR SERVICES (FOR STOCK VALUATION‚COST PLANNING AND CONTROL AND PROFIT REPORTING PURPOSE) . OR A BRANCH OF ACCOUNTING THAT DEALS WITH THE ACCUMULATION AND ANALYSIS OF COST INFORMATION FOR INTERNAL USE TO AID MAMNAGEMENT IN PLANNING‚ CONTROL AND DECISION MAKING
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Sub Micron Devices Inc. Management Accounting-II Amit Bhatia(12P068) Deependra Kumar(12P078) Nitish Gupta(12P088) Ravinder Gahlout(12P098) Srinivasan Ramesh(12P108) Vipul Garg(12P118) Amit Bhatia(12P068) Deependra Kumar(12P078) Nitish Gupta(12P088) Ravinder Gahlout(12P098) Srinivasan Ramesh(12P108) Vipul Garg(12P118) Submitted By: 2012 Table of Contents Introduction 3 ASIC Division - Cost Pools 4 Cost accounting system at ASIC: 5 Internal and external customer: 6 Situation at ASIC division
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CHAPTER 14: PROCESS COSTING AND THE COST ACCOUNTING CYCLE Multiple Choice c 1. ABC Company made the following journal entry. Work in Process Inventory $200‚000 Direct Labor $188‚000 Direct Labor Rate Variance 12‚000 From this entry we can tell that ABC uses a. job-order costing. b. process costing. c. standard costing. d. normal costing. d 2. CDE Company
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Why Customer Retention Is So Important Good customer retention is vital to any organization because a slight reduction (5%) in the customer defection rate has a disproportionately positive effect on profitability (depending on the cost of acquisition‚ ranging between 25 and 80 %!). Companies with high retention also grow faster. However‚ customers can only be retained if they are loyal and motivated to resist competition. When customers are merely satisfied with the service they receive they may
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Why is technology so important to students and how will it help them succeed in today’s society? Many people may ask this question because education in many ways is different today than it was fifty plus years ago. The answer to the question isn’t always so obvious either. However‚ the plain and simple truth is that today’s world has changed. No longer is memorization of facts and figures the goal. To keep up with our ever changing global community with all its complexities‚ students must learn to
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