I. Discuss Process Costing‚ clearly bringing out its advantages and disadvantages. DEFINITION Costs are accumulated in costing systems. According to Glautier and Underdown (2001)‚ the development of costing systems reflects the manner in which accounting methods have been adapted to the needs of different forms of activity and technology‚ and also to the appearance of advanced manufacturing techniques that have been a feature of recent years. Cost accounting systems allow full product costs to
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to report under Canadian GAAP and instead use IFRS. This paper discusses three accounting topics to compare Canadian GAAP with IFRS. The three topics cover (1) conceptual framework‚ (2) property‚ plant and equipment‚ and (3) financial statement presentation. Conceptual Framework Both IFRS and Canadian GAAP are based on similar conceptual frameworks. Many of the basic concepts in IFRS (e.g.‚ the going concern assumption‚ accrual accounting) are similar to Canadian GAAP. Many recognition and measurement
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October 9‚ 2012 US GAAP vs. IFRS The Financial Accounting Standards Board (FASB) developed the United States Generally Accepted Accounting Principles (GAAP) has been used in US corporations for over 75 years. It allows financial statements from all corporations to be compared accurately and efficiently‚ and serves as a guideline for accountants. GAAP is slowly being taken out for the International Financial Reporting Standards (IFRS) as global business goes across the world. GAAP applies only to
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Normal costing is used to value manufactured products with the actual materials costs‚ the actual direct labor costs‚ and manufacturing overhead based on a predetermined manufacturing overhead rate. These three costs are referred to as product costs and are used for the cost of goods sold and for inventory valuation. Standard costing values its manufactured products with a predetermined materials cost‚ a predetermined direct labor cost‚ and a predetermined manufacturing overhead cost. These standard
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Exercises (Group A) (15-20 min.) E 4-22A Req. 1 Plantwide overhead rate = Estimated total manufacturing costs Estimated cost allocation base = = $1‚150‚000 25‚000* direct labor hours = = $46 per direct labor hour *When calculating plantwide overhead rates‚ all direct labor hours incurred in the plant are used. (continued) E 4-22A Req. 2 Departmental overhead rate Machining Dept. overhead rate = = Finishing Dept. overhead rate Total department overhead
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Product Identification Costing Sheet I have a dish of grilled lamb chops with tomatoes and olives‚ honey lime carrots‚ and roasted red potatoes with garlic and rosemary. After costing out every item in the recipe I got a subtotal of $104.56. Once I introduced a Q-factor of 3% into the costing‚ I came up with a subtotal with Q-factor of $107.70. My yield of the dishes is 10 plates‚ so taking the subtotal with a Q-factor and dividing it by 10‚ makes it $10.77 per dish‚ then add in a dollar for extra
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Process Costing Objectives ☯To understand what is process costing ☯To understand the physical flow and basic entries in a process costing system ☯To be able to calculate the production cost able in a process costing system by using the the Weighted Average method 1 Comparison of Job-Order Costing and Process Costing JobJob-order costing The oil refining process starts with a fractional distillation column. Typical Application of Process Costing Process Costing Process
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current product costing system requires a lot of research and pre-planning. In order to determine the most effective product costing system management must decide which costs should be included in the product costs‚ at what level will direct costs be tracked‚ how indirect costs will be structured‚ and when to capture the indirect costs. Once all the costs have been identified and organized into fixed‚ variable‚ or overhead categories‚ management must then decide which product costing system would provide
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Technology being allowed in schools can be a very hard topic to talk about because they are so many pros and cons of both sides of the argument. Quite frankly the only possible answer is opinion based and up to the person who is in control. I personally believe that technology is a great thing to have in school. Technology can be a very horrible thing to give to a child or teen in some cases if they have not showed themselves responsible enough at the house. Like if they are always on it in the
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GAAP and Economic Consequences a) The “due process” procedure includes consultations from financial analysts‚ accountants‚ stock exchanges‚ FASB members and other users. Thereafter‚ the Board issues an Exposure Draft based upon the meetings and consultations held earlier. The Board calls for public recommendations and discussions on the Draft‚ after analysis of which the final standard is issued. b) The term “economic consequences” signifies the adverse impact on the economy and on businesses of
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