Top PDF Cost Accounting, Chapter 5 11ch05

Cost Accounting, Chapter 5 11ch05

Cost Accounting, Chapter 5 11ch05

ABC and Department Indirect-Cost Rates ABC and Department Indirect-Cost Rates Many companies have evolved their costing system from using a single cost pool to using separate indirect-[r]

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Cost Accounting, Chapter 1 11ch01

Cost Accounting, Chapter 1 11ch01

Budget Actual Variance Revenues $59,000 $60,000 $1,000 F Cost of goods sold 42,000 43,400 1,400 U Wages 6,700 7,000 300 U General 1,300 900 400 F Fixed costs 5,000 5,000 0 Operating income $ 4,000 $ 3,700 $ 300 U

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CHAPTER 5 Improving Accounting Education

CHAPTER 5 Improving Accounting Education

Interestingly, faculty and practice respondents were in substantial agreement as to which are the most important skills. It is also important to recognize that this ranking of skills aligns closely with the core competencies identified in the AICPA Vision Study and its Core Competency Framework for entry-level students, by the IMA in their 1995 and 1999 Practice Analyses, by the Institute of Internal Auditors in their recent study of the knowledge base of internal auditing, by the AECC, and with academic research on accounting education. It is interesting to note that faculty feel more strongly than do practitioners about the higher-ranking skills, but less strongly than do practitioners on most of the lower-ranking skills. Using 3 as a cutoff, there are only two skills that practitioners believe should have little or no priority. If we effectively teach these skills, we will add value that cannot be duplicated through distance learning and other lower-cost delivery methods. We must find ways to integrate the teaching of skills into our curricula.
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Test Bank Cost Accounting 14E by Horngren  11 chapter

Test Bank Cost Accounting 14E by Horngren 11 chapter

5) Ruttles Circuit Company manufactures circuit boards for other firms. Management is attempting to search for ways to reduce manufacturing labor costs and has received a proposal from a consulting company to rearrange the production floor next year. Using the information below regarding current operations and the new proposal, which of the following decisions should management accept?

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Cost Accounting, Chapter 6 11ch06

Cost Accounting, Chapter 6 11ch06

Ending Inventory Budget Ending Inventory Budget Cost per finished unit: Materials $ 4 Labor 21 Variable manufacturing overhead 24 Fixed manufacturing overhead 5* Total $54... Ending[r]

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Cost Accounting, Chapter 2 11ch02

Cost Accounting, Chapter 2 11ch02

Relevant Range Example Relevant Range Example Assume that fixed leasing costs are $94,500 for a year and that they remain the same for a certain volume range 1,000 to 5,000 bicycles...[r]

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Test Bank Cost Accounting 14E by Horngren  21 chapter

Test Bank Cost Accounting 14E by Horngren 21 chapter

Stage 1 of a capital budgeting project is the identify projects stage in which a firm determines which types of capital investments are necessary to accomplish organization objectives and strategies. Stage 2 is the obtain information stage in which a firm gathers information from all parts of the value chain to analyze alternative projects. Stage 3 is the make predictions stage in which the firm forecasts all potential cash flows attributable to the alternative projects. Stage 4 is the make decisions by choosing among alternatives stage in which the firm determines which investment yields the greatest benefit and the least cost to the organization. Stage 5 is the implement the decision, evaluate performance, and learn stage that is further separated into two sub stages: (1) obtain funding and make the investments selected in the stage 4 process, and (2) track the realized cash flows, compare against the forecast numbers, and revise plans if necessary.
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International Accounting, Chapter 5 ch 05

International Accounting, Chapter 5 ch 05

Reporting and Disclosure Practices contin  Segment disclosures  Disaggregated information about a firm’s industry and geographic operations and results  Includes disaggregated in[r]

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Test Bank Cost Accounting 14E by Horngren  16 chapter

Test Bank Cost Accounting 14E by Horngren 16 chapter

What may be the cost assignment problem if a key consideration is the value of the products being sold? Answer: First, the company needs to consider whether the byproducts are being treated as products, rather than byproducts. For the most part, byproducts should not be assigned costs. The revenue from the byproducts should be used as either minor sale categories or else as offsets to processing costs. A second consideration is the method used to assign the costs. It is possible that some physical measure (weight) is being used, in which case the parts items and the byproducts may weigh as much as the primary product. It may be necessary to evaluate the various methods of allocation and select the one which management feels is best for decision making.
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Test Bank Cost Accounting 14E by Horngren  8 chapter

Test Bank Cost Accounting 14E by Horngren 8 chapter

The variable overhead spending variance is the difference between the actual variable overhead cost per unit of the cost-allocation base and the budgeted variable overhead cost per unit of the cost-allocation base, multiplied by actual quantity of the variable overhead cost-allocation base used for actual output. The meaning of this variance hinges on an explanation of why the per unit cost of the allocation base is lower or higher than the amount budgeted. Some explanations might include different-than-budgeted prices for the individual inputs to variable overhead or perhaps more efficient usage of some of the variable overhead items.
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Test Bank Cost Accounting 6e by Raiborn and Kinney  2 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 2 chapter

A product cost is one that is associated with making or acquiring inventory. A period cost is any cost other than those associated with making or acquiring products and is not considered inventory. Students will have a variety of examples, but direct material, direct labor, and overhead are product costs. Selling and administrative expenses are considered period costs. A direct cost is one that is physically and conveniently traceable to a cost object. Direct material and direct labor are direct costs. An indirect cost is one that cannot be conveniently traced to a cost object. Any type of overhead cost is considered indirect.
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Addthis ch01

Addthis ch01

Chapter 1-3 Financial Accounting and Accounting Financial Accounting and Accounting Standards Standards Financial Accounting and Accounting Financial Accounting and Accounting [r]

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Cost Management Accounting & Control, Chapter 9

Cost Management Accounting & Control, Chapter 9

Variance Analysis and Accounting: Direct Materials and Direct Labor • Direct materials price variances can be computed at the point – when the direct materials are issued into producti[r]

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Cost Accounting, Chapter 13 11ch13

Cost Accounting, Chapter 13 11ch13

Price-Recovery Component Price-Recovery Component Cost effect of price-recovery component Input prices in 2004 – Input prices in 2003 Actual units of inputs or capacity that would hav[r]

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Cost Accounting, Chapter 12 11ch12

Cost Accounting, Chapter 12 11ch12

Time Horizon of Pricing Decisions Time Horizon of Pricing Decisions Short-run decisions have a time horizon of less than a year:  pricing a one-time-only special order  adjustin[r]

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Cost Accounting, Chapter 11 11ch11

Cost Accounting, Chapter 11 11ch11

Profitability, Activity-Based Costing, and Relevant Costs Profitability, Activity-Based Costing, and Relevant Costs Assume that if Mountain View Furniture drops Cohen’s business it ca[r]

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Cost Accounting, Chapter 10 11ch10

Cost Accounting, Chapter 10 11ch10

Nonlinearity and Cost Functions Nonlinearity and Cost Functions A step function is a cost function in which the cost is constant over various ranges of the level of activity, but the c[r]

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Cost Accounting, Chapter 9 11ch09

Cost Accounting, Chapter 9 11ch09

Comparing Income Statements Absorption Costing Comparing Income Statements Absorption Costing Total fixed production costs are $54,000 at a normal capacity of 12,000 units.. Fixed nonm[r]

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Cost Accounting, Chapter 8 11ch08

Cost Accounting, Chapter 8 11ch08

Integrated Analysis Integrated Analysis Actual manufacturing overhead incurred: Variable manufacturing overhead $244,775 Fixed manufacturing overhead 300,000 Total $544,775 Overhead [r]

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Cost Accounting, Chapter 3 11ch03

Cost Accounting, Chapter 3 11ch03

Cost-Volume-Profit Assumptions and Terminology Cost-Volume-Profit Assumptions and Terminology Operating income = Total revenues from operations – Cost of goods sold and operating cos[r]

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