acceptable quality level (AQL) the defect rate at which total quality costs are minimised account classification method (or account analysis) the process in which managers use their judgement to classify costs as fixed‚ variable or semivariable costs accounting rate of return (or simple rate of return‚ rate of return on assets‚ unadjusted rate of return or return on investment (ROI)) the average annual profit from a project‚ divided by the initial investment accumulation factor the value of (1 r)n used
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Q1: There are two different types of cost accounting systems: Job order cost systems and process cost systems. How does management decide whether to use a job order cost system or a process cost system in any given manufacturing situation? Explain. Job order cost system is used in situations where many different products are produced each period. For example‚ a Levi Strauss clothing factory would typically make many different types of jeans for both men and women during a month. A particular order
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Accounting is defined as the theory and system of setting up‚ maintaining‚ and auditing books of a firm. In a company‚ an accounting specialist is responsible for accounts‚ receivables and payables‚ including general ledger coding‚ inputting invoices to a payable system‚ writing checks and posting payments to accounts. However‚ the qualifications in becoming an accounting specialist requires a certain amount of education and experience. In this career field the responsibility in the financial aspect
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Managerial Accounting What Does Managerial Accounting Mean? - The process of identifying‚ measuring‚ analyzing‚ interpreting‚ and communicating information for the pursuit of an organization’s goals. This is also known as "cost accounting." - Managerial accounting is used primarily by those within a company or organization. Reports can be generated for any period of time such as daily‚ weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within
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Cost Classifications and Estimation 2.0 Introduction Cost classification may be defined as ‘the arrangement of cost items in a logical sequence having regard to their nature and purpose to be fulfilled’. The term cost must be qualified when in use in order that its precise meaning is established in a particular situation; however‚ cost refers to the amount of resources that have been diverted from other uses or sacrificed so as to achieve the desired objective. But the term is used to refer to
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costs Current Reimbursement contracts Current External reporting (inventory calculation) Current All the information cannot come from one source. The main accounting system may accumulate current and past costs but for much decision-making and planning‚ estimates of future costs will need to be generated outside of that accounting system. RQ4.3 How common are product costing systems in practice? Why might a business choose to do without a product costing system? L-S‚ T & H‚ page 134. A
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Post Office Box 3061110 Tallahassee‚ FL 32306-1110 RBB 328 Phone: 850-644-3892 FAX: 850-644-7332 E-mail: ugprog@cob.fsu.edu Website: http://www.cob.fsu.edu/undergrad/ B.S. DEGREE IN ACCOUNTING REQUIREMENTS FOR THE ACCOUNTING MAJOR 2011 - 2012 Admission Requirements for the Accounting Major: The Accounting major is a limited access program. To be admitted to the major‚ students must (1) have completed at least 52 semester hours‚ (2) have completed ACG 2021‚ CGS 2100‚ ECO 2013‚ ECO 2023‚ MAC
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1. Basic Concepts Product cost = Direct Labor (DL) + Direct Materials (DM) + Manufacturing Overhead (MOH) Financial accounting Managerial Accounting + Sales + Sales - COGS - Variable Costs = Gross Profit = Contribution Margin - SG&A - Fixed Costs = Net Profit = Net Profit COGS (Cost of Goods Sold) is an “inventoriable cost” ( recorded in the Balance Sheet as inventory and expensed (Income Statement) when goods are sold SG&A (Selling‚ General & Administrative) are
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CONTENTS INTRODUCTION What is Accounting Branches of Accounting Definition of Environmental Accounting Definition of Management Accounting Functions of Management Accounting LITERATURE REVIEW MANGEMENT ACCOUNTING SYSTEM Features of Useful Management Accounting AN INTRODUCTION TO ENVIRONMENTAL ACCOUNTING {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item}
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Table of contents Introduction 2 Discussion 2 Costing method & purpose of variance analysis 2 Key findings 3 Material price variance 3 Material usage variance 3 Labour rate variance 4 Labour efficiency variance 5 Variable overhead variance 5 Fixed overhead expenditure variance 6 Fixed overhead volume variance 6 Variable selling and distribution variance 6 Sales variance 7 Responding to publicity 7 Conclusion 8 Appendix 1: Key findings of variance analysis 9 Appendix
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