1 What Is a Project? Skill: Definition AACSB Tag: Reflective 3) A typical project stays within functional and organizational boundaries. Answer: FALSE Diff: 2 Section: 1.1 What Is a Project? Skill: Definition AACSB Tag: Reflective 4) The special nature of projects relieves project managers from their routine of planning‚ organizing‚ motivating‚ directing‚ and controlling. Answer: FALSE Diff: 2 Section: 1.1 What Is a Project? Skill: Factual AACSB Tag: Reflective 5) A
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25 STANDARD COSTS AND BALANCED SCORECARD SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 3 C 17. 3 C 25. 4 C sg33. 3 K 2. 1 K 10. 3 K 18. 4 K 26. 5 K sg34. 4 K 3. 1 C 11. 3 C 19. 4 C 27. 6 C sg35. 4 C 4. 1 K 12. 3 K 20. 4 K 28. 9 C sg36. 5 K 5. 2 C 13. 3 K 21. 4 K 29. 9 C sg37. 6 K 6. 3 C 14. 3 C 22. 4 K 30. 9 C sg38. 7 K 7. 3 K 15. 3 K 23. 4 C sg31. 1 K 8. 3 C 16. 3 K 24. 4 C sg32. 2 K
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the future is the: a. Historical cost principle. b. Unit-of-measure assumption. c. Continuity assumption. * d. Separate-entity assumption. 2. Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received. Which accounting concept governs the above? a. The prudence concept b. The materiality concept c. The accruals concept * d. The dual accept concept 3. Which accounting concept requires that foreseen losses
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Cost Allocation Paper Cost Accounting Abstract This article’s focus is how cost accounting allocates costs of a manufacturing plant. All things are hypothetical. The conclusions of this report regarding costing of commercial services provided by Goodyear Tire should be recognized as a theory of the way Goodyear Tire conducts business activities‚ rather than suggestions of how Goodyear Tire should conduct business. Goodyear Tire is a publically traded company‚ which has many different
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L-S‚ T & H‚ Chapter 4: RQ4.1‚ RQ4.3‚ RQ4.5‚ RQ4.7‚ RQ4.8‚ RQ4.9‚ RQ4.10‚ RQ4.11‚ RQ4.14‚ RQ4.15‚ RQ4.18‚ RQ4.20 E4.21‚ E4.25‚ E4.26‚ P4.33‚ P4.36‚ P4.37 and P4.40. RQ4. 1 Identify the major purposes of product costing. For each purpose discuss whether information about current or future product costs is required. What implication does your answer have for developing a product costing system? L-S‚ T & H‚ page 131. Purpose Current / Future Product Costs Short-term decisions: product mix‚ pricing
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Cost Accounting: A Managerial Emphasis‚ EXHIBIT 11-1 Accounting Information and the Decision Process FIVE-STEP SEQUENCE Step 1: Gathering Information AN ILLUSTRATION The current manufacturing line uses 20 employees‚ 15 operating machines‚ and 5 handling materials‚ for a total cost of $640‚000. The rearrangement of the manufacturing assembly line is expected to eliminate materials-handling costs‚ equivalent to $160‚000. The cost of the rearrangement will be $90‚000. Historical
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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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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Definition of financial accounting. T 2. Purpose of financial statements. T 3. Definition of financial accounting. T 4. Capital allocation process. F 5. Financial reports. F 6. Fair value information. F 7. Objectives of financial reporting. F 8. Accrual accounting. T 9. Generally accepted accounting principles. T 10. Users
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Assignment: Cost Accounting Applied By Professor Bryan Womack Course Title ACC 350012VA016-1122-001 Cost Accounting February 26‚ 2012 Companies that are successful financially know what their costs are and how those costs are being spent. The company I have chosen wants to change from a general accounting system where costs are put in general categories and they currently do not have any allocation
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Peanuts and Cost Accounting A problem faced by a Restaurateur (Joe) as revealed by his Accountant-Efficiency Expert (Eff. Ex.) EFF. EX. Joe‚ you said you put in these peanuts because some people ask for them‚ but do you realize what this rack of peanuts is costing you? JOE It ain ’t gonna cost. ’Sgonna be a profit. Sure‚ I hadda pay $25 for a fancy rack to holda bags‚ but the peanuts cost 6 cents and I sell ’em for 10 cents. Figger I sell 50 bags a week to start. It ’ll take 12 ½ weeks to
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