will discuss in the course. Read the case and work through the following questions to help you get familiar with the numbers. Pay particular attention to question 6. 1. The overhead allocation rate used in the 1987 model year strategy study at the Automotive Component & Fabrication Plant (ACF) was 435% of direct labor dollar cost. Calculate the overhead allocation rate using the 1987 model year budget. Calculate the overhead allocation rate for each of the model years 1988 through 1990.
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Learning – long lasting change in behavior resulting from experience Classical Conditioning – a form of learning in which the first stimulus is the signal of the occurrence of the second stimulus Unconditioned stimulus (US/UCS) – the original stimulus that elicits a response Unconditioned response (UR/UCR) – the involuntary‚ reflexive response to unconditioned stimulus Conditioned stimulus – the stimulus associating with the original stimulus to elicit a response Conditioned response – salvation
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Chapter 1 Managerial Accounting‚ the Business Organization‚ and Professional Ethics Management accounting produces information for managers within an organization. Financial accounting produces information for external parties‚ such as stockholders‚ suppliers‚ banks‚ and government regulatory agencies. What kind of accounting information do managers need to achieve their goals and objectives? Good accounting information helps answer three types of questions: 1. Scorecard questions 2. Attention-directing
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Chapter 6: a) Exploratory studies: Exploratory have loose structures with the objective of discovering future research tasks. The immediate purpose of exploration is usually to develop hypotheses or questions for further research. Formal studies: The formal study continues the exploratory study. It begins with a hypothesis or research question and involves precise procedures and data source specifications. The goal of a formal research design is to test the hypotheses or answer the research
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(Accounting for Goodwill) Fred Moss‚ owner of Moss Interiors‚ is negotiating for the purchase of Zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form below. ZWEIFEL GALLERIES Balance Sheet as of December 31‚ 2014 Assets Liabilities and Stockholders’ Equity Cash $100‚000 Accounts payable $ 50‚000 Land 70‚000 Notes payable (long-term) 300‚000 Buildings (net) 200‚000 Total liabilities 350‚000 Equipment (net) 175‚000 Common stock $200‚000 Copyrights (net) 30
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Question 1 Product costs are costs that are associated with manufactured goods until the time period during which products are sold. It involved all costs in acquiring or making a product. These costs consist of direct materials‚ direct labour and manufacturing overhead. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold‚ the costs are released from inventory as expenses and matched against sales revenue. Since product costs are initially assigned
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Difference between historical cost and fair value accounting In order to make the most profitable and rational decisions entity’s stakeholders have to evaluate organisation’s financial statements. Today’s world of rapidly changing prices has made it difficult to estimate what something is actually worth. Thus leading to debates at what price – historical costing price or market value – assets and liabilities should be reported. Therefore‚ before making any evaluations about reported transactions
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The Outsiders Chapters 5-6 “Heroism is not the urge to surpass all others at whatever cost‚ but the urge to serve others at whatever cost.” Arthur Ashe. In the novel The Outsiders we read of two young boys‚ Ponyboy and Johnny‚ who jump into a burning church to save a group of young children. In the few split seconds it took for the two to recognize the sound of innocent screams‚ Ponyboy and Johnny were dashing up the hill to the church; ready to risk it all for the lives of children they had never
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LOSS ACCOUNT Sales have increased over the years‚ but the rate of this increase is not steady. The highest sales point was in 2006. Cost of sales and expenses with the exception of other expenses have increased at a steady rate. Other operating expenses have fluctuated over the years; the lowest point was in the first year with the highest being in 2006. Finance cost seems to have reached a peak in 2006 and the fallen by 2008. Net Profit after Tax follows a similar pattern to sales. CC3 CONSOLIDATED
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Solutions to Homework Assignments: Chapter 4 6. Are all capital gains (gains on the sale or disposition of capital assets) taxed at the same rate? Explain. No. If a taxpayer holds a capital asset for a year or less the gain is taxed at ordinary tax rates. If the taxpayer holds the asset for more than a year before selling‚ the gain is generally taxed at a maximum 15% rate but could be taxed as high as 20% for high income taxpayers. If the taxpayer sells more than one capital asset during the year
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