MANAGEMENT ACCOUNTING: COSTING AND BUDGETING ------------------------------------------------- Amaya Gamage BM/C/43/32 SUBMITTED TO: Mr. Anuruddha Yapa 30.07.2012 Acknowledgement I would like to express my sincere gratitude to those who helped me to finish this project on Costing and Budgeting. I have taken a lot of effort in finishing this assignment successfully. I express my heartfelt gratitude especially to our lecturer of Management Accounting: Costing and Budgeting module Mr. Anuruddha
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AACE International Recommended Practice No. 34R-05 BASIS OF ESTIMATE TCM Framework: 7.3 – Cost Estimating and Budgeting Acknowledgments: Todd Pickett‚ CCC (Author) Peter R. Bredehoeft‚ Jr. Ted A. Downen Larry R. Dysert‚ CCC Bruce G. Elliott‚ CCC John K. Hollmann‚ PE CCE Copyright 2010 AACE International‚ Inc. Stephen M. Jacobson CCC Carlton W. Karlik‚ PE Christopher L. Kinney Donald F. McDonald‚ Jr. PE CCE PSP Bernard A. Pietlock CCC Richard A. Selg‚ CCE AACE International Recommended Practices
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types of cost incurred in Foxwood Company with an appropriate cost classification There are many concepts of cost in an organization. Costs also are used in different business applications‚ such as financial accounting‚ cost accounting‚ budgeting‚ capital budgeting‚ and valuation. Consequently‚ there are different ways of categorizing costs according to their relationship to output as well as according to the context in which they are used. Following this summary of the different types of costs are
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[pic] Evaluation of Strengths and Weaknesses of WM Morrison Supermarkets Complied by: Karolis Petkus Student number: 2903678 Course tutor: Ian Edwards 2009 Contents or page index: • Introduction …………………………………………………………................ p. 3 • Background ……………………………………………………………….……p. 3 • Current strategy ……………………………………………………………...…p. 4 • Strengths …………………………………………………………………….p. 5‚ 6 • Weaknesses …………………………………………………………………….p. 6 • Opportunities ………………………………………………………………
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Chapter 5: Activity-Based Costing MULTIPLE CHOICE QUESTIONS 1. Consider the following statements regarding traditional costing systems: I.Overhead costs are applied to products on the basis of volume-related measures. II.All manufacturing costs are easily traceable to the goods produced. III.Traditional costing systems tend to distort unit manufacturing costs when numerous goods are made that have widely varying production requirements. Which of the above statements is (are) true? A. I only. B. II
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Costing Systems Introduction After completing the “Broadening Your Perspective” communication activity in chapter 17 in Accounting: Tools for business decision making‚ the author was able to determine what strategy Super Bakery‚ Inc. used to make their business run in a more efficient manner. In this essay‚ the author discusses why Super Baker’s management felt it necessary to install an activity-based costing (ABC) system. The author shares whether or not he agrees on the reasoning of this decision
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Budgeting System Paper Line-item Budget System The major advantage of line-item budgeting is its simplicity. Any staff member‚ board member‚ volunteer or interested citizen can pick up the line-item budget of a human service agency and see (a) the source and amount of the agency’s revenues‚ (b) how the funds will be used in terms of staff‚ equipment‚ facilities‚ travel‚ and so on‚ and (c) if the budget is balanced. The major disadvantages of line-item budgeting systems are twofold. First‚ line-item
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Product costing systems in modern manufacturing organisations Product costing refers to the process of assigning shared direct and indirect costs to individual products‚ customers‚ branches or other cost items. (USAID‚ 2007) Product costing is also referred to as assigning costs to inventory and production based on the expenses that go into producing or buying inventory. It is an important process for manufacturers that helps improves management information on products and helps managers and the
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Wm Morrison Supermarkets plc. All about the share price of this company as compared with other competitors such as TESCO & Sainsbury’s. Depiction Wm Morrison Supermarkets PLC is a sustenance/Food retailer. As of January 29‚ 2012‚ the Company had 475 stores crosswise over Britain‚ running in size from 3‚000 to in excess of 40‚000 square feet. Its subsidiaries incorporate Farmers Boy Limited‚ which is a producer and wholesaler of sustenance items; Neerock Limited‚ a meat processor; Wm Morrison Produce
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AUTOMATED SUPERMARKET SUPPLY SYSTEM Results Introduction The Architecture below represents the system‚ including 5 sub-systems. For Each sub-system the functions and time-budget is specified. Mentioned budget times are derived from obtained statistics about a standard supermarket procedure (e.g. common errors‚ number of products‚ supplier dependency). Besides statistics there have been made some assumptions to define budget times. Proposed times are guidelines for future project phases
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