2 Company Operations Tutorial Solutions Chapter 3 Company operations Review Questions 11. When do dividends become a legal debt of the company? When are they to be recognised as liabilities? Where a company has a constitution that provides for directors to declare a dividend‚ then a dividend becomes a debt of the company once the dividend is declared. Where no such statement exists in a company’s constitution‚ then the debt will only arise when the time for payment of the dividend arrives. However
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Study Material INTEGRATED PROFESSIONAL COMPETENCE COURSE Cost Accounting and Financial Management Part 1 : Cost Accounting Vol. I The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi PAPER 3 COST ACCOUNTING AND FINANCIAL MANAGEMENT Part – 1 : Cost Accounting VOLUME – I BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA This study material has been prepared by the faculty of the Board of Studies. The objective of the
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Solutions to Textbook Answers Chapter 1 Introduction Solutions to questions 1. Finance involves three main areas—corporate finance‚ financial institutions and markets‚ and investments—that are closely related and complementary. For example‚ in corporate finance the central issues are how to acquire and employ or invest funds. To acquire funds a financial manager must deal with financial institutions‚ so some knowledge of the operations of financial institutions and markets is essential. Similarly
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EXERCISE 14-1 (15-20 minutes) Valuation account relating to the long-term liability‚ bonds payable (sometimes referred to as an adjunct account). The 3‚000 would continue to be reported as long-term. Current liability if current assets are used to satisfy the debt. Current liability‚ 200‚000 long-term liability‚ 800‚000. Current liability. Probably noncurrent‚ although if operating cycle is greater than one year and current assets are used‚ this item would be classified as current. Current liability
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CHAPTER 6 Joint Product and By-Product Costing LEARNING OBJECTIVES After studying this chapter‚ you should be able to: 1. Identify the characteristics of the joint production process. 2. Allocate joint product costs according to the benefits-received approaches and the relative market value approaches. 3. Describe methods of accounting for by-products. 4. Explain why joint cost allocations may be misleading in management decision making. 5. Discuss why joint production is seldom found in
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CHAPTER 1 Scope and Meaning of Accounting Introduction Need and Role of Accounting Meaning of Book -keeping and Accountancy Book-keeping Accounting — Science or Art Definition and Explanation of Accounting Users of Accounting Scope/Branches of Accounting z Financial Accounting z Cost Accounting z Management Accounting Systems of Accounting Objectives/Advantages of Accounting Limitations Terminology often used — Some Basic TTerms erms Check Y our
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Chapter 1 Financial Statements and Business Decisions EXERCISES E1–2 Req. 1 READ MORE STORE Balance Sheet As at December 31‚ 2008 |ASSETS | |LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |Liabilities | | |Cash |$ 48‚900
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summary of the contents of the document.] compaq [Type the company name] [Pick the date] Contents Concept of Cost Accounting……………………………………………………………………03 Introduction……………………………………………………………………………………..03 Traditional costing v/s activity based costing…………………………………………………..04 Need for an Activity Based Costing……………………………………………………………06 Stages in Activity Based Costing……………………………………………………………....08 Cost Drivers…………………………………………………………………………………….09 Classification of activities………………………………………………………………...……10 Steps
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Chapter 5: Cost Behavior: Analysis and Use As we shall see in later chapters‚ the ability to predict how costs respond to changes in activity is critical for making decisions‚ controlling operations‚ and evaluating performance. Three major classifications of costs were discussed in this chapter—variable‚ fixed‚ and mixed. Mixed costs consist of variable and fixed elements and can be expressed in equation form as Y = a + bX‚ where X is the activity‚ Y is the cost‚ a is the fixed cost element‚ and
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The Manager and Management Accounting Copyright © 2015 Pearson Education‚ Inc. All Rights Reserved 1. 2. 3. Distinguish financial accounting from management accounting Understand how management accountants help firms make strategic decisions Describe the set of business functions in the value chain and identify the dimensions of performance that customers are expecting of companies Copyright © 2015 Pearson Education‚ Inc. All Rights Reserved. 1-2 4. 5. 6. 7. Explain the five-step decision-making
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