Prime Cost YES.....Conversion Cost NO. Prime Cost YES.....Conversion Cost YES. Prime Cost NO....Conversion Cost NO. Prime Cost NO.....Conversion Cost YES. | 2. (TCO A) The costs of staffing and operating the accounting department at Central Hospital would be considered by the Department of Surgery to be (Points : 6) | direct costs. sunk costs. incremental costs. None of the above | 3. (TCO A) The cost of lubricants
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9:40 M Page 9 PART I Purpose of Cost Accounting 9 CH01_Bragg_36794 3/13/01 9:40 M Page 10 CH01_Bragg_36794 3/13/01 9:40 M Page 11 CHAPTER 1 Role of Cost Accounting When properly implemented‚ the cost accounting function can have a pervasive influence in the modern corporation. Unfortunately‚ it is not always properly implemented because management often is not completely aware of all the uses to which the cost accounting function can be put. This chapter describes
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Historical Cost Mean? A measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when it was acquired by the company. The historical-cost method is used for assets in the United States under generally accepted accounting principles (GAAP). Cost concepts and terms 1. Cost The amount of expenditure (actual or notional) incurred on or attributable to a specified article‚ product or activity is referred to as cost. 2
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Matthew Ponzurick Accounting 305-001 Spring 2013 Chapter 21 Summary Leasing Environment Many companies these days choose to lease buildings or certain structures rather than owning them because there is more money involved in leasing a property. In 2010 521 billion dollars were made through leasing properties. The question to answer is what type of equipment may be leased‚ and the answer is any type of equipment is allowed to be leased. For example; railcars‚ helicopters‚ bulldozers‚ barges
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Meaning of Cost Accounting Previously‚ cost accounting was considered to be a technique for the ascertainment of costs of products or services on the basis of historical data. In time‚ due to the competitive nature of the market‚ it was realized that ascertaining of cost is not as important as controlling costs. Cost accounting started to be considered more as a technique for cost control as compared to cost ascertainment. Due to the technological developments in all fields‚ cost reduction has
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Zabihollah Rezaee Ph.D.‚ CPA‚ CMA‚ INTRODUCTION In the past‚ bank accountants paid little or no attention to the use of managerial accounting concepts in the banking industry. Viewing managerial accounting from the perspective of the banking industry provides a unique opportunity to explore the development of the internal reporting structure. While the use of internal cost and profitabiHty reports is widespread in merchandising‚ manufacturing‚ and other service industries‚ banks have historically focused
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Corporate Law 1. Discuss the position of guarantee in respect of loans to a minor. 2. Does the release by the creditor of one of the sureties discharge the others? 3. Explain the provisions relating to appointment of directors in Producer Company. 4. Two separate company wish to amalgamate. State the steps which they must take for this purpose. 5. Does the failure of inspector to submit his or her report in time amount to an end to investigation? 6. A‚ the secretary of the company is also a minority
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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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Cost Accounting Cost accounting is a step further to and a refinement of financial accounting in which cost of manufacturing and selling each product or job or rendering service is determined‚ not at the time of accounting period but at the time when the product is manufactured or any service is rendered. In simple words‚ costing is a systematic procedure for determining the unit cost of output produced or services rendered. It provides for an analysis of the expenditure which enables the management to
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COSTING 4-1 Cost pool––a grouping of individual indirect cost items. Cost tracing––the assigning of direct costs to the chosen cost object. Cost allocation––the assigning of indirect costs to the chosen cost object. Cost-allocation base––a factor that links in a systematic way an indirect cost or group of indirect costs to cost objects. 4-2 In a job-costing system‚ costs are assigned to a distinct unit‚ batch‚ or lot of a product or service. In a process-costing system‚ the cost of a product
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