Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity? PANCAKETOM/DREAMSTIME
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5. Human activity also impacts on waterways. Chemical monitoring and management assists in providing safe water for human use and to protect the habitats of other organisms Identify that water quality can be determined by considering: * concentrations of common ions * total dissolved solids * hardness * turbidity * acidity * dissolved oxygen and biochemical oxygen demand Water quality is commonly defined by its physical‚ chemical‚ biological and aesthetic (appearance and
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being harmed (damaged) by human activity. Others feel that human activity makes the Earth a better place to live. What is your opinion? Use specific reasons and examples to support your answer. We all know that people in the prehistorical period had to struggle natural environment in order to make livings. They had to hunt preys and gather fruits‚ even cut down trees to build their houses. However‚ as technology improved‚ many people are aware of human activities have great influence on our living
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In this answer I will discuss the positive impacts of volcanic activity. These positive impacts are geothermal energy‚ tourism and fertile soils. The first positive impact I will discuss is geothermal energy. Geothermal energy is heat that is generated by the plumes of magma that rise from the earth’s core to the crust. This magma heats the rocks of the earth’s crust. Geothermal energy is used as a major source of energy in Iceland. Iceland is a volcanic island formed by tectonic forces along
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COST CONCEPTS AND COST ACCOUNTING By: Aman Jawahar Sarika Deepak Muneer CONTENTS Concept of Cost Cost Accounting Terms in Cost Accounting Elements of Cost Meaning of Overheads Classification of Costs Methods of Costing Types of Costing MEANING: Cost Concept: The term ‘cost’ means the amount of expenses [actual or notional] incurred on or attributable to specified thing or activity. Cost means ‘the price paid for something’. Cost Accounting: Cost Accounting is concerned with recording
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1. The chief economist for Argus Corporation‚ a large appliance manufacturer‚ estimated the firm’s short-run cost function for vacuum cleaners using an average variable cost function of the form. AVC= a + bQ+ cQ^2 (the 2 is suppose to be exponent) Where AVC=dollars per vacuum cleaner and Q=number of vacuum cleaners produced each month. Total fixed cost each month is $180‚000. The following results were obtained: Dependent Variable:AVC R-Square
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following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3‚067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is $11 per machine-hour. The total cost for the job on its job cost sheet would be: A. $4‚571 B. $3‚757 C. $3‚090 D. $3‚427 Applied manufacturing
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Topic 6: Management Accounting and Cost Case: Shelter Partnership a. My main learning outcomes from Topic 6 and the Case Study; 1) Firstly‚ I realize management accounting has much to offer. Somehow I can handle physics but not accounting. Now thanks to this course I can appreciate and make sense of it. The bit that really caught my attention was seeing how management accounting can be really useful for business planning‚ cost management‚ budgeting and performance measurement. It offers
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NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 31 9. A good trait for an entrepreneur is to be a calculated risk taker. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 31 10. Most successful entrepreneurs have failed at one time or another. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 31 11. Entrepreneurs do not need foresight. ANS: F PTS: 1 NAT:
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glo.qxp 10/4/08 07:42 Page 1179 Glossary A abnormal spoilage spoilage that should not occur under efficient operating conditions absorption costing all manufacturing costs are assigned to products: direct material‚ direct labour‚ variable and fixed manufacturing overhead acceptable quality level (AQL) the defect rate at which total quality costs are minimised account classification method (or account analysis) the process in which managers use their judgement to classify costs as fixed‚ variable
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