11. Job-order costing- normal costing; 12. Budgeted indirect costs. Chapter 4 Required: (4-18) (4-22), (4-30), (4-40). Case Required: Wheeled... Save Paper
Case Studies On Performance Management
always fascinated me how energetic, passionate, and in some cases fanatical people get over a topic like performance management and cost management. Over the years... Save Paper
Process Costing And Spoilage
Week 15 Distance Student File 1 of 35 Problem 7 Job Order Costing Jessica Company started operations on January 2, 20x6. The company manufactures custom... Save Paper
The comparison of a job order cost system and a process order system will be analyzed to decide which would be the best fit for Super Bakery, Inc. Super Bakery... Save Paper
Case 19-1 Bennet Body Company
simplicity of computation. Under our present production, it is preferable to stick with Job Order costing, unless we change our products to a more standard design... Save Paper
Finally, the paper will divulge why a job order cost system or a process order cost system would or would not work for Super Bakery Inc. Strategies Super Bakery... Save Paper
system will work and be effective. A job order cost system and a process order cost system would not work for Super Bakery, Inc. for different reasons. A... Save Paper
Cost Accounting Test
Name: ________________________ ID: A 47. KCT Printing Company uses a job order cost system. (a) Indicate the source of the data for debiting Work in Process... Save Paper
Costing Methods Paper
that identifies abuse by customers, brokers, and transport companies. According to Week Threes reading assignment, in a job order cost system, companies assign... Save Paper
activities and track the profitability of each customers account. Cost System I believe that a job order cost system would work for Super Bakery as well. The... Save Paper
in terms of how easily inputs can be substituted one for...
The 10 biggest frauds in recent U.S. History
The energy company's bankruptcy in 2001 after allegations of massive accounting fraud wiped out $78 billion in stock market value and led to the collapse of Arthur Andersen and the passage of the Sarbanes-Oxley Act of 2002. A class action settlement of $7.185 billion was the largest of all time. Former President Jeff Skilling is serving a 24 year sentence.
New York money manager Bernard Madoff's $65 billion Ponzi scheme, the largest fraud ever by an individual, was exposed in December 2008 when Madoff, now doing 150 years in prison, confessed to his sons. The case led the SEC, which missed several opportunities to stop the fraud, to focus on Ponzis and investment advisor fraud.
Investment bank Lehman, with $600 billion in assets, failed in late 2008. It was the largest bankruptcy in history and a spark to the worldwide financial crisis. A bankruptcy examiner's report concluded there were "colorable" claims against its top executives and its auditor, Ernst & Young, for fraud, but neither the SEC nor the DOJ have so far filed charges.
Shortly after the company was created by the merger of CUC International and HFS in 1997, a massive, decade long accounting fraud at CUC was uncovered. It was estimated to have cost investors at least $19 billion, and was the largest fraud prosecuted by the SEC to that date. Securities class action lawsuits...
...Cost Accounting -- MIDTERM 1
1) Pointed Pencil company incurs the following costs in its manufacture of pencils. Classify each one of them
according to one of the value chain functions:
A) Research and Development
B) Design of products, services, and processes.
F) Customer Service
G) Strategy and Administration
____ 1) Cost of wood used in manufacture of pencils.
____ 2) Cost of wood used in packing cartons to ship pencils.
____ 3) Cost of wood used in display at national trade show.
____ 4) Depreciation of the wood used in the manufacturing plant.
____ 5) Salary of the scientists attempting to find another source of writing material.
____ 6) Cost of customer order forms.
____ 7) Depreciation of delivery trucks.
2) Elm Table Company manufactures tables. The company uses a budgeted indirect-cost rate for its
manufacturing operations, and in 19X9 allocated the following amounts to the work-in process inventory,
finished-goods inventory, and cost-of-goods-sold categories, respectively: $25,000; $75,000; $900,000. The
actual overhead incurred was $1,100,000.
Ending balances in the relevant accounts were:
Work-in-process $ 100,000
Finished Goods 750,000
Cost of Goods Sold 24,150,000
A) Prepare a journal entry to write-off the difference between allocated and actual overhead directly to cost
of goods sold. Be sure your journal entry closes the related overhead...
...1) Managerial accounting has its focus on analyzing and providing cost information within the company internally so that its management can plan, operate and control the company more effectively. In contrast, financial accounting has its focus on the financial statements which are distributed to external stockholders, lenders, financial analysts, and others outside of the company, as mentioned by (K.A. Francis, n.d.)
Knowledge in managementaccounting will allow Anne Radhika to have knowledge of basic cost accounting skill, various finance tools and also some tax principles. As Information in management accounting is presented internally, it would allow Anne, as an operations manager, to make decisions concerning the daily operations of a business, by keeping track of her production division’s income and expenses. Furthermore, she will learn to analyze the basic data and make forecasts, budgets, etc.
MA has several advantages that coincide with the ability for companies to improve operations and overall profitability. According to (Osmond Vitez, n.d.), it can firstly help to reduce cost: Information from Management Accounting assist to review the cost of economic resources and other business operations, allowing Anne to better understand how much money it costs to run her solar power production division. In addition, an analysis can be conducted on how economic resources are utilized to...
...ĐỀ THI KIỂM TRA GIỮA KỲ
Môn học: KẾ TOÁN QUẢN TRỊ (Managerial Accounting)
Lớp: KT302DV01, HK10.1
Thời lượng: 6 0 phút (Không kể thời gian phát đề)
Không được tham khảo tài liệu,
Chỉ được sử dụng từ điển Anh – Việt, không sử dụng Kim từ điển
Sinh viên làm bài trên đề thi
Đề thi gồm 07 trang
Họ tên sinh viên:
Chữ ký và họ tên cán bộ
coi thi 1
Chữ ký và họ tên cán bộ
coi thi 2
Đ iểm thi
Đ iểm thi
b ằng chữ
Chữ ký và họ tên giảng viên chấm thi
Require: Choose the best answer for these questions as below: (40 marks)
1. Which of the following costs would be classified as a period cost?
a) Direct labor.
b) Direct materials.
c) Factory overhead.
d) Selling expenses.
2. Costs that rise and fall proportionately with the volume of output are often referred to
a) variable costs.
b) flexible costs.
c) idle capacity costs.
d) uncontrollable costs.
3. If Company A has a higher proportion of fixed costs relative to variable costs than
a) Company A has a higher break-even point than Company B.
b) Company A is more sensitive to changes in sales than Company B.
c) Company A has greater risk compared to Company B.
d) All of the above are true.
4. The margin of safety ratio is:
Page 1 /3
a) higher for a company with lower operating leverage.
b) lower for a company with lower operating leverage.
...Accounting 1- merchandising transactions
Mar. 2 Purchased merchandise on credit from Diego Publishers, terms 2/10, n/30, FOB destination, P74,000
Dr Merchandise inventory (MI) P74,000
Cr Accounts payable (AP) P74,000
3 Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FOB shipping point, P10,000
Dr AR P10,000
Cr Sales P10,000
5 Sold merchandise for cash P7,000
Dr Cash P7,000
Cr Sales P7,000
6 Purchased and received merchandise on credit from Made Easy Bookstore, terms 2/10, n/30, FOB shipping point, P42,000
Dr MI P42,000
Cr AP P42,000
7 Received freight bill from Super Express from shipment received on Mar. 6, P570
Dr MI P570
Cr AP P570
9 Sold merchandise on credit to Recoletos Books, terms 1/10, n/30, FOB destination, P38,000
Dr Accounts receivable (AR) P38,000
Cr Sales P38,000
10 Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point, P26,500, including freight costs of P500
Dr MI P26,500
Cr AP P26,500
(assuming P500 is inside P26,500, otherwise, use P27,000)
11 Received freight bill from Super express for sale on Mar. 9, P291
Dr Transportation-out (or delivery expenses) P291
Cr AP P291
12 Paid Digao Publishers for purchase on Mar.2
Dr AP P74,000
Cr Cash P72,520
Cr MI P1,480 (2% x P74,000)
13 Received payment in full for Detoya Books Shop's purchase of Mar.3
Dr Cash P9,900
Dr Sales discounts P100 (1% x P10,000)
Cr AR P10,000
14 Paid Made Easy Bookstore half the...
I agree that budgetary control is part of overall organisation control and is concerned primarily with the control of performance. Also, the use of budgetary control in performance management has of late taken on greater importance especially as a more integrative control mechanism for the organisation.
A budget is defined as an estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals. Being as one of the most important administrative tools, a budget serves as a plan of action for achieving measured goals, standard for measuring performance and device for coping with probable adverse situations. In short, it is a blue print of projected plan of an action of a business for a definite period of time.
A budget is prepared to have effective utilization of funds and for the realization of objective as efficiently as possible. Budgeting is a powerful tool to the management for performing its functions, such as formulation plans, coordination activities and controlling operations efficiently. Budget and budgetary control provide a set of basic techniques for planning and control. According to Institute of Charted Management Accountants, England “ A plan quantified in monetary term prepared and approved prior to a defined period of time usually showing planned income to be generated and to be incurred during that period and the capital to be...
The wake of the 21st century brings with it more challenges than the long awaited relief amidst the corporate world. Even with the improvement and introduction of cutting edge technology, management issues still remain a hassle even with the best tools and the best brains in the trade. Problems and issues pertaining to management are very sensitive especially when it comes to managing a company’s finances. The waxing and waning of the world economy makes this process even harder as more and more companies are forced to hire the services of skilled analysts at high cost all the while speculating the outcomes of the economy. However, with the right tools information and skills, a company is guaranteed to stay afloat in a world where businesses keep dropping out of the corporate world. How companies manage their finances and workforce dictates whether the company is bound to open its doors come the next financial year.
One of the major concerns in management is the management of accounts which is usually handled a company’s accountants in conjunction with the management of the company. Management accounting specifically deals with generating information pertaining to a given company and basically relates on how to minimize costs while improving sales and boosting profits within the available company’s resources. In short this is information that helps the management to make crucial decisions. Financial...
...Accounting and Profiling Information Management System
A System Proposal Presented to the Faculty of the
Information Technology Education Program
University of the Immaculate Conception
Fr. Selga St., Davao City
In Partial Fulfilment of the
Academic Requirements for the Subject
SYSTEMS ANALYSIS AND DESIGN
Dayrit, John Paul N.
Evasco, Allan Christopher G.
Mendoza, John Mark N.
Table of Contents
Part I SYSTEMS ANALYSIS REPORT 3
The Organization 4
Business Environment 6
Critical Success Factors 7
The Current System 7
Description of Operations 7
Activity Diagram of the Current System 8
Context Level Data Flow Diagram 9
Level 0 Data Flow Diagram 10
Explosions (Optional) 11
Problem/Opportunity Definition 12
Scope and Limitations 13
Feasible Alternatives 14
Alternative Solutions 14
Feasibility Analysis 15
The Proposed System 17
Statement of Purpose of the New System 17
SYSTEMS ANALYSIS REPORT
The world changes as human continue to grow with the help of information system. People can fix one task accurately and effectively like operation of all companies. Information system plays important role since accounting and profiling Information Management Systems is already widely used all over the world nowadays. Companies could render good and fast services to people.