Cost Accounting Traditions And Innovations - Chapter 19 docx

... Methods • Standards • Budgets Control What should and did take place? Means of Control: • Responsibility accounting • Cost accounting • Standards • Budgets Evaluation of Findings: • Performance and ... made? Chapter 19 Measuring Short-Run Organizational Performance 891 56. (ROI, RI) Raddington Industries produces tool and die machinery for manu- facturers. The company expande...

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... financial accounting information is useful to managers in performing their daily functions. Cost accounting creates an overlap between financial accounting and man- agement accounting. Cost accounting ... with its plans and goals. This chapter introduces cost accounting and describes the global environment of business, international market structures, trade agreements...

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... are used to measure and evaluate the decision maker’s performance. Techniques such as relevant costing, quality cost management, job order and process costing, and cost- volume-profit analysis, ... as hav- ing six primary goals: (1) develop reasonably accurate product costs, especially through the use of cost drivers (activities that have direct cause -and- effect rela- tionships w...

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... unexpired costs (assets) and eq- uities (liabilities and owners’ capital); the income statement is a statement of rev- enues and expired costs (expenses and losses). The concept of matching revenues and ... distribution costs are expensed as incurred, managers should remember that these costs relate directly to products and services and should not adopt an “out-of-sight, out-of-...

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... multiple cost pools at a variety of levels (unit, batch, product, and organizational) and then allocates these costs using multiple cost dri- vers (both volume- and non-volume-related). Thus, costs ... their cost sys- tems and implement activity-based costing. Two-Step Allocation After being recorded in the general ledger and subledger accounts, costs are ac- cumulated in acti...

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... under both cost- plus and fixed- price contracts have an incentive to shift costs from the fixed-price to the cost- plus contracts? b. From an ethical perspective, do you feel such cost shifting ... April’s Cost of Goods Manufactured and Sold sched- ule showed cost of goods manufactured was $48,000, and the April 1 Finished Goods Inventory was $8,400. Chapter 5 Job Order Costi...

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... system? 5 PROCESS COSTING WITH STANDARD COSTS Companies may prefer to use standard rather than actual historical costs for in- ventory valuation purposes. Actual costing requires that a new production cost ... for standard process costing are identical to those of FIFO process costing. Unlike the weighted average method, the emphasis of both standard costing and FIFO are on the measuremen...

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... 14,525 COST DATA Total Material Conversion Beginning inventory costs $ 16,620 Current costs 122,175 $102,750 $19, 425 Total costs $138,795 Divided by EUP 15,000 14,525 Cost per FIFO EUP $8 .19 $6.85 ... materials? For con- version costs? e. How are costs associated with the normal spoilage handled? f. How are costs associated with the abnormal spoilage handled? 23. (EUP computation; norm...

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... value-added (VA) and non-value-added (NVA) cate- gories. Value-added activities increase the worth of the product or service to the customer; non-value-added activities consume time and costs ... manufacturing and sell- ing high-quality products? 49. (Cost of quality) Golf courses are demanding in their quest for high-quality carts because of the critical need for lawn maintenance. Rid...

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... production ben- efit many other industries. Part 2 Systems and Methods of Product Costing 378 9 Cost Allocation for Joint Products and By-Products CHAPTER LEARNING OBJECTIVES After completing this chapter, ... begun? 4 How are joint costs allocated to products? 5 How are by-products treated in accounting systems? 6 How should not-for-profit organizations account for joint costs? C...

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