Barfield Raiborn Kinney - Cost Accounting Traditions And Innovations docx
Barfield Raiborn Kinney - Cost Accounting Traditions And Innovations docx
... development of cost and management accounting standards and Chapter 1 Introduction to Cost and Management Accounting in a Global Business Environment73Robert B. Hubbard, “Return of the Cost Accounting ... need to un-derstand how much their services cost so that they can determine whether it is cost- effective to be engaged in particular business activities.Management and Cost Accounting StandardsManagement ... 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...
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Cost Accounting Traditions And Innovations - Chapter 1 ppt
... 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 ... Orleans] The Times-Picayune (April 27, 1999), pp. C-1, 10.intellectual capitalhttp://www.Rolls-Royce.compolicy and especially wary of price-fixing, bribery, kick-backs, and other un-ethical activities ... financial accounting purposes, but its informational output can beadapted to meet most internal management requirements.Relationship of Financial and Management Accounting to Cost Accounting Cost accounting...
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Cost Accounting Traditions And Innovations - Chapter 2 ppt
... 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, especiallythrough the use of cost drivers (activities that have direct cause -and- effect rela-tionships with costs); ... Center.Financial accounting requiresthat research and developmentcosts be expensed when in-curred. However, because thesecosts are essential to any result-ing product, a cost manage-ment system...
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Cost Accounting Traditions And Innovations - Chapter 3 potx
... 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 shouldremember that these costs relate directly to products and services and should notadopt an “out-of-sight, out-of-mind” attitude about these costs ... wholesalers, and re-tailers to expand the types and amounts of nonproduction-area costs that are treated as product costs for tax purposes. The uni-cap rules require that distribution costs for...
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Cost Accounting Traditions And Innovations - Chapter 4 ppt
... 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 AllocationAfter being recorded in the general ledger and subledger accounts, costs are ac-cumulated in activity center cost ... activity-basedcosting system?3 cost driver analysisunit-level costs3This hierarchy of costs was introduced by Robin Cooper in Cost Classification in Unit-Based and Activity-Based Manufac-turing Cost Systems,”...
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Cost Accounting Traditions And Innovations - Chapter 5 pdf
... 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 ... standards are developed for direct mate-rial and direct labor quantities and/ or costs. Overhead is applied to production us-ing a predetermined rate that is considered the standard. These standards ... for future activities and cost incurrence and to value inventories.Both actual and standard costs are recorded in the accounting records to providean essential element of cost control—having...
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Cost Accounting Traditions And Innovations - Chapter 6 pdf
... system?5PROCESS COSTING WITH STANDARD COSTSCompanies 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 areidentical to those of FIFO process costing. Unlike the weighted average method,the emphasis of both standard costing and FIFO are on the measurement and con-trol ... material,direct labor, and manufacturing overhead for each pro-duction run of candles. The hand-rolled candle process ismore labor intensive. Direct material includes beeswax, non-toxic and odorless...
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Cost Accounting Traditions And Innovations - Chapter 7 ppsx
... allows cost and man-agement accountants to better track the costs flowing into the problem areas,estimate the opportunity costs associated with the problems, and perform a moreinformed cost- benefit ... direct material and for con-version assuming a FIFO cost flow.b. If the costs per equivalent unit are $2.50 and $4.50 for direct material and conversion, respectively, what is the cost of ending ... high-quality, high-technology industrial and consumer products. While main-taining world-class leadership in its beginnings in providingpower systems and electric lighting, the company has ex-panded...
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Cost Accounting Traditions And Innovations - Chapter 8 pot
... value-added (VA) and non-value-added (NVA) cate-gories. Value-added activities increase the worth of the product or service to thecustomer; 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-qualitycarts because of the critical need for lawn maintenance. Ride-in-Style ... the complexity and variety of com-ponents required for the product’s production, its manufacturability, and its dura-bility and likelihood of failure. Consequently, strategy-based cost managementwould...
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Cost Accounting Traditions And Innovations - Chapter 9 pps
... Allocation for Joint Products and By-Products357 ACCOUNTING FOR BY-PRODUCTS AND SCRAPBecause the distinction between by-products and scrap is one of degree, these cate-gories have been discussed ... departments: (1) Re-ceiving and Separating and (2) Slicing and Bottling.Part 2 Systems and Methods of Product Costing374Another presentation shows by-product/scrap revenue on the income state-ment net ... processing cost to theprimary products.Joint costs can also be incurred in service businesses and not-for-profit orga-nizations for some types of processes or for things such as communications in-struments...
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