CHAPTER 1
Managerial Accounting and Cost Concepts
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Costs are split into two groups:
Manufacturing Costs
Nonmanufacturing Costs
Manufacturing Costs:
Direct Materials
- Materials that go into the final product
Direct Labor -
Labor costs that can be traced into parts of the product
Manufacturing Overhead - all manufacturing costs except direct materials/labor
, such as
Indirect
Materials, Indirect Labor, Maintenance and Repairs on Production Equipment, property taxes, depreciation and insurance on manufacturing facilities
. (
Costs associated with selling/administrative expenses are not included!!!
)
Nonmanufacturing Costs:
These costs are
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Merchandise Inventory + Purchases - End Merchandise Inventory
Contribution Format Income Statement:
Contribution Margin - amount remaining from sales revenues after variable expenses have been deducted Essentially contribution margin is the amount that contributes to fixed expenses and profits
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Direct and Indirect Costs:
Cost Objects is anything that can be assigned cost data (products, customers, jobs etc)
Direct costs are costs that can be traced to a specific cost object
.
Indirect costs cannot be easily traced to a specific cost object.
Sunk Costs are costs that have already been incurred and cannot be changed by any decision made now or in the future
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CHAPTER 2
Job-Order Costing
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Job Order Costing is used when many different products are produced each period. Costs are traced and allocated to jobs
, and the costs of the job are then divided by the number of units to find the average cost per unit.
Predetermined Overhead Rate
When using job-order costing, we cannot simply assign manufacturing overhead to specific jobs.
Manufacturing Overhead is an
INDIRECT cost
, and will be impossible to trace to specific jobs.
Instead, we use an allocation base
, such as
Then the Partnership DISTRIBUTES to Partner A the property contributed by Partner B, only THEN will you have tax consequences. The general rule is that there are NO tax consequences when a Partner receives NON-cash Property.
Using no more than 250 words, write a description of the object depicted in the two photographs.
1. For financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units?
While both medical care and public health work to improve the lives of many people, there are several distinctions between the two fields. Healthcare providers such as nurses and doctors are responsible for diagnosing and treating illnesses for individual patients. The care ranges from minor injuries to severe and chronic diseases. Meanwhile, public health strives to improve the well-being of a population. Public health advocates for the overall “promotion and prevention” of diseases before it even becomes an issue for healthcare providers. Public health encourages people to adopt healthy lifestyle choices and strives to control the outbreak of diseases. Although public health is often overlooked in the grand scale of medical care, it is undoubtedly the main aspect in ensuring that the overall health of a community is prospering.
Classification: Posting of sales transaction to proper account: tested when accuracy tested; focus on unusual items
Home health care is taking care of an individual medically at their residence. Usually, there is a home health aide that comes to the house that provides the medical care for the patient.
Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their
4. Total conversion cost = $128,000 + $16,000 + $9,000 + $64,000 + $41,000 + $35,000 + $46,000 = $339,000
On Friday, 17 July 2015, at approximately 1400 hours, I, Officer Allison Bigham, was contacted by a Parks Services Supervisor, Andrew Jones, in regards to an associate who was reported to have their cell phone on them. Jones stated that Miller had already been told to put the phone in her locker; however, she was being uncooperative. After updating Sergeants Frank Long and Charles Drakeford on the situation, I was instructed to pick up the associate, Victoria Miller, and escort her to the South Carolina Interview Room in order to complete a compliance verification audit. I met with Andrew Jones who stated that he would help me find Miller because Park Services had no way to contact her. Upon entering Boomerang Bay, Jones and I were flagged
330-10-30330-10-30-1 The primary basis of accounting for inventories is cost, which has been defined generally as the price paid or consideration given to acquire an asset. As applied to inventories, cost means in principle the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location. It is understood to mean acquisition and production cost, and its determination involves many considerations. 330-10-30330-10-30-2 Although principles for the determination of inventory costs may be easily stated, their application, particularly to such inventory items as work in process and finished goods, is difficult because of the variety of considerations in the allocation of costs and charges.
Discuss filing requirement? - Filing requirements are specified by law for each type of taxpayer. In addition, all corporation must file a tax return annually regardless of their taxable income. Therefore, estates and trusts are required to file annual income tax returns if their gross income exceeds $600. In the filing requirements for individual taxpayers are a little more complex as they depend on the taxpayer’s filing status, age and gross income. The gross income thresholds are calculated as the sum of the standard deduction, additional deduction for taxpayers age 65 or older and personal exemptions that should be applied to each respective filing status. In addition, the amounts are indexed each year for inflation. Thus, when a taxpayer is due a refund which happened to occur only when
1) Complete summary of the case study that identifies the key problems and issues, provides background information, relevant facts, the solution employed, and the results achieved.
Access the "Litigation" section of the SEC's website at www.sec.gov/litigation.shtml. Click on "Accounting and Auditing Enforcement Releases." Click on "AAER-3234" filed January 20, 2011. Read the release and the related SEC Complaint. Summarize the release and complaint in 2-3 pages (12-point, double spaced).
Do you feel that there might be an ethical issue present? For the moment, assume that no laws have been broken and just focus on any possible ethical issues.
According to this method, every unit of the product is assigned all direct, fixed, and variable costs. This method includes the cost of direct materials and labor as well as a portion of the overhead costs associated with it in the final costing of every unit of the product.