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[DOC File]Chapter 2--Basic Cost Management Concepts
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In cost and management accounting, the term differential cost is synonymous with avoidable cost and relevant cost. Costs or benefits that are the same across all the available alternatives have no bearing on the decision. For example, if management is evaluating the purchase of either a manual or an automated drill press, both of which require ...
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[DOC File]CHAPTER
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d. are developed by the Cost Accounting Standards Board, issued by the Institute of Management Accountants, and are legally binding on CMAs. ANS: C DIF: Moderate OBJ: 1-7. SHORT ANSWER. 1. On what needs do (1) management accounting and (2) financial accounting focus? ANS: Management accounting focuses on the needs of users inside an organization.
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[DOC File]Unit 4 Relevant Information & Decision Making
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Cost management differs from financial accounting in the following major ways: (1) an internal focus, (2) an emphasis on the future, (3) freedom from GAAP and other mandatory rules, (4) a multidisciplinary scope, (5) an evaluation of individual segments within the firm, and (6) …
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[DOC File]CHAPTER 2
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1. Management accounting is not particularly constrained by generally accepted accounting principles. 2. Cost accounting provides information for management accounting but not for financial accounting. 3. Control is defined as the process of setting maximum limits on expenditures. 4.
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[DOC File]Chapter 1: Introduction to Cost Management
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[5×2=10] Explain briefly about the fixed cost with any of its two characteristics. Cost at two different levels of output are as under: Production Unit Total Cost (Rs) 3000 95,000. 8000 170,000. Required: By using high and low point method: Variable cost per unit and amount of fixed cost. Production units when the total cost is Rs 200,000.
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[DOC File]National College of Computer Studies
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CHAPTER 2 BASIC COST MANAGEMENT CONCEPTS. Discussion. Questions 1. An accounting information system is a system consisting of interrelated manual and computer parts, using processes such as collecting, recording, classifying, summarizing, analyzing, and managing data to provide output information to users.
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Cost and Management Accounting II - Oxford University Press
This is the same approach used in Chapter 2 to determine cost of goods sold, but when developing a budget we typically assume no change in Work in Process. Therefore, budgeted cost of goods manufactured is equal to budgeted cost of goods sold. 1.7.1.8. Selling & Administrative Expense Budget
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[DOC File]Chapter 1—Introduction to Cost Management
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Other differences include (1) management accounting emphasizes the future (not the past), and (2) management accounting influences the behavior of managers and other employees (rather than primarily reporting economic events). 1-2. Financial accounting is constrained by generally accepted accounting principles.
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[DOC File]Solutions for Homework ** Accounting 311 Cost ** Winter 2009
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BIM/Fifth Semester/ Cost Management Accounting. Group '' A '' Brief . Answer Questions [5 × 2 = 10] Differentiate between cost accounting and Management accounting. The following information is given. Total standard cost Rs. 2500. Total standard Quantity 200 units. Total Standard cost of actual output Rs. 2700. Actual Quantity consumed 210 ...
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[DOC File]MANAGEMENT AND ACCOUNTING WEB - Hahu Zone
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The cost accounting information system is a cost management subsystem designed to assign costs to individual products and services and other objects as specified by management. a. For external financial reporting, the cost accounting system must:
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Cost and management accounting 2