Cost Accounting Answers - 9263 Words

CHAPTER 4 JOB COSTING 4-1 Cost pool––a grouping of individual indirect cost items. Cost tracing––the assigning of direct costs to the chosen cost object. Cost allocation––the assigning of indirect costs to the chosen cost object. Cost-allocation base––a factor that links in a systematic way an indirect cost or group of indirect costs to cost objects. 4-2 In a job-costing system, costs are assigned to a distinct unit, batch, or lot of a product or service. In a process-costing system, the cost of a product or service is obtained by using broad averages to assign costs to masses of identical or similar units. 4-3 An advertising campaign for Pepsi is likely to be very specific to that individual client. Job costing†¦show more content†¦Underallocation or overallocation of indirect (overhead) costs can arise because of (a) the Numerator reason––the actual overhead costs differ from the budgeted overhead costs, and (b) the Denominator reason––the actual quantity used of the allocation base differs from the budgeted quantity. 4-12 Debit entries to Work-in-Process Control represent increases in work in process. Examples of debit entries under normal costing are (a) direct materials used (credit to Materials Control), (b) direct manufacturing labor billed to job (credit to Wages Payable Control), and (c) manufacturing overhead allocated to job (credit to Manufacturing Overhead Allocated). 4-13 Alternative ways to make end-of-period adjustments to dispose of underallocated or overallocated overhead are as follows: (i) Proration based on the total amount of indirect costs allocated (before proration) in the ending balances of work in process, finished goods, and cost of goods sold. (ii) Proration based on total ending balances (before proration) in work in process, finished goods, and cost of goods sold. iii) Year-end write-off to Cost of Goods Sold. iv) The adjusted allocation rate approach that restates all overhead entries using actual indirect cost rates rather than budgeted indirect cost rates. 4-14 A company might use budgeted costs rather than actual costs to computeShow MoreRelatedCost accounting chapter 12 answer key Essay6232 Words   |  25 PagesSolutions to Review Questions Accounting assigns costs and revenues to â€Å"responsibility centers† that correspond to the decision authority of managers. This allows the firm to measure performance based on the results of decisions by the manager. An effective corporate cost allocation system separates the results of decisions by corporate managers from those of business unit managers. Although there are well-developed standards for many accounting transactions, accounting decisions still depend on theRead MoreManagement Accounting For Costs And Control1370 Words   |  6 Pages ACC512 Management Accounting for Costs Control Assessment Item 1 Midhun Ramachandran Student ID: 11594000 Class: Wednesday 9am-12pm Lecture - Dhanushka Wijayakantha â€Æ' Answer 1- Management accounting The three elements that drive or influence management accounting work are: Compliance- It refers to the need to fulfil both external regulations as well as reporting requirements. Accounting personnel’s need to furnish proper recognition of expenses and revenues, and estimate assets andRead MoreAccounting (Managerial) 530 Portfolio Case Study978 Words   |  4 PagesAccounting (Managerial) 530 Portfolio Case Study Imagine you are applying to become a trainee in a management consulting company, Solutions Inc., which claims to deliver innovative solutions. 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June 26, 2010 CASE ANALYSIS OBJECTIVES The Destin Brass Products Company case analysis focuses on the current accounting practices utilized by the company and its effects on product pricing. Destin’s president, Roland Guidry, is concerned about the pump market competition dropping prices and his company’s ability to remain competitive, yet profitable; since, pumps are 55% of Destin’s revenues. At the same time, the flow controller market remains seemingly untouchedRead MoreAccounting System And The Roman Empire1409 Words   |  6 Pages Another Society with their own intricate accounting system was the Roman Empire. This comes as no surprise because of the scope and size of the Roman Empire; accounting was once again a necessity to a well-maintained society. There is evidence of comprehensive financial statements in the rule of Emperor Augustus circa 63 BC-14 AD. These statements included information on expenses on â€Å"statistics concerning the provinces and dependent kingdoms; direct and indirect taxation; as well as recurrent expendituresRead MoreA Brief Note On Farm Hardware Products Division As The Costs Associated With Your Activity Essay1401 Words   |  6 PagesTask 1 Answer 1.1 - Farm Hardware Products Division as the costs associated with your activity on the basis of the definition of the following is a brief description of your understanding of it. A .Direct costs - A product, labour and materials costs directly associated with the production costs- direct cost. Other expense, loss or: is considered as indirect costs are more difficult to determine if a particular product and administrative expenses, and the like. B. Indirect costs- indirect costs (suchRead MoreCost Accounting-Chapter 1 Essay911 Words   |  4 PagesCost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole, using historical, quantitative, monetary, and factual data. It is more formal and requires the use of GAAP. The information financial accountingRead MoreManagement Accounting : Financial And Non Financial Information1120 Words   |  5 PagesINTRODUCTION:- Management Accounting refers to the preparation of financial and non-financial information for the use of management of the company. It is also termed as managerial accounting. The information provided by it is helpful in making policies and strategies, budgeting,, forecasting future plans, making comparisons and evaluating performance of the management. 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Coming to America My Personal Story Free Essays

â€Å"History is something we make together†, Orhan Pamuk once said. It is also something we enjoy together, I would add, because it is often a play of coincidences. Bulgaria is a beautiful country in Europe. We will write a custom essay sample on Coming to America My Personal Story or any similar topic only for you Order Now The geographical location of Bulgaria is in the South East of Europe on the Balkan Peninsula. It has an interesting geography. It has mountains on the south and the middle and valleys in between. The entire border on the East is constituted by the coastline of the Black Sea. Romania is the border on the North separated by the Danube River. To the West is Serbia and Macedonia, while Greece and Turkey are on the South. After an aborted uprising in 1923, the Bulgarian Communist Party had gone underground and its leaders fled to the Soviet Union. The Bulgarian party was marked by inner turmoil. The German invasion of the Soviet Union in 1941 brought unity among Communists worldwide. In April 1944 the Communist party proclaimed itself the First Bulgarian Partisan Brigade and started communicating with the command center in Sofia. The Chavdar brigade became the main arm of the party leaders in Sofia for sabotage, raids, and intimidation around the capital. During the night of September 8, 1944 the current situation led the partisans in capturing without bloodshed, the Ministry of War, arresting the ministers and seizing the communication system. As the partisans became the new militia, its political chief of staff directed the round-up and execution of thousands of enemies of Communism in Bulgaria. According to the official figures, 12,000 of the population were delivered to the people’s tribunals, while untold numbers disappeared without a trial. I was born in 1947, the youngest in the family, in the town of Shumen by the seaside on the cost of the Black sea. We had a two story house on the hills. In the winter season the streets were covered with four feet of deep snow. In spring, Lipton trees bloomed with flowers, lining on both sides of the streets. The smell of its fragrance still remains in my memory. In the summer after school, we were vacationing for three months in the beach house by the Black Sea. My father stayed behind to provide for us. Because of his love, goodness and kindness of his heart to our family, he struggled a lot to make up with the new government changes and restrictions. My father studied in France to be a dentist and had a clinic in our town and my mother was a house wife. Dad had a great influence on us as a pro-westerner because of his study abroad, living experience and knowledge of the life outside Bulgarian borders. He told us amazing stories about the free world like Paris, Rome and the life of the Western world of prosperity and freedom. I grew in communist Bulgaria, but we were Armenian by nationality, because our grandparents came from Turkey as refugees in 1914, when Turks occupied Armenian land. They started their new life in Bulgaria. Communist Bulgaria and Soviet Union became very close. The emergence of Nikita Khrushchev as the leader of the Soviet Union replaced Joseph Stalin. After those changes life in Bulgaria became worse, bad economy, no food, no housing, and corruption followed. Only the members of the communist party were privileged! Everyone lost their businesses and personal property because the Government took over. Our house was also nationalized. I graduated high school in December 1965, I could not further my education because my father applied for a refugee visa so that we can leave the country and move away from this difficult and corrupted life. The Government refused to give us a visa for the next five years! Instead they ask me to go to serve in the military for the next two years. I was in the army during the conflict with neighboring Hungary and there were few major crises during my stay in the army. I completed my military service in the Bulgarian army and started going to college for my higher education. I also wanted to be a dentist and a dental technician like my father. At the same time our family was hoping that sooner or later the Bulgarian communist party will permit us to leave the country. During his lengthy reign, the President Zhivkov’s main policy was to follow the Soviet model. He often stated that loyalty to the Soviet Union was a test of Bulgarian patriotism. He pursued increasing integration with the Soviet economy and resisted the economic experimentation of neighboring Hungary. In cultural affairs he bought off the creative intelligentsia to head off dissent. There were few major crises during his time in power except for one military plot, several instances of terrorism, and occasional outbursts of dissent. Bulgaria’s economic advancement during the era came to an end in the 1980s, and the collapse of the Communist system in Eastern Europe marked a turning point for the country’s development. In 1990 elections, the Communist Party renamed the Bulgarian Socialist Party and remained in power. A series of crises in the 1990s left much of Bulgaria’s industry and agriculture in shambles. I personally followed politics, economy and finance. Bulgaria joined NATO (North Atlantic Treaty Organization) in 2004 and the European Union in 2007. We had no hope until the ANCA (The Armenian National Committee of America), the largest and most influential Armenian American grassroots organization helped the Armenian community. ANCA was working in coordination with a network of offices, chapters and supporters throughout the United States and affiliated organizations around the world, such as The United Nation, to help Armenian families leave all communist countries around the world to get freedom, destining America. In 1948, the United Nations adopted the Universal Declaration of Human Rights, Article 14, which declares, â€Å"Everyone has the right to seek and to enjoy in other countries asylum from persecution. † I was sad that I was leaving the place where I was born, but inside in my heart I was feeling happy for the new life that I will face soon. Finally we received our visas to leave the country. In order to reach our destination which was the United States, we had to stop in the city of Beirut, Lebanon as a refugee in 1968 and then we flew to our final destination which was New York in December, 1969. New York is an amazing city, no wonder everyone talks about New York. It is one of the most agglomerations in the world at the center of the Metropolitan Area. New Yorker’s called us rubber necks looking always up at the tall skyscrapers. We stayed for some time in New York, but we had to move to Los Angeles where our friends from back home started their life from zero. Our family had to do the same. Life for us was very difficult at the beginning especially for my parents starting at sixty; they had to start all over, building a new life. We lost everything, we had to learn English, find work, go to school at night, and find new friends and neighbors. Refugees or families like us really struggled a lot in the beginning. It took us many years to forget the difficulties, the hard work, pain and suffering. Unfortunately, I lost my parents in the first three years of my stay in the United States; they could not take the pressures of the new life. Even though it was difficult for them, they were happy they came, so that we could build our life in this free democratic capitalism. This country is a political, economic, and social system and ideology based on a tripartite arrangement of a market-based, economy based predominantly on a democratic policy, economic incentives through free markets, fiscal responsibility and a liberal moral-cultural system which encourages pluralism. This economic system supports a capitalist free market economy subject to control by a democratic political system that is supported by the majority. I am happy today with my lovely family, my wife and two boys. My older son is following the dental profession, and my younger son graduated medicine becoming a surgeon. I am still following politics, economy and finance. In 2000 I became a Financial Advisor for WFG. And in 2004 I became a real estate agent and a Broker. Today I am back to school taking classes at an online university for pre-law and I completed my LAVC (Los Angeles Valley College) for Paralegal degree. How to cite Coming to America My Personal Story, Papers

Medieval Warfare free essay sample

In Medieval battles, hand to hand combat weapons were deadly, and were common throughout all ranks in an army. During the Middle ages, â€Å"Swords and Daggers were the most common weapons in hand-to-hand combat† (â€Å"Weapons†). These weapons of death could easily smite an opponent with a few blows. Swords were used as cut-and-thrust weapons, with blades over two feet (â€Å"Weapons†). A soldier had to go through extensive training in order to be able to wield a sword. Another deadly combat weapon was the club. Clubs were, â€Å"used as a close contact weapon, which could batter a knight’s armor† (Alchin). With pure blunt force, a man could cave-in armor, and could easily injure an opponent. According to Will Fowler, author of â€Å"Ancient Weapons†, â€Å"Most clubs were made from heavy animal bones or thick wood,† explaining why the club was effective. With metal spikes at the end, a club could be turned into a dangerous mace. We will write a custom essay sample on Medieval Warfare or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The battle axe was another baleful weapon that was only used by higher ranked soldiers. Knights during Medieval battles, â€Å"often rode into battle armed with a heavy battle axe. This had a sharp edge and a spike† (Fowler 8). Battle axes were brutal weapons that could give the wielder an immediate advantage against an opponent. Swords, clubs, and battle axes were all examples of how effective hand-to-hand combat was. Another style of warfare was ranged combat, which ranged from bows to cannons. According to Linda Alchin, â€Å"Lower classes and foot soldiers mostly used ranged shooting weapons. † Bows were very effective weapons and could take down an approaching line of soldiers from a distance. Medieval bows â€Å"were constructed in two parts, with firm wood that could withstand the tension of 4 men pulling back with all their strength† (Alchin). With all the tension they could withstand, a man could send an arrow flying with enough momentum to pierce the outer chest plate of a knight. The weapon was so effective, â€Å"By 1252 AD, all men able to carry a bow were required to wield one† (Alchin). Another great weapon that was similar to the bow was the crossbow. These weapons were mechanical and all an operator had to do was load, aim and fire. The crossbow could send an arrow at a far greater velocity than a normal bow could, and could now pierce a knight’s armor. This weapon was quite dangerous compared to other weaponry at the time, and many unsuccessful attempts were made to ban the weapon (Weapons). One of the most powerful ranged weapons during the Medieval Ages was the cannon. By the 1400s, cannons could fire cannonballs weighing 800 pounds, which was brought the downfall of Constantinople (â€Å"Weapons†). Ranged weapons such as bows, crossbows, and cannon brought great military advantages in battles. One of the most important combat types was siege warfare, which was effective in many situations, but was risky at the same time. Sieges were usually laid on large villages or towns, and would often cut of the supply of food and water into the city. As the city weakened, â€Å"attackers would try to get over the walls using ladders, siege towers and grapples† (McDonald). In order to prevent this from happening, â€Å"arrow slits, concealed doors for sallies and deep water wells were integral for resisting siege† (McDonald). The only way a siege could be prevented was to stop it before it happened, which was hard. Attackers would try to undermine the walls, and would sometimes succeed, but the mines would most likely collapse (Alchin). Sometimes the mines would not be able to stand the weight of the walls. The enemies then turned to more direct methods and would try to ram the door down with a battering ram (Alchin). It was essential to cover siege towers, ladders, and battering rams with wet animal skins. Since they were all made out of wood, they could easily be set on fire by an enemy (Fowler 8). However, when stone started to be used, this was not needed. After the enemies got through the walls and in the city, they would be able to conquer it. Siege warfare was quite effective, but it was a multi-step process that could go wrong anywhere. However, if it was done properly, would give satisfying results, which was why Sieges were one of the most significant types of warfare during the Middle Ages. Siege, Combat, and Ranged weapons were all effective during the Middle Ages, but were deadly and formidable. Siege warfare was devastating to the opponent, but required many different components to be done properly. Ranged and projectile weapons gave the user a great benefit when facing an opponent. Combat weapons were popular throughout all kingdoms, but could still cause devastating damage for an enemy. Medieval warfare was significant to the development of these 3 groups of weapons, and it inspired many of the weapons that would eventually be invented in the future.