Evaluate this using the principles of management and cost accounting.
Q: Please explain with examples briefly benefits of accounting system for manual cost accounting?
A: Cost accounting: It is a branch of managerial accounting that focuses on calculation of total cost…
Q: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or…
A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…
Q: Explain the role of unit cost in task order pricing.
A: Task orders refer to the contract made for specific and separate orders. These are the small…
Q: Give detail definition on operational cost and explain in detail how the operational cost is…
A: Introduction:- The following definition of operational cost as follows under:- Operating costs are…
Q: Explain the Problems in Cost Accounting Measurements?
A:
Q: Please explain with examples briefly benefits of accounting system for automated cost accounting?
A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…
Q: . What are the three principle objectives of cost accounting system?
A: Cost accounting system is a system in which all the costs related to manufacturing, selliing the…
Q: Cost management information should be timely and accurate. Which of these attributes is…
A:
Q: How to deal with cost accounting
A: Cost accounting refers to the accounting which dealt with the aggregate cost of production of…
Q: How cost accounting covers the problem of price assessment
A: Cost Accounting Cost accounting is also a form of group action accounting that aims to capture a…
Q: Define and explain the concept of cost accounting.
A: Introduction: An essential fee accounting device operates in real-time by monitoring raw materials…
Q: Explain why knowledge of cost behavior is useful in product performance evaluation.
A: Definition: Product performance: Product performance indicates how well the product is flourishing…
Q: Distinguish between a cost center, a profit center, and an investment center
A: Definition: Responsibility center: A department or unit of a corporation where the management…
Q: Explain the term supply chain and its importance to cost management?
A: Supply chain is a network of different activities, steps, processes, people, resources and…
Q: omputerised cost
A: The computerized accounting system is an accounting data system that processes financial…
Q: In Cost accounting the main emphasis is on ?
A: Cost accounting is the classification, documentation, and appropriate distribution of expenditure…
Q: What are the differences between cost accounting and cost management?
A: Cost Accounting: Cost accounting refers that branch of accounting, which records and analyzes the…
Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…
A: Cost: Cost can be defined as the cash and cash equivalent which is incurred against the products…
Q: Define and give examples of the following terms: cost center, revenue center, profit center, and…
A: Responsibility center: It refers to that unit of the organization for which a separate executive is…
Q: How you relate the differential cost with management of revenue in management accounting.
A: Management Accounting is a type of accounting which is used within the company for the purpose of…
Q: Discuss the differences between lean accounting and traditional cost accounting.
A:
Q: cost
A: A standard fee accounting gadget works with the aid of using monitoring uncooked substances as they…
Q: objectives of the accumulation and reporting of cost accounting information
A: Cost accounting information is the information regarding costs regarding activities, processes, or…
Q: Explain the features of cost management.
A: Cost management is a process of planning and controlling the costs of a business organisation. This…
Q: What is cost accounting?
A: What is cost accounting?
Q: Define standard costs and briefly indicate how they may beused by management in planning and…
A: Standard costs: Standard costs are the per-unit cost that is expected to be incurred under normal…
Q: Explain Classifying Costs for Predicting Cost Behavior?
A:
Q: Value chain classifications Match each of the following cost items with the value chain business…
A: Value Chain Analysis is an inbound logistics that includes a range of activities like receiving,…
Q: What is cost approach measurement?
A: A process that involves finding out the economic value or the fair value of a business entity refers…
Q: Define cost management.
A: Cost management is the process of planning and controlling costs in the right direction so that over…
Q: In order to evaluate cost information managers must be able to distinguish between relevant costs…
A: Relevant cost refers to the cost which is usually incurred by lower management in an organization…
Q: What do you mean by cost accounting? Write about its types in brief with examples
A: Accounting is a procedure whereby an individual can record financial transactions of the business.…
Q: Differentiate between operating costs and administrative costs?
A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…
Q: explain the importance of cost behavior
A: Cost behavior refers to any change in the behavior of cost due to change in the level of output or…
Q: Describe accounting concepts useful in classifying costs.
A: Costs of a business can be classified on various basis On the basis of cost behaviour On the basis…
Q: Describe factors for measuring cost allocation.
A: Cost: It is the economic value incurred by the company to manufacture a product or render a…
Q: How Absorption and Variable Costing, Budgeting and Responsibility Accounting are connected?
A: Answer: Absorption and Variable Costing, Budgeting and Responsibility Accounting There is…
Q: Explain the features of cost accounting.
A: Cost accounting is a branch of accounting in which all the costs involved in manufacturing of a…
Q: Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a…
A: Note: As per our guidelines, only the first question can be answered. Standard Cost & Its…
Evaluate this using the principles of management and cost accounting.
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- Questions are from subject Corporate Finance & Answers should be based on it. Lucas Mendes graduated from college six years ago with a finance bachelors (undergraduate) degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its students to work while enrolled in its MBA program. Lucas currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $53,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 38 more years. His current job includes a fully paid health insurance plan, and…Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…Catherine Romanov was a loan officer who needed one last loan to make her quota for the month. Yvonne Gunner, who was only a freshman in college, walked in one day for a loan for a new software business she was starting. She had never dealt with banks before and did not understand the nuances of loans but asked very good questions. Ms. Romanov, however, was ruthless and intentionally did not answer the questions accurately. Had Ms. Gunner received accurate answers to her questions, she would not have taken the loan. After six months, Ms. Gunner defaulted on the loan, and the bank pursued her for payment. Does Ms. Gunner have any remedies?
- Assume that you are responsible for planning a banquet for your school’s accounting club. The banquet will feature a dinner, followed by a speaker. The costs associated with the banquet are as follows: Meals Beverages (coffee and tea) Use of banquet room Speaker’s fee $10 per person $1 per person $50 $100 Assume that 50 students will attend the banquet. If you want to break even on this event, how much do you need to charge for a ticket? Please explain your answer and how it relates to Chapter 19.2. Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per…Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 198 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $290. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…
- Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. See attached Unadjusted Trial Balance and instructions to complete question.Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 194 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $100 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $34 for incidentals if the employee spends at least six hours out of town. (The per diem…
- PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULASPLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULASPLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS (Not written.. please) Empresa Comercial El Europeo, S.A., hires you because of the "good" references of your professor of the Financial Administration course, because he wants to know how much and at what time your cash needs will be manifested in the following semester as of January 1st. For which he provides the following: Sales are made 25% cash and 75% on credit. Of the credit sales, 75% is collected one month after the sale, and the remaining 25% two months later.You buy in a given month what you expect to sell the following month. The material cost is 45% of sales. The supplier gives the conditions of 60% cash and the other 40% the month after the purchase.Provisional tax payments are calculated, considering 1.25% of each month's sales and are paid the month following the month of sale.It is desired to…PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULASPLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULASPLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS (Not written.. please) Empresa Comercial El Europeo, S.A., hires you because of the "good" references of your professor of the Financial Administration course, because he wants to know how much and at what time your cash needs will be manifested in the following semester as of January 1st. For which he provides the following: Sales are made 25% cash and 75% on credit. Of the credit sales, 75% is collected one month after the sale, and the remaining 25% two months later.You buy in a given month what you expect to sell the following month. The material cost is 45% of sales. The supplier gives the conditions of 60% cash and the other 40% the month after the purchase.Provisional tax payments are calculated, considering 1.25% of each month's sales and are paid the month following the month of sale.It is desired to…1. Assume a class needs to pay all expenses. The instructor cost $3,000 with an additional administrator cost of $50 per student. Tuition is $600 per student for the course. What is the minimum number of students that need to sign up for the course to run? 2. If firm’s total revenue is $20 million, its fixed costs are $12 million, and its variable cost are $22 million what is its profit? Should the firm shut down or stay in business in the short run? Would the decision change if the Total Revenue was $30 million instead of $20? 3. As the firm’s output expands, explain why the ATC and AVC get closer together.
