Cost accounting

Michael Lopez Prof. Lapari 8 March 2017 Accounting 201 Public Accounting vs Private Accounting There are two types of accounting practices are public and private these two types are very distinct. I’m going to explain how these both practices work, the different jobs that both practices offer and finally the differences between the two. First I’m going to give the definition of both practices. Public Accounting is viewed as firms that serve clients such as businesses manufacturers, service companies

distinguished company created in 1990. The company has is a supplier of mineral, vitamin, and protein enriched doughnuts. The strategy applied by the company is job order cost method. Job costing is a product costing system when costs are accumulated by specific job orders and assigned to batches of products. In other words, manufacturing costs are assigned to specific job, specific customers, specific orders, specific projects, and specific contracts. Job costing is preferable to small and medium-sized companies

with Overstock.com management, as this is not first time the company is restating their financial statements. In February, 2006, Overstock.com announced it would restate 4 years of financial statements, 2002 though 2005, due to improper accounting of freight costs. (Taub,2008) It appears that the company has some serious internal control and reporting issues that need to be addressed. CanGo Strengths • Resources • Strong brand names • Good reputation among customers • Recognizable brand

direct communication and action with their managers and accounting. This will enable hospitals the ability to competitively and fiscally combat the challenges arising in the healthcare marketplace. Furthermore, with many of the legislated reforms being implemented within three years, providers should actively reassess their costing programs now in an attempt to adapt to the impending change. The move from a strategic to an operational cost-finding model will give financial results to a provider

City Council members to understand. As stated in the case, Yorba Linda council members had little or no formal training in public administration or policy. This shows that they do not have proper background to do administration as well as basic accounting understanding to perform finance related matter.

The company wants to sell the tables at $2,000 each with the operating income being 10% of revenue. With the current table design as is, it will cost the company $392,500 to produce 200 tables. To calculate the cost per unit one would take the total cost $392,500 and divide it by the 200 tables, which equals $1,962.50 per table. However, the target cost per unit

performance report, actual costs should be compared to budgeted costs at the original budgeted activity level. True False 3. The overhead spending variance and the overhead efficiency variance are useful only if variable overhead really should be proportional to the activity measure that is being used in the flexible budget. True False 4. The variable overhead efficiency variance reflects how

two approaches for their influence on profits by examining the revenues and costs; however, only relevant revenues and costs are analyzed because they vary according to the alternatives being tested. On the other hand, revenues and costs which remain the same despite the difference between the two approaches are unrelated to this analysis and are called irrelevant costs. Sunk costs is an example of these irrelevant costs since it is an amount of money that has already been spent and this makes it

The text describes cost as “the amount of resources given up gaining a specific objective or object” (Epstein; Schneider2014). In any organization, a cost must be assigned to the operating unit, once the cost is assigned, the cost must be allocated. There are several methods by which cost allocation takes place; In this paper, I will discuss the direct distribution method and the step-down method, along with the cost allocation method for patient-level costing. I will illustrate the use of relative

College of Business, Hospitality and Tourism STUDIES DEPARTMENT OF ACCOUNTING ACC 706 ACCOUNTING THEORY MAJOR ASSIGNMENT Positive accounting theory NAME: FAMIZA SHAGUFA NISHA (2013112840) ALZARIA FAREEN NISHA (2013112840) Methodology ABSTRACT Literature review Watts and Zimmerman were the major contributors of the positive accounting theory which was based on economic assumptions stating that all individuals actions are derived through self