Absorption costing Study guides, Class notes & Summaries

TEST BANK for Cost Accounting: With Integrated Data Analytics 1st Edition Karen Congo Farmer, Amy Fredin. TABLE OF CONTENTS CHAPTER 1: Cost Accounting Has Purpose CHAPTER 2: Refresher on Cost Terms CHAPTER 3: Cost Behavior and Cost Estimation CHAPTER 4: Cost-Volume-Profit Analysis CHAPTER 5: Relevant Costs for the Decision-Maker CHAPTER 6: Mastering the Master Budget CHAPTER 7: Capital Budgeting Choices and Decisions CHAPTER 8: Job Costing Visualized CHAPTER 9: Activity-Based Costing CHAPTER 1...

What are the 3+1 stages of absorption costing? correct answer: 1. Allocation 2. Apportionment 3. Absorption = Production Cost 4. Under/over = Non prod OH Why would you use Absorption Costing? correct answer: Valuing Inventory Pricing Decisions Establishing profitability What are pros and cons of absorption and marginal costing? correct answer: *Absorption* -Avoids varying profits if sales are seasonal -Consistent with accounting standards -Recognises Long Run variable costs -...

Why is cost accounting so important in health care? correct answer: Though costs have such a minor role in deermining prices, cost accounting is very important in a healthcare organization. Because reimbursment is predetermined, managment must focus primarily on finding ways tomanage cosgts, so cost accougtning is critical. Cost information is uselful to a variety of key decisionmakers in a healthcare organization. Different concepts of cost are required for different purposes. Thefore it is im...

What are the 3+1 stages of absorption costing? 1. Allocation 2. Apportionment 3. Absorption = Production Cost 4. Under/over = Non prod OH Why would you use Absorption Costing? Valuing Inventory Pricing Decisions Establishing profitability What are pros and cons of absorption and marginal costing? Absorption -Avoids varying profits if sales are seasonal -Consistent with accounting standards -Recognises Long Run variable costs -Implies OH related to production = Manipulate profit ...

MAC3703 Assignment 2 (COMPLETE ANSWERS) Semester 2 2023 () - DUE 19 September 2023.Detailed working, solutions, memo, notes & explanations.................. QUESTION 1 (30 MARKS) Mrs Sindy Lula has been in the financial Services Sector for more than 20 years and is considering a career shift. At present, she is a credit provider (mashonisa) where she owns and runs the money lending business throughout the Eastern Cape under the name BZN Agri-Retailers (PTY) LTD. Having been in this business for ...

What is cost accounting? - Answer- analyses past, present and future data for the management accountant to use What is costing? - Answer- the process of determining the costs of products, services or activities. Methods include absorption costing and process costing. What is absorption costing and what are the steps? - Answer- method of sharing out overheads incurred amongst units produced. 1. Allocation 2. Apportionment 3. Absorption Reasons to use absorption costing? - Answer- 1....

Why is cost accounting so important in health care? - Answer- Though costs have such a minor role in deermining prices, cost accounting is very important in a healthcare organization. Because reimbursment is predetermined, managment must focus primarily on finding ways tomanage cosgts, so cost accougtning is critical. Cost information is uselful to a variety of key decisionmakers in a healthcare organization. Different concepts of cost are required for different purposes. Thefore it is imporant ...

CIA Part 3 Exam Questions & Answers 2023/2024 360-degree feedback - ANSWER-An appraisal method that solicits evaluation feedback from everyone an employee interacts with, including subordinates, superiors, and internal and external customers, as well as the employee. 360-degree feedback - ANSWER-An appraisal method that solicits evaluation feedback from everyone an employee interacts with, including subordinates, superiors, and internal and external customers, as well as the employee. ...

The principal difference between variable costing and absorption costing centers on: a) whether variable manufacturing costs should be included as product costs b) whether fixed manufacturing costs should be included as product costs c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs d) none of these. CORRECT ANSWER B General Bikes is debating which marketing research options to employ. The traditional person-to-p...

MAC3701 Assignment 2 Semester 1 2023 Answers, guidelines, workings and references .......................................... QUESTION 1 (100 Marks) BevSoft Drinks Ltd (“BevSoft”), situated near Springs in the Gauteng Province, is one of the leading energy drink and effervescent tablet manufacturers in the East rand operating in a fiercely competitive market. The company operates two divisions namely the Energy drink division (EDD) and the Effervescent tablet division (ETD). BevSoft’s h...