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Conestoga - ACCT - 2460
Conestoga College School of Business & Hospitality Course Requirements SheetName Number Program Level Year Name Office Telephone Email Address Web page Office Hours Student Rights and Responsibilities COURSE INFORMATION Applied Managerial Accounting ACCT
Conestoga - ACCT - 2460
COURSE OUTLINECourse Name and Code Total Hours COST AND MANAGEMENT ACCOUNTING I ACCT2160 60 (2010-2011)1Credits4Prerequisite(s) ACCT1130 COMP1003 Corequisite(s) Course DescriptionIntroductory Cost Accounting Business Computing Applications IIThis c
Conestoga - ACCT - 2460
COURSE OUTLINECourse Name and Code Total Hours COST AND MANAGEMENT ACCOUNTING I ACCT2160 60 (2011-2012)1Credits4Prerequisite(s) ACCT1130 COMP1003 Corequisite(s) Course DescriptionIntroductory Cost Accounting Business Computing Applications IIThis c
Conestoga - ACCT - 2460
Conestoga College School of Business Course Requirements SheetName Number Program Semester Year COURSE INFORMATION Cost and Management Accounting 2 ACCT2170 Business Administration - Accounting 4 2006 INSTRUCTOR INFORMATION Richard Farrar 1B43 748-5220 x
Conestoga - ACCT - 2460
Why there are Differences in Costing arise when an ABC system replaces a Traditional Cost System? When an ABC system replaces a traditional cost system, high volume products generally end up costing less and low volume products end up costing more than un
Conestoga - ACCT - 2460
1-1Work of ManagementPlanning PlanningDirecting and Directing and Motivating MotivatingControlling Controlling 2009 McGraw-Hill Ryerson Limited1-2PlanningIdentify Identify alternatives. alternatives. Select alternative that does Select alternative
Conestoga - ACCT - 2460
2-1MANAGERIAL ACCOUNTINGEighth Canadian EditionGARRISON, CHESLEY, CARROLL, WEBBPrepared by: Robert G. Ducharme, MAcc, CA University of Waterloo, School of Accounting and Finance 2009 McGraw-Hill Ryerson Limited2-2Costs Terms, Concepts and Classific
Conestoga - ACCT - 2460
Participation Rating of Case Group Members by Other MembersSUBMIT THIS FORM TO R. Farrar ONLY IF YOU FEEL SOME GROUP MEMBERS DID NOT PULL THEIR WEIGHT Participation Names of Group MembersRating 1,2,3 or 4Participation Rating Codes 1 Indicates the group
Conestoga - ACCT - 2460
Guidelines for Excel Assignments for CMA1 Labs Supervised by Richard Farrar - 2012 Assignments will be accepted up until 4:30 p.m. on the Friday due date. Assignments received after that time will be assessed a penalty of 20% per day unless specific prior
Conestoga - ACCT - 2460
CMAI W07Accounting for Labour Costs1. Distinguish between the different treatment of direct and indirect labour costs. Direct labour charge to _ Indirect Labour charge to _ Employer share of employee benefits, payroll taxes etc. are charged to _Sellin
Conestoga - ACCT - 2460
CMA2 - SPREADSHEET ASSIGNMT #1Marking KeyNAME:GENERAL Purpose of template complete? General Instructions to user complete? e.g. enter all amounts in $ without $ signs or commas unless otherwise stated; enter % amounts as a decimal e.g. 10% = .10 Person
Conestoga - ACCT - 2460
CMA1 - ASSIGNMENT #1 - MARK KEY Student Name: Mark: Face Sheet Purpose is stated and complete? "Prepared by" is indicated? "Preparation date" is indicated? Input Sheet instructions to user are adequate & clear? E.g. user told to enter $ amounts without $
Conestoga - ACCT - 2460
CMA1 - ASSIGNMENT #2 - MARK KEY Student Name: Documentation Sheet Purpose is stated and complete? "created by." is indicated? preparation date is indicated? Company name on sheet? Header at top of all pages with stud. Name, section, and ass.# Input Sheet
Conestoga - ACCT - 2460
PROCESS COST SYSTEMS THAT USE STANDARD COSTING Process Cost Systems also use standard costing. In fact, the use of standard costs simplifies the cost calculations. The Production Report follows the same basic format as we used with the FIFO Method in a no
Conestoga - ACCT - 2460
Product Costing Versus Cost Control for Variable and Fixed OverheadThere are two main purposes of any standard cost system in a manufacturing environment: 1. Product Costing to value inventory and COGS 2. Cost Control using some form of budget and standa
Conestoga - ACCT - 2460
Effect of Using A Denominator Level for Calculating Fixed Overhead per unit for Absorption Costing The calculation of the fixed mfg overhead rate is usually based on estimates made at the beginning of the year. Budgeted Mfg Ohd rate = Estimated Fixed Ohd
Conestoga - ACCT - 2460
How the Pre-determined Overhead Rate is Affected by the Choice of the Allocation Base Units If a company uses the expected level of activity for its estimate of the allocation base units in determining the MO rate at the beginning of the year, then the MO
Conestoga - ACCT - 2460
Supplementary Note on Applying Overhead to a Product While it is worthwhile to keep track of Direct Materials and Direct Labour as separate amounts (because these are significant and directly traceable to the product, the same is not true for Manufacturin
Conestoga - ACCT - 2460
1Supplementary Note on Applying Overhead to a Product While it is worthwhile to keep track of Direct Materials and Direct Labour as separate amounts (because these are significant and directly traceable to the product), the same is not true for Manufactu
Conestoga - ACCT - 2460
Changes from Chapter 2 when we move to a Job Costing System 1. All costs are now charged to a specific job T-account. All the job T-accounts make up the WIP subsidiary ledger. The total of all the balances in the job Taccounts should agree with the balanc
Conestoga - ACCT - 2460
Applied Mangerial Accounting-Supplementary NoteSteps in Completing Job Costing T-accounts When We Must Keep Track of Individual Jobs 1. Enter the beginning balances (total job cost accumulated to date) on each Job Taccount for any jobs in WIP. Cross-ad
Conestoga - ACCT - 2460
Applied Mangerial Accounting-Supplementary NoteSteps in Completing Job Costing T-accounts When We Must Keep Track of Individual Jobs 1. Enter the beginning balances (total job cost accumulated to date) on each Job Taccount for any jobs in WIP. Cross-ad
Conestoga - ACCT - 2460
Applied Mangerial Accounting-Supplementary NoteSteps in Completing Job Costing T-accounts When We Must Keep Track of Individual Jobs 1. Enter the beginning balances (total job cost accumulated to date) on each Job Taccount for any jobs in WIP. Cross-ad
Conestoga - ACCT - 2460
SUPPLEMENTARY NOTES - PROCESS COSTING - CHAPTER 4 FIFO Method: Steps in Preparing Production Report The FIFO method keeps track of the units and costs in beginning WIP completely separate from the units and costs for production started this period. Only c
Conestoga - ACCT - 2460
High Low Method of Determining the Variable and Fixed Components of a Fixed CostThe method of calculating the variable and fixed components of a mixed cost can be doneby assuming the cost function for a given mixed cost is a linear function of the form
Conestoga - ACCT - 2460
Accounting for Costs Relating to Idle Time, Overtime Premium, and EmployeeBenefitsIdle TimeIdle time represents the labour cost of direct labour employees who are unable to performtheir assigned duties due to machine breakdowns, material shortages, po
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 1Creating Macros and Macro ButtonsA macro is a procedure that stores a list of statements that perform specific procedures.Recording a Procedure with a Macro RecorderChoose Tools-> Macro->Record New Macro->enter the name
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 1Creating Macros and Macro Buttons - Office 2007A macro is a procedure that stores a list of statements that perform specific procedures.Recording a Procedure with a Macro RecorderChoose Developer->Record Macro Enter the
Conestoga - ACCT - 2460
ACCT2460Supplementary Notes re Chapter 7Relevant or Incremental Costs and Special Decision MakingMost businesses have to make what are called non-routine or special decisions on anongoing basis. Examples: Accept v. Reject a Special Order at less than
Conestoga - ACCT - 2460
APPLIED MANAGERIAL ACCOUNTING - ACCT2460UNIT 1: INTRODUCTION TO MANAGERIAL ACCOUNTINGTEXTBOOK REFERENCE: Weygant/Keiso Chapter 1Learning Outcomes1. Explain the importance of managerial accounting information.2. Explain the distinguishing features of
Conestoga - ACCT - 2460
APPLIED MANAGERIAL ACCOUNTING - ACCT2460UNIT 2: JOB ORDER COST ACCOUNTINGTEXTBOOK REFERENCE: Weygandt/Keiso Chapter 2Learning Outcomes1.Define the three classes of manufacturing (product) costs: direct materials, directlabour, and manufacturing over
Conestoga - ACCT - 2460
APPLIED MANAGERIAL ACCOUNTING - ACCT2460UNIT 3: JOB ORDER COST ACCOUNTINGTEXTBOOK REFERENCE: Weygandt/Keiso Chapter 3Learning Outcomes1. Distinguish between a Job order cost systems and a process cost system.2. Describe the flow of costs in a job-ord
Conestoga - ACCT - 2460
APPLIED MANAGERIAL ACCOUNTING - ACCT2460UNIT 4: INCREMENTAL ANALYSIS (RELEVANT COSTING)TEXTBOOK REFERENCE: Weygandt/Keiso Chapter 7Learning Outcomes4.1 Identify the steps in managements decision-making process.Describe the characteristics of a releva
Conestoga - ACCT - 2460
APPLIED MANAGERIAL ACCOUNTING - ACCT2460UNIT 5: BUDGETARY PLANNINGTEXTBOOK REFERENCE: Weygandt/Keiso Chapter 10Learning Outcomes5.1List the benefits of budgeting5.2State the essential features of effective budgets.5.3List the budgets making up a
Conestoga - ACCT - 2460
INTRODUCTORY COST ACCOUNTINGUnit 1 : Managerial Accounting and the Business EnvironmentLEARNING OUTCOMES1.a) Describe what managers do and why they need accounting information.b) Define the terms planning, directing and motivating, controlling,strat
Conestoga - ACCT - 2460
INTRODUCTORY COST ACCOUNTINGUnit 2: (Chapter 2) Cost Terms, Concepts and ClassificationsLEARNING OUTCOMES:1. Identify and give examples of each of the three basic cost elements involved in themanufacture of a product.2.Define the terms manufacturing
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 1UNIT 4 - CHAPTER 10 - STANDARD COSTS AND OVERHEAD ANALYSIS Part 1LEARNING OUTCOMES:1.Explain how direct materials standards and direct labour standards are set;2.Define the following terms: management by exception, st
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 1UNIT 5 - STANDARE COSTS AND OVERHEAD ANALYSIS - Part 2(Chapter 10-continued)LEARNING OUTCOMES:1.Prepare a 5-column flexible budget performance report, calculate the staticbudget variance, and reconcile the difference
Conestoga - ACCT - 2460
INTRODUCTORY COST ACCOUNTINGUNIT 3 Systems Design:Job Order CostingLEARNING OUTCOMES:1.Distinguish between Process Costing systems and Job Order Costing systems and identifycompanies that would use each method. (p. 71-72) Define the Absorption Costi
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 1UNIT 2 - CHAPTER 4 SYSTEMS DESIGN: PROCESS COSTINGLEARNING OUTCOMES:1. Define Process Costing, compare with Job Order Costing, and give examples ofwhen process costing is appropriate.2.Compute equivalent units of prod
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 1UNIT 1 : (Text Chapter 5) Determining How Costs BehaveLEARNING OUTCOMES:1.Understand how fixed and variable costs behave and how to use them to predictcosts2.Define activity base, cost driver, curvilinear cost, and m
Conestoga - ACCT - 2460
INTRODUCTORY COST ACCOUNTINGUNIT 4 : ( CHAPTER 7) - Cost-Volume-Profit RelationshipsLEARNING OUTCOMES:1.Define and compute the Contribution Margin (CM) and the CM ratio and explain howchanges in activity affect the CM and net income. Understand the C
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 1UNIT 3 : ( CHAPTER 8) - Systems Design: Activity Based CostingLEARNING OUTCOMES:1. List the limitations of traditional costing systems(see chapter highlights)2. Explain how an ABC system overcomes the limitation descri
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 1UNIT 1 : Accounting for Labour Costs (Supplementary notes-not in textbook)LEARNING OUTCOMES:1.Distinguish between direct labour, indirect labour, and selling and administrativelabour costs and the accounting treatment
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 2UNIT 1 - CHAPTER 7: Variable Costing: A Tool for MangementLEARNING OUTCOMES:1.Identify the fundamental difference between variable costing and absorptioncosting.2.Construct income statements using variable costing an
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 2UNIT 2 - Chapter 13, Appendix 13A, pp. 636-644: Pricing of Products andServicesLEARNING OUTCOMES:1.Define the terms markup and Cost Plus Pricing2.Compute the mark-up percentage and the related target selling price un
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 2UNIT 3 - Chapter 2, Appendix 2A, pp. 54-61: Cost of QualityLEARNING OUTCOMES:1.Define the following terms: Quality of conformance, Quality cost,prevention costs, Quality circles, Statistical process control, Appraisal
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 2UNIT 4 - APPENDIX A pp. 739-753: Service Department Costing and OtherAllocationsLEARNING OUTCOMES:1.Distinguish between and operating department and a service department.2.State the purpose of allocations of service
Conestoga - ACCT - 2460
INTRODUCTORY COST ACCOUNTINGUNIT 5 - CHAPTER 9:Master Budget and Responsibility AccountingLEARNING OUTCOMES:1.Define profit planning, budget and master budget, continuous or perpetualbudgets, self-imposed budget, participative budget, budget committ
Conestoga - ACCT - 2460
COST AND MANAGEMENT ACCOUNTING 2UNIT 5 - Supplementary Notes: Cost Allocation: Joint Products and ByproductsLEARNING OUTCOMES:1.Define the term Joint Cost and identify the split-off point(s) in a joint costsituation.2.Distinguish between joint prod
Conestoga - ACCT - 2460
INTRODUCTORY COST ACCOUNTINGUNIT 6 - CHAPTER 12: Relevant Revenues, Relevant Costs, and the DecisionProcessLEARNING OUTCOMES:1.Define a relevant cost and distinguish between relevant and irrelevant costdecisions.2.Prepare an analysis whether to ke
Conestoga - ACCT - 2460
1APPLIED MANAGERIAL ACCOUNTING QUIZ-RELEVANT COSTINGMarked by: _ Name: _ Sec._QUESTION 1: (6 Marks)Fontaro Company is currently manufacturing Part K96, producing 50,000 units annually. The partis used in the production of several products made by F
Conestoga - ACCT - 2460
Review Sheet - Cost & Management Accounting 2 - ACCT2170 - Term Test #1February, 2006Learning OutcomesUnit 1: Chapter 7 - Variable vs. Absorption CostingTheory: reasons for difference between variable and absorption costing;difference in income and w
Conestoga - ACCT - 2460
Review Sheet - Introductory Cost Accounting - Term Test #1, October 2010Learning OutcomeReferenceChapter 1 Managerial Accounting and the Business EnvironmentEmphasis is on theory concepts and terminology; planning, directing, See chapter highlights; s
Conestoga - ACCT - 2460
Review Sheet - Applied Managerial Accounting March 2012Term Test #1,ReferenceChapter 1 Managerial AccountingTheory: meaning of planning, directing, controlling, ; differencesbetween financial and managerial accounting; other terms: valuechain, JIT i
Conestoga - ACCT - 2460
Review Sheet - Cost & Management Accounting 2 - Term Test #2, April 27, 2006Learning OutcomeReferenceUnit 4: Appendix A - Service Dept. Costing and Other AllocationsTheory: Difference between operating and service departments; pros and cons of thethr
Conestoga - ACCT - 2460
Review Sheet - Introductory Cost Accounting - Term Test #2,Learning OutcomeChapter 9: BudgetingTheory: definitions for budget, master budget, planning, control,continuous or perpetual budget, participative or self-imposed budget,responsibility accoun
Conestoga - ACCT - 2460
Review Sheet - Applied Managerial Accounting - ACCT2460 Learning OutcomeChapter 7: Relevant CostingUnderstand the characteristics of a relevant cost and related terms,incremental cost, avoidable cost, sunk cost, opportunity cost, joint cost,incrementa
Conestoga - ACCT - 2460
Cost and Management Accounting 1REVIEW SHEET FOR TERM TEST #1 March 2012TopicUnit 1, Accounting for Labour CostsTheory: accounting treatment of various types of labour costs eg. DL chgd toWIP; types of labour costs: direct, indirect, selling and admi