Fundamentals of Cost Accounting

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Accounting 111 Pollard Chapter 5 Summary Learning Objectives (L.O): 1, 2, 3, and 4 Assignment: Exercises 22, 23, 24, and 25 Problems 37, 39 (a only) Read the sections of the chapter which cover the Learning Objectives listed above and review the PowerPoint slides for the chapter. Use this information to complete this chapter summary. Test your understanding of the material by completing the assignment for the chapter. L. O. 1: Understand the reasons for estimating fixed and variable costs. What is the most important characteristic about the costs of a business? It is how they behave in response to a change in activity level. Which costs remain constant in total when activity level changes? Fixed costs. Which costs change in total when activity level changes? Variable costs. Total costs = Fixed costs +Variable costs or TC = F + VX Name the 3 methods of cost estimation: 1. Engineering analysis 2. Account analysis 3. Statistical methods L. O. 2: Estimate costs using engineering estimates.
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This note was uploaded on 11/04/2011 for the course ACCT ACCT111 taught by Professor Na during the Spring '11 term at American River.

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Chapter 5 Key - Accounting 111 Pollard Chapter 5 Summary...

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