ACT502 Management Accounting
IN LECTURE 2 WE COVERED
Describe cost systems and the flow of costs in a job order
Use a job cost sheet to assign costs to work in process.
Demonstrate how to determine and use the
a. In both markets the increase in demand increases both the equilibrium price and the equilibrium
b. In the market for seafront properties, with price inelastic supply, the increase in demand
leads to a larger increase in the pric
Problems and Applications
1.1 a. The trade-off is the interest paid to the bank vs the cost of borrowing from family and
b. For a member of the government deciding whether to increase spending on a new military
hardware, the trade-off is between
Tobacco and cigarette smoking is major health related issue in Australia. In order to make
country smoke free some experts recommends that increase in the tax on tobacco can lead to
rise in the price of tobacco products. However, price and demand
13 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS AND
HEDGING FOREIGN EXCHANGE RISK
1. Distinguish between the terms measured and denominated.
2. Describe a foreign currency transaction.
3. Understand some of the more common foreign curr
Ageing population and declining labor force participation in Australia
Ageing population is one of the major concerns of the Australian government in the
recent years. According to the demographic speculations of Australia by the year of
WEEK 1: Focus Area
My first week of work placement was very exciting.
Though on the first day, I was a bit nervous, by the end of
first week, I became very confident as I get started to
know the team members and spend more time
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BUS101 INTRODUCTION TO BUSINESS LAW T116
All information contained within this Subject Outline applies to all students enrolled in the trimester as indicated .
ACC200 Introduction to Management Accounting
Week 11 Tutorial Exercise SOLUTIONS
Reference Text Chapter 13 Allocation of support-department costs, common costs
Summary of chapter learning outcomes covered this week:
2.1 a) Drought damages the olive crop, reducing the supply of olives. This can be shown in a
diagram as a shift to the left in the supply curve for olives. The new equilibrium price is
higher than the old equilibrium price.
b) The Olympic Games attracted
John and Sarah are neighbours. Sarah is an avid gardener. John is a professional
writer who enjoys writing in his study while overlooking Sarahs garden. What are
the economic benefits derived by John from Sarahs garden? Illustrate using a
Identify and justify the market structure of the domestic mobile phone industry.
Explain using diagrams.
In Australian market iphone and Samsung are the main mobile set that have dominated
the mobile phone set market. They have the majority shar
The session previously discussed important variables such as inflation,
unemployment and GDP. We also alluded to factors that cause economic
growth enabling us to produce more and more to achieve higher standard of
living over time. However, keeping in li
We have discussed the aggregate demand and supply model to understand
the short and long run fluctuations in output. The term used by economists to
capture the notion of fluctuation in economic activity is referred to as business
cycle. When the GDP is co
Unemployment is typically at the forefront of macroeconomics concern as it is a key
variable impacting populations welfare. Concerted effort is put by governments in
ensuring low levels of unemployment primarily by ensuring economic growth.
However, in so
We have a separate accounting standard, AASB 138, that specifically deals with
intangible assets and it provides different requirements from those for property,
plant and equipment (the rules for which appear in AASB 116). What is it about
Critically analyse the conceptualisation of firm in Economics.
Generally, firm means a business organization or entity which operates in different form
with different level of legal protection. But in economics meaning of firm covers broad
accommodation, gaming facilities and restaurants in one venue. Is SKCITY
Darwin a monopoly and will it enjoy economic profits in the long-run.
SKYCITY Darwin is the major entertainm
Using demand and supply model, examine the effect of the following events on
the price charged by domestic wing of Qantas airlines:
a) Increase in international visitors for tourism
b) Launch of a new domestic airline
c) International terrorists
Analyse the effect of wage cuts in the agricultural sector on the Australian fruit
production. How will the wage cuts change fruit production? Provide detailed
explanation and diagram.
Labor is the key input in fruit production sector and wages
The marginal cost facing a perfectly competitive firm is MC= 2q and the market
is $6. Find the firms profit maximising output and show this on a diagram. What
is the industry structure? Discuss the shape of the marginal cost curve.
Introduction to Business Law (BUS101) TRIMESTER 1 2016
GROUP ASSIGNMENT CASE STUDY
The group assignment is a court case study and is worth 20% of each students final
mark for the subject
Students form their own groups
A group mu
ACC200 Introduction to Management Accounting
Week 7 Tutorial Exercise SOLUTIONS
Reference Text Chapters 11-12
Chapters 11-12: STANDARD COSTING FLEXIBLE BUDGETS AND VARIANCE
Focus on Learning Outcomes:
Explain how STANDARD COSTING
One of the main drivers of market economies has been the concept of efficiency.
Over the years economists have made the argument that markets allow us to allocate
resources efficiently. However, analysing the costs of firms behaviour on the
In a competitive market, the demand and supply curve represent the
behaviour of buyers and sellers. The demand curve shows how buyers
respond to price changes whereas the supply curve shows how sellers
response to the price changes. And we know from our e
Before we look into the operational aspects of firms we need to establish the goals of
the firm. This may seem straightforward that firms exist for making profits. However,
changes in recent times have required firms to balance a wider range of objectives
Welcome to Session 2, which introduces you to the fundamental concepts of
demand and supply. This is the most important chapter in this course and
attention to detail in this session will go a very long way in understanding the
subsequent material in this
This session focuses on how managers determine the optimal price, quantity
and advertising decisions under perfect competition. In earlier sessions we
have looked at the nature of competitive markets. We are now going to
analyze the competitive market aga
In this session we will look at monopolies, where there is only one firm in the
market with no close substitutes. For example, Microsoft first designed the
operating system Windows. As a result of this innovation it received a
copyright from the US govern