NET INCOME, REVENUE & EXPENSE
1) What is Net Income?
It is an increase in Owners Equity resulting form profitable
operations of business.
The increase in owners equity resulting from profitable
operations is usually accompanied by increase in total assets
[TYPE THE COMPANY NAME]
AUDIT FINAL REPORT
Observation number 1: The technical staff is not up to the mark and not working as per
Risk: As seen, there have been three audit reports which suggest that the technical staff is not
working well beca
AUDIT ETHIS AND
Organizati on Name:
The online system of the HAPTIKA to buy is very weak in terms of security, they
are using their own website to sell their products online. The t
FINAL YEAR PROJECT (Proposal)
Study and Development of Wearable
Gadgets for Highly Immersive
Experience in Virtual Reality
Huzaifa Sabir ([email protected])
Syed Kazim Hussain ([email protected])
From Main Frame c
What are you working on now? *
I always wonder how can I improve the experience of peoples interaction with technology. We have
seen transitions from mainframes to desktops/laptops, handheld to smart phones, now these Virtual
reality headsets bridging the
[Flat#406, Izhan Garden, J.M 91 Dayaram Gidumal Rd, Parsi Colony, Soldier Bazar.] |
[Karachi, 74400] | [+923322362096] | [[email protected]]
I want to be part of the success in an environment of growth
REV: MARCH 9, 2004
Susan, I have just seen the quarterly P&L. Its great that we exceeded our billed hours and revenue
targets. But why, with higher revenues, is our bottom line less than half of what we had budgeted. Can
Cost Accounting Standard Costing_
STANDARD COSTING - I
Method one of reading:Material:SP SQ
a) Material cost variance
b) Material price variance
c) Material usage variance
d) Material mix variance
e) Material yield variance
Labour:SR ST SR A
Cost Accounting Transfer Pricing, Budgetary Control & Activity Based
A transfer price is the amount of money that one unit of an organisation charges for
goods and services to another unit of an organisation.
One of the key asp
Cost-Volume-Profit Review Problems (For Exam 1)
Bridal Shoppe sells wedding dresses.
The cost of each dress is
comprised of the following: Selling price of $1,000 and variable (flexible)
costs of $400. Total fixed (capacity-related) costs for B
Cost Accounting Job & Batch Costing (Theory) _
JOB AND BATCH COSTING
With job costing, we are dealing with one off situations. We are dealing with
organisations that carry out functions and services on a one at a time basis. Good examples
of job costing
Cost Accounting - Overheads_
Reapportionment of service department expenses over production department :1) Direct redistribution method:
Service department costs are divided over production department.
Ignore service rendered by one dept. t
Cost Accounting Labour_
Method of Remuneration:
1) Time Rate system
a) Flat time Rate
b) High wage system
c) Graduated time rate
2) Payment by Results
a) Piece rate system
i) Straight piece rate
ii) Differential piece rate
Cost Accounting - Material_
1) Reorder level = Maximum usage Maximum lead time
Minimum level + (Average usage Average Lead time)
2) Minimum level = Reorder level (Average usage Average lead time)
3) Maximum level
= Reorder level + Reorder qu
Cost Accounting - Manufacturing_
CLASSIFICATION OF COSTS: Manufacturing
We first classify costs according to the three elements of cost:
Product and Period Costs: We also classify costs as either
Product costs: the c
Cost Accounting Relevant Costing (Some Theory)_
Relevant Costing - (Some Theory)
Introduction: A management decision involves predictions of costs & revenues. Only the costs and
revenues that will differ among alternative actions are relevant to the dec
Additional Topics in Variance
1.Explain how to prorate variances to
inventories and cost of goods sold.
2.Use market share variances to evaluate
3.Use sales mix variances to evaluate mark
Business Unit Performance
1.Evaluate divisional accounting income as a
2.Interpret and use return on investment (ROI).
3.Interpret and use residual income (RI).
4.Interpret and use econo
1. Explain the concept of activity-based cost
2. Use the hierarchy of costs to manage
3. Describe how the actions of customers and suppliers
affect a firms costs.
1. Explain why service costs are allocated.
2. Allocate service department costs using the direct method.
3. Allocate service department costs using the step method.
1. Explain what job and job shop mean.
2. Assign costs in a job cost system.
3.Account for overhead using
4.Apply job costing methods in
5.Describe the difference be
1.Explain the basic issues associated with
2.Explain the general transfer pricing rules and
understand the underlying basis for them.
3.Identify the behavioral issues and incentive
1. Understand the role of budgets in overall
2. Understand the importance of people in the
3. Estimate sales.
4. Develop production and cost budgets.
Fundamentals of Product & Service
1. Explain the fundamental themes underlying
the design of cost systems.
2. Explain how cost allocation is used in a cost
3. Explain how a basic product costing
1. Understand the potential effects of using reported
product costs for decision making.
2. Explain how a two-stage product costing system
3. Compare and contrast plantwide and department