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Textbook Notes for COMMERCE 2AB3 at McMaster University

MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 4: Finished Good

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Used to apply costs to similar products that are mass produced in a continuous fashion. Examples include the production of cereal, paint, and soft drin
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 12: Balanced Scorecard, Standard Cost Accounting, Cost Accounting

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Standard costs: predetermined unit costs that are used as measures of performance. Ideal standards: standards based on the optimum level of performance
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 3: Hoboken Catalogue, Uptodate, Pro Rata

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Explain the characteristics and purpose of cost accounting. Cost accounting: an area of accounting that involves measuring, recording, and product cost
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MCMASTERCOMMERCE 2AB3Aadil Merali JumaWinter

COMMERCE 2AB3 Chapter Notes - Chapter 4: Indirect Costs, Finished Good

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In june, the two production departments had budgeted allocation bases of 10,000 machine hours in department 1 and 5,000 direct manufacturing labour hou
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 11: Profit Center, Weighted Arithmetic Mean, Variable Cost

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The concept of budgetary control and static budget reports. Budgetary control: the use of budgets to control operations. Static budget: a projection of
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 8: Total Absorption Costing, Net Income, Variable Cost

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Chapter 8: alternative inventory costing methods: a decision-making perspective. Absorption (full) costing: a costing approach in which all manufacturi
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 10: Budget, Income Statement, Fixed Cost

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A formal written statement of management"s plans for a specified future time period, expressed in financial terms. Primary way to communicate agreed-up
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter 6: Chapter 6 Wiley

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Cost volume profit analysis, income statement, and the contribution margin. Study of the effects of costs and volume on a company"s profits. Consider t
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 5: Activity-Based Costing, New Approach

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Traditional costing system allocates overhead using a single predetermined rate. Job order costing: direct labour cost is assumed to be the relevant ac
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 4: Cost Accounting, Weighted Arithmetic Mean, Dow Chemical Company

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Process cost system: an accounting system used to apply costs to similar products that are mass- produced in a continuous way. Many service companies s
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MCMASTERCOMMERCE 2AB3Khalid NainarWinter

COMMERCE 2AB3 Chapter Notes - Chapter 9: Transfer Pricing, Market Power, Variable Cost

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Calculate a target cost when the market determines a product"s price. Many factors affect price product price should cover cost and earn a reasonable p
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MCMASTERCOMMERCE 2AB3Mohamed ShehataSpring

COMMERCE 2AB3 Chapter Notes - Chapter 2: Direct Labor Cost, Kilogram, Variable Cost

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Select the graph that matches the numbered manufacturing cost data. Indicate by letter which of the graphs best fits each of the situations or items de
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