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Textbook Notes for Ed Dinan

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NUACCT 2301Ed DinanWinter

ACCT 2301 Chapter Notes - Chapter 5: Activity-Based Costing, Cost Driver, Total Quality Management

OC6024632 Page
2 Mar 2016
15
Chapter 5: cost management in an automated business environment: abc, abm, and. Many companies use direct labor hours as the sole base for establishing
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NUACCT 2301Ed DinanSpring

ACCT 2301 Chapter Notes -Contribution Margin, Break Even, Fixed Cost

OC2437096 Page
4 Feb 2014
34
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NUACCT 2301Ed DinanSpring

ACCT 2301 Chapter Notes - Chapter 4: Cost Driver, Authority Control, Store Manager

OC2437097 Page
4 Feb 2014
39
Cost object things that we are trying to determine the cost of (products, processes, departments, activities, etc) Cost accumulation measuring the cost
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NUACCT 2301Ed DinanWinter

ACCT 2301 Chapter Notes - Chapter 7: Gross Margin, Interest Expense, Income Statement

OC6024635 Page
22 Mar 2016
21
Short term planning focuses on the coming year which are specific and detailed. Strategic planning: involves making long term decisions such as definin
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NUACCT 2301Ed DinanSpring

ACCT 2301 Chapter Notes -Operating Leverage, Contribution Margin, Fixed Cost

OC2437098 Page
4 Feb 2014
32
Chapter 2 cost behavior, operating leverage, & profitability. Total fixed cost and per-unit costs behave differently. Ex spi hires a band to play for ,
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NUACCT 2301Ed DinanWinter

ACCT 2301 Chapter Notes - Chapter 8: Gamesmanship, Fixed Cost, Variable Cost

OC6024634 Page
3 Apr 2016
28
Estimates for the expected sales price and per unit costs for the trophies are called standard prices and costs. Differences between the standard and a
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NUACCT 2301Ed DinanWinter

ACCT 2301 Chapter Notes - Chapter 3: Contribution Margin, Fixed Cost, Variable Cost

OC6024634 Page
1 Feb 2016
17
Breakeven point: where profit or income equals zero. Breakeven point found by 3 common methods: equation method. Sales-variable costs-fixed costs=profi
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NUACCT 2301Ed DinanWinter

ACCT 2301 Chapter Notes - Chapter 4: Cost Driver, Indirect Costs, Fixed Cost

OC6024633 Page
21 Feb 2016
13
Cost accumulation: to determine the cost of a particular object. Cost accumulation begins with identifying the cost objects. Cost driver: has a cause a
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NUACCT 2301Ed DinanWinter

ACCT 2301 Chapter Notes - Chapter 1: Financial Accounting, Income Statement, Financial Statement

OC6024632 Page
8 Feb 2016
26
Financial accounting used by external people such as creditors, investors, etc. Managerial accounting focuses on info used by people who work inside th
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NUACCT 2301Ed DinanSpring

ACCT 2301 Chapter Notes -Historical Cost, Opportunity Cost, Operating Expense

OC2437097 Page
4 Feb 2014
26
Cannot avoid a cost that has already been incurred. Car is due for safety inspection, which must be completed before the car can be sold/driven. Inspec
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NUACCT 2301Ed DinanWinter

ACCT 2301 Chapter Notes - Chapter 6: Vertical Integration, Standard Cost Accounting, Sunk Costs

OC6024632 Page
8 Mar 2016
10
Historical costs are frequently called sunk costs, so they cannot be changed and. It is also future oriented: cannot avoid a cost that has been incurre
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NUACCT 2301Ed DinanSpring

ACCT 2301 Chapter Notes -Tomato Soup, Direct Labor Cost, Cost Driver

OC2437097 Page
4 Feb 2014
33
Chapter 5 cost management in an automated business. In the past, manufacturing process was labor intensive with minor overhead cost. It was rational to
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