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The controller for U.S. Route 66 Truck Parts is comparing traditional overhead allocationwith ABC. After studying both approaches, the controller prepared the following list of features and attributes of the two methods.
Required: Label each the listed items as either belonging to traditional overhead allocation (TOA) or activity-based costing (ABC).
1. More complex system
2. Does not aid in cost reduction
3. Uses only a few cost pools
4. Uses several allocation bases
5. Is expensive to implement
6. Probably accurate enough for the company as a whole
7. Correlative relationship exists between allocation base and cost
8. Casual relationship exists between allocation base and cost
9. Uses many cost pools
10. Not very accurate on a product by product cost level
These are losses on account of uncollectable debts. While the amount due from debtors is irrecoverable, it is termed as bad debts. Bad debts, being loss are closed through transfer
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Example of LIFO, FIFO and Weighted Average Method Suppose the following purchases were made in ABC Ltd as like: Date of purchase Units purchased Price/uni
(a) Describe briefly how the following are used in the accounting for labour: (i) time sheets (ii) job cards. (b) The following details relate to the labour in a produ
If a company trades in a building towards a new building and does not recognize a gain or loss (because of code section 1031), will this transaction affect the cash flows statement
You are the CFO of a Hospital. Suppose that your projected average daily reimbursement is $100, 000 and your average collection day is 40 days. What is your hospital's annual cost
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Using the information below, list profit statements for June and July using (a) margin costing and (b) absorption costing. A company produces and sells 1 product only which
sir i want to know the whole procress of costing
PROFIT VARIANCES Sales variances are important as they have a direct bearing on profits earned by the organization. thus, they can be used as the basis of determining profit
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