Adms - Study guides, Class notes & Summaries

Concern on the fairness of the allocation of the store managers complete salary to the bakery department. (1 mark) - Bakery manager has no control or authority on numerous costs incurred by his department and of which he is reponsible for, responsibility accounting is lacking. (1 mark) - No adeqaute performance or measurement evaluation system is in place to report the results to the department managers so that they could take corrective measures in the future, recorded costs do not accur...

Economics: the social science that studies the processes that govern the production, distribution and consumption of goods and services in an exchange economy.  Foundations of economic thought: o Moral philosophy (Ethics) o Political economy o 1776. Adam Smith, a Scottish philosopher, authors Wealth of Nations  Considered the founding text of modern economics  The ability of mankind to organize exchange is what distinguishes humans from the animals o Classical Liberal:  Thomas ...

What is the difference between direct and indirect costs? Direct cost can be physically identified with and/or traced to the cost object because there's a direct causal link between them For example, direct cost for a manufactured product line, include the materials which are a part of the product and labor Indirect costs cannot be conveniently and easily traced to each cost object For example, indirect costs, include the machinery, plant, and other labour necessary to manufacture the...

6. Today’s typical recreation vehicle owner is white, 50 years old, and married. With a mean household income of $71,900, typical recreation vehicle owners are more affluent than average and tend to own their homes. They spend approximately 19 days a year in their rolling homes. On the way, they’re likely to listen to country music, easy listening, or all-talk radio. This describes which of the following for recreation vehicles? a. market segment b. market differentiation c. perceive...

You have been hired by the President of Electric Motors & Computing Corp. (EM&CC) to provide advice on 3 issues. EM&CC has a number of divisions, each with their own manager. The following information is taken from the 2003 accounting records of East Coast Marketing, a division of EM&CC. Sales $12,000,000 Variable costs 4,000,000 Contribution margin $ 8,000,000 Direct fixed costs 5,000,000 Segment income $ 3,000,000 ========= At the beginning and end of 2003, East Coast Marketing had t...

Management Functions 1. Strategic Management 2. Planning and Decision Making 3. Management and Operational Control - Operational Control - monitoring short-term operating performance when mid-level managers are monitoring activities - Management Control - Used by upper level managers to evaluate performance of mid-level managers 4. Preparation of Financial Statements

Compare the two formulas: Prediction interval Confidence interval

ADMS 4900 Midterm Review Chapter 1 An Overview Strategic Management Analyses, decisions and actions organizations undertake to create and sustain competitive advantages. Four Key Attributes of Strategic Management: 1) directs the organization towards overall goals and objectives 2) includes multiple stakeholders in decision making 3) incorporates both short-term and long-term perspectives 4) recognizes trade-offs between efficiency and effectiveness Strategic Management Process (Not in...

4.1 -- Explain the Types of Costing Systems 3 choices when making a costing system: 1) The Cost Accumulation Method - Job Costing or Process Costing 2) The Cost Measurement Method - Actual, Normal, or Standard Costing 3) The Overhead Application Method - Volume-Based or Activity-Based Ex. a firm could choose job, normal, and activity-based. 4.2 -- Explain the Strategic Role of Costing 4.3 -- Explain the Flow of Costs in a Job Costing System 4.4 -- Expla...

ADMS 1000 EXAM 1| YORK UNIVERSITY1 A mixed market economy has features of both: Select one: a. Communist and socialist economics b. Domestic and global c. Command and market economies d. Federal and Provincial 2 According to the perspective, ‘competitive markets’ are the best means of organizing complex economies and societies. Select one: a. Neoclassical b. Industrial Pluralist c. Managerial d. Critical 3 Loyal customers of Apple’s iPhone would lik...