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MAC3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 9 September 2024 $7.89
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MAC3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 9 September 2024
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MAC3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 9 September 2024 • Absolute cell referencing - Answer-Referencing cells by fixed position in a spreadsheet Absorption Costing - Answer-Method allocating all manufacturing costs to products Accounting Information - Answer-P...

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  • September 8, 2024
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Absolute cell referencing - Answer-Referencing cells by fixed position in a spreadsheet

Absorption Costing - Answer-Method allocating all manufacturing costs to products

Accounting Information - Answer-Process of recording financial details like sales, costs,
assets, and liabilities.

Activity-Based Costing - Answer-Calculating overhead recovery rates using cost drivers

Average Cost (AVCO) - Answer-Inventory valuation method where costs are averaged
across all units

Break-even analysis - Answer-Determining the point at which total revenue equals total
costs

Budget Preparation - Answer-Creating budgets for multi-product organizations

Budget Types - Answer-Differentiating fixed, flexed, and rolling budgets

Budgeting - Answer-Planning and controlling financial resources

Capital Expenditure - Answer-Spending on items lasting over a year, creating fixed
assets

Cash Management - Answer-Supervising cash flow to ensure liquidity and efficiency

Categories of Cost - Answer-Different types of costs considered in management
accounting.

Competitor Information - Answer-External data about industry rivals considered in
management accounting.

Conditional formatting - Answer-Applying formatting based on specified conditions

Contribution - Answer-Revenue minus variable costs

Control - Answer-Comparing actual results against budgets to improve organizational
performance.

, Cost Accounting Journals - Answer-Records of cost accounting transactions for
materials, labor, and overhead

Cost Behaviours - Answer-Different cost patterns affecting cost analysis and decision
making

Cost Centre - Answer-Volume of output for which costs are gathered together

Cost centres - Answer-Identifiable business locations for cost accumulation, like
production departments.

Cost Classification - Answer-Organizing costs based on similarities in behavior or
function

Cost per Unit - Answer-Identifying the cost associated with producing one unit of output

Cost Reduction - Answer-Striving to improve profit by minimizing expenses

Cost Unit - Answer-Specific measure used to allocate costs in a company

Cost Units - Answer-Business location where costs can be attributed

Cost units - Answer-Volume of output for cost aggregation, not necessarily a single
physical unit.

Cost-volume-profit analysis - Answer-Examining the relationship between costs,
volume, and profits

Costing - Answer-Analysis of business costs and determining cost per unit.

Costing Systems - Answer-Different methods to record cost information in business
sectors

Data - Answer-Raw facts, events, and transactions awaiting processing for decision-
making.

Data validation - Answer-Restricting data entry and editing

Decision Making - Answer-Making decisions about the future direction of the business

Decision-making - Answer-Managers make various decisions to enhance business
performance.

Direct Costs - Answer-Costs traceable to individual units of production

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