MAC3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 9 September 2024
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MAC3701
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MAC3701
MAC3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 9 September 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-P...
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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