Solution And Instructor Manual Anthony Hawkins
Solutions manual for accounting text and cases 13th edition by anthony hawkins. Solution Manual & Test Bank: FINANCIAL ACCOUNTING FUNDAMENTALS,.
Part One: Financial Accounting 1. The Nature and Purpose of Accounting 2. Basic Accounting Concepts: The Balance Sheet 3. Basic Accounting Concepts: The Income Statement 4. Accounting Records and Systems 5. Revenue and Monetary Assets 6. Cost of Sales and Inventories 7.
Long-Lived Nonmonetary Assets and Their Amortization 8. Sources of Capital: Debt 9. Sources of Capital: Owners’ Equity 10. Other Items That Affect Net Income and Owners’ Equity 11. The Statement of Cash Flows 12. Acquisitions and Consolidated Statements 13. Financial Statement Analysis 14.
Understanding Financial Statements Part Two: Management Accounting 15. The Nature of Management Accounting 16. The Behavior of Costs 17. Full Costs and Their Uses 18. Additional Aspects of Product Costing Systems 19.
Standard Costs, Variable Costing Systems, Quality Costs, and Joint Costs 20. Production Cost Variance Analyses 21. Other Variance Analysis 22.
Anthony Hawkins Ga
Control: The Management Control Environment 23. Control: The Management Control Process 24. Strategic Planning and Budgeting 25. Reporting and Evaluation 26. Short-Run Alternative Choice Decisions 27. Longer-Run Decisions: Capital Budgeting 28. Management Accounting System Design.
Part One: Financial Accounting 1. The Nature and Purpose of Accounting 2.
Basic Accounting Concepts: The Balance Sheet 3. Basic Accounting Concepts: The Income Statement 4. Accounting Records and Systems 5.
Revenue and Monetary Assets 6. Cost of Sales and Inventories 7. Long-Lived Nonmonetary Assets and Their Amortization 8. Sources of Capital: Debt 9. Sources of Capital: Owners’ Equity 10. Other Items That Affect Net Income and Owners’ Equity 11. The Statement of Cash Flows 12.
Manufacturer Class: Metal Working Machinery. These publications include old catalogs, manuals, parts list and historical documents for many. Instruction Guides, Squaring Shear Foot or Air Operated, 6, ferris, mike., 1940's, General Line Catalogs, Brown Boggs Roll Forming Machines, 12, ferris, mike. 
BROWN BOGGS in 1890 to manufacture quality sheet metal machinery. To support, through parts and service, a variety of machines such as shears, press.
Acquisitions and Consolidated Statements 13. Financial Statement Analysis 14.
Understanding Financial Statements Part Two: Management Accounting 15. The Nature of Management Accounting 16.
The Behavior of Costs 17. Full Costs and Their Uses 18. Additional Aspects of Product Costing Systems 19. Standard Costs, Variable Costing Systems, Quality Costs, and Joint Costs 20. Production Cost Variance Analyses 21. Other Variance Analysis 22.
Control: The Management Control Environment 23. Control: The Management Control Process 24. Strategic Planning and Budgeting 25. Reporting and Evaluation 26. Short-Run Alternative Choice Decisions 27.
Longer-Run Decisions: Capital Budgeting 28. Management Accounting System Design.
Accounting Text and Cases 12 Ed. Chapter 17. 1.
CHAPTER 17 FULL COSTS AND THEIR USES Changes from the Eleventh Edition Two new terms—strategic cost management and value chains—were introduced. All other changes were minor. Approach This chapter introduces the general concept of cost and describes, in a preliminary way, methods of recording costs in an accounting system. Some of the problems that many students seem to have are: 1. Students think that there is such a thing as 'the' cost. They don't realize that the measurement of cost always relates to some specific cost object, and that what is an item of cost for one cost object may not be at all relevant for another cost object. As one way of overcoming this misconception, we have emphasized the idea of 'cost object' from the outset.
Students think in terms of product costs. This is because in financial accounting the students' principal contact with 'cost' was in connection with measuring inventory cost and cost of goods sold. They, therefore, fail to appreciate that products (literally 'goods') are only one of a number of possible cost objects. They think, for example, that direct material and direct labor are always relevant costs, and that the word 'direct' means that the material and labor are directly associated with the product, whereas for certain cost objects (e.g., advertising), direct material and direct labor are inappropriate terms. Furthermore, an item of cost may be direct to a certain cost object, such as the cost of a department or responsibility center, even though the item is indirect with respect to a product manufactured in that responsibility center. It is true that we do focus on product costs in Chapters 17 and 18, but the definitions and statements are made broad enough so that they can be used without modification when other cost objects are discussed.
Students think that the definitions are applied more precisely in practice than actually is the case. They tend to regard an item of cost as being direct labor only if they can visualize the worker as physically touching the product, for example.
We do not attempt to describe the wide diversity that exists in actual practice because this diversity tends to confuse beginning students. The point is that students should not be overly concerned about drawing a fine line between direct and indirect costs, or between manufacturing and non-manufacturing costs. We have decided not to stress the idea that cost is a 'sacrifice,' which is central to many definitions of cost. The word 'sacrifice' implies something bad, something to be avoided, whereas a company gladly incurs a cost when it believes it will receive revenue or some other benefit by doing so. We think it more meaningful to students to think of cost as measuring the use of resources. They should visualize the resources themselvesthe physical material, the hours of labor serviceand think of costs as being monetary measures of how much of these resources were used for a given cost object.
Mark Anthony Hawkins
In general, we think it desirable to use the word 'product' as referring either to a good or to a service; that is, products are the sum of goods and services. We cannot do this uniformly, however, because the term 'product cost' is in widespread use, whereas in the above terminology it really should be 'goods cost.' (This is a small point, but it can create confusion if not properly handled.
The author of this paragraph did not comprehend the distinctions made above until many years after he had completed his first course in 1. Accounting: Text and Cases 12e – Instructor’s Manual Anthony/Hawkins/Merchant cost accounting.) The description of the cost flow through a pen factory is a central part of the pedagogy. Students should be able to explain each line on the flowchart and each of the related journal entries. We have tried to avoid the twin dangers of, on the one hand, being critical of cost accounting because it does not yield costs that are entirely 'true' or 'accurate' and, on the other hand, creating the impression that cost accounting does in fact provide true and accurate costs. Students tend to go too far toward one or the other of these extremes, and it is difficult for them (as well as for many managers) to take the appropriate middle ground.
This middle ground, we believe, is that although it is impossible to measure the costs of a cost object with absolute accuracy whenever indirect costs exist, it is nevertheless possible to measure costs with sufficient accuracy so that they are useful to management for many purposes. Managements would not continue to spend large amounts of money in the operation of cost accounting systems if they did not believe that the results were worthwhile.
In recent years, full-cost pricing is being given an increasing amount of attention, for a number of reasons the growth of cost-reimbursement pricing in hospitals and in government relationships of various types, the fact that some foreign producers have been found to have sold goods in the U.S. At less than full cost, and the growth in the understanding that business has a social responsibility to set 'fair' prices, that is, prices that do not produce extraordinarily high profits. Students who have been exposed to economics should also realize that contribution pricing is not slighted. As the text states, this topic is discussed in depth in Chapter 26, where it belongs, and in this discussion a distinction is drawn between situations in which full-cost pricing is appropriate and situations in which contribution pricing is appropriate. Of course, if students have not been exposed to a course in economics of the type implied above, then this problem will not even arise.
It is desirable that the relationship between profit and assets employed be emphasized. This relationship was introduced in Chapter 13, and it will come up several times in later chapters in this book.
It is not an easy relationship to grasp (especially the relationship between profit percentage, asset turnover, and return on investment), but once the student understands it, he or she has a model that explains how the parts of a business, and decisions on these parts, relate to one another. Since the general public (including newspaper stories and television news programs) tends to think of profits as a percentage of sales, it is not easy to get students to think in terms of the broader and more valid concept of return on investment. Any discussion of pricing necessarily includes a discussion of profit.
Some students are emotionally antagonized by the basic concept of profit; they confuse 'profit' and 'profiteering,' or they have the impression that business extracts an unconscionable amount of profit from the consumer. If they are to understand what normal pricing practices actually are, they must overcome this emotional block. It is hoped that the reiteration of the point that a business must earn a reasonable return on its investment if it is to survive may help in overcoming this block. Cases Delaney Motors raises the general issue of “what is cost?” and enables a discussion of the possible uses of full cost information. Lipman Bottle Company deals with the use of cost data in product pricing decisions. Shelter Partnership, Inc., allows students to see the multiple purposes for which cost accounting is used in a nonprofit organization and to consider whether additional cost accuracy is desirable. 2.
Anthony Hawkins On Facebook
©2007 McGraw-Hill/Irwin Chapter 17 Problems Problem 17-1: Martin Company (000s omitted) Raw Materials Inventory Balance, Sept. 1.80 Issued for use.100 Purchases.55 To balance.35 135 135 Balance, October 1.35 Work in Process Inventory Balance, Sept. 1.95 Goods manufactured.210 Direct material.100 To balance.120 Direct labor.60 330 Overhead.75 330 Balance, October 1.120 Finished Goods Inventory Balance, Sept.