By Carl S. Warren, James M. Reeve, Philip E. Fess
The main profitable greater schooling textual content of all time retains recovering. The authors adapt their confirmed method of accounting's evolving function in enterprise and use the education of economic statements because the framework for knowing what accounting is all approximately. Accounting presents a superb beginning of accounting options with distinct good points to teach how clients can use accounting to appreciate enterprise.
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The main profitable larger schooling textual content of all time retains recovering. The authors adapt their confirmed method of accounting's evolving function in company and use the guidance of economic statements because the framework for figuring out what accounting is all approximately. Accounting presents a fantastic beginning of accounting suggestions with precise beneficial properties to teach how clients can use accounting to appreciate enterprise.
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Qxd 11/13/03 2:44 PM Page xxxviii xxxviii Contents Earnings per Share on Common Stock 706 Price-Earnings Ratio 707 Dividends per Share and Dividend Yield 707 Summary of Analytical Measures 708 Corporate Annual Reports 708 Management Discussion and Analysis 710 Independent Auditors’ Report 710 18. Introduction to Managerial Accounting and Job Order Cost Systems 737 The Differences Between Managerial and Financial Accounting 738 The Management Accountant in the Organization 739 Manufacturing Cost Terms 740 Materials 740 Factory Labor 741 Factory Overhead Cost 742 Cost Accounting System Overview 742 Job Order Cost Systems for Manufacturing Businesses 743 Materials 743 Factory Labor 745 Factory Overhead Cost 747 Work in Process 750 Finished Goods and Cost of Goods Sold 751 Sales 751 Period Costs 752 Summary of Cost Flows for Goodwell Printers 752 Job Order Costing for Decision Making 754 Job Order Cost Systems for Professional Service Businesses 756 Practice Set: Dynamic Designs, Inc.
A primary concern of a business using a low-cost strategy is that a competitor may achieve even lower costs by replicating the low costs or developing technological advances. Another concern is that competitors may differentiate their products in such a way that customers no longer desire a standardized, no-frills product. For example, local pharmacies most often try to compete with Wal-Mart on the basis of personalized service rather than cost. Under a differentiation strategy, a business designs and produces products or services that possess unique attributes or characteristics for which customers are willing to pay a premium price.
Other companies use unique credit-granting arrangements, emphasize personal relationships with customers, or offer extensive training and aftersales service programs for customers. A business using a differentiation strategy wants customers to pay a premium price for the differentiated features of its products. However, a business may provide features that exceed the customers’ needs. In this case, competitors may be able to offer customers less differentiated products at lower costs. Also, customers’ perceptions of the differentiated features may change.