The ABC system uses a much larger number and variety of cost drivers than the one or two volume-based cost drivers typical for a traditional cost system. As a result, the ABC method has increased accuracy.
In contracts, it is explained that a traditional cost system uses only volume-based cost drivers, such as direct labor and machine hours, and ignores the key role of support activities, such as number of setups and design changes, in producing many modern products and services. Such volume-based cost drivers often lead to one group of products subsidizing another group of products. These subsidies often create the appearance that one group of products is highly profitable, adversely affecting the pricing and competitiveness of another group of products. In a highly competitive environment with complex products and services, accurate cost information can be critical to sound planning and decision-making. (Cook, Grove & Coburn, 2000, p. 305)
Vargas (2006) describes that an endowment is an investment that provides endless support to charitable causes. It is an investment in the future. Endowments are permanent. They are funds with the requirement that the principal is never spent. The balance in these funds is invested, earning income that is then spent to support charitable works in perpetuity. He concludes by discussing the three types of endowment to choose from Endowment for the Common Good, Field of Interest Endowment, and Designated Endowment. 1.) an Endowment for the Common Good is a gift that allows a foundation to respond to the constantly changing needs of its region. This type of fund is not limited to a specific cause, but available for the most critical needs of the community as they arise. 2.) a Field of Interest Endowment is a gift that helps sustain programs or organizations in specific areas of interest. These programs and organizations are selected by the donor and reflect his or her passion in areas such as education, health and human services, the arts, historic preservation and environmental protection, to name a few. 3.) a Designated Endowment is a gift that provides a permanent source of support to a nonprofit organization selected by the donor
Kirkegaard...
Department of Finance is the lead agency supporting the Government's key economic and financial policy outcomes through the provision of advice and coordination of resource allocation for Government programs. It also provides financial services to the Government and the community, covering asset and liability management, collection of state taxes and insurance and superannuating administration. The organization is made up of a diverse group dedicated people with a wide range
awarding audit contracts by U.S. government departments and agencies Audit Management Red Rationale for and Objectives of the project main and secondary Desktop or literature search Rationale for Search Methodology LITERATURE/DESKTOP RESEARCH Authoritative sources Desktop Findings Justification for audits Evolving role of auditors Types of audit contracts Understanding the Audit Process Best practices and benchmarking Terminology Case Studies Audit management is a fundamental element in government accountability, control and performance management. Certainly there is justification within the Federal government to conduct audits of contracts for the
Gross, McCarthy and Shelmon's text, Financial and Accounting Guide for Not-for-Profit Organizations (8th ed.) (2008). All of the following summarized information refers to this specific chapter. Not-for-profit organizations range in size and scope but they are all defined by their mission and the board of directors and executive management are responsible for executing the mission. Although the laws that govern the manner in which non-profit organizations oversee their fiduciary
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