THE COST AND SALES CONCEPT Cost is defined as a reduction in the value of an asset for the purpose of securing benefit or gain. Cost is defined in a hotel and restaurant as the expense to a hotel or restaurant for goods or services when the goods are consumed or the services are rendered. KINDS OF COSTS 1. Fixed costs – are those that are normally unaffected by changes in sales volume. They are said to have little direct relationship to the business volume because they do not change
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of people. Before this innovation to travel overland by stagecoach cost one thousand dollars and took five to six months. The railroads made it possible to travel for only 5 days with a fee of one hundred and fifty dollars for a first-class sleeper. The iron‚ coal‚ steel‚ lumber and glass industries grew rapidly just because of the their constant need to keep up with the railroad needs. The growth of Industry also helped benefit and industrialize the Country immensely. Industry Entrepreneurs such
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Labor Cost Cutting Strategy In a sluggish economy‚ it is more important than ever for businesses to cut costs. Knowing how to reduce the cost of paying employees without reducing product quality‚ dropping employee morale or otherwise sacrificing the way you do business can be the difference between being in the red or the black at the end of the year. Stop the Overtime * Don’t pay overtime unless it is absolutely necessary. Remember that you must pay non-exempt employees 1 1/2 times their
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This essay will discuss the comparative benefits and costs of two forms of reproductions; parthenogenesis and sexual reproduction. To narrow the scope of the piece‚ the area of parthenogenesis is going to be largely limited to organisms that are obligately parthenogenetic. Parthenogenesis is the “production of an embryo from a female gamete without any genetic contribution from a male gamete” (Mittwoch‚ 1978). Sexual reproduction is the process of cross-fertilisation in which the genomes of two parents
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under efficient operating conditions absorption costing all manufacturing costs are assigned to products: direct material‚ direct labour‚ variable and fixed manufacturing overhead acceptable quality level (AQL) the defect rate at which total quality costs are minimised account classification method (or account analysis) the process in which managers use their judgement to classify costs as fixed‚ variable or semivariable costs accounting rate of return (or simple rate of return‚ rate of return on assets
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warehousing and shipping cost is not really correct. The current method is direct method which ignores In term of Shipping and Warehousing cost‚ low volume products should incur this cost instead of both high volume and low volume products. Because‚ high volume products are deliveried directly to customer so it does not incur the cost of shipping. The low volume products which are sent to distribution center incurred the cost of shipping and warehousing. However‚ the cost of shipping and warehousing
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Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; (3 marks total‚ 1.5 marks per part) YED= +0.7 YED= -3.4 (d) Interpret the following Cross-Price Elasticities of Demand (XED) and explain the relationship between these goods. (3 marks total‚ 1.5 marks per part) XED= + 0.75 XED= -2.5 Answer (a)Definition of income elasticity of demand is percentage change in quantity demanded‚divided by percentage change in income. Conditions: Elasticity coefficient
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Street Journal. Cost Management and Strategy – refer to your assigned questions and problems Cost Drivers and Basic Cost Concepts -- What is a cost? Define cost pools. What is a cost object? cost assignment? Contrast a direct cost with an indirect cost. Define cost allocation. What is an allocation base? Contrast cost assignment with cost allocation. What is a direct material? Direct labor? Indirect material? Indirect labor? factory overhead? What are conversion costs? Prime costs? What are the
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Ways to Overcome Thefts in Neighbourhood Nowadays‚ there are so many theft has happen at our neighbourhood. This problem may make a bad thought about our neigbourhood. In my opinion‚ this problem should not happen to our peacefully neighbourhood. So‚ we have to overcome this problem before it getting worst. In this essay‚ I will discuss about the ways to overcome theft problem. First and foremost‚ our neighbourhood seems really remote at night. This situation may be used by thieves to theft at
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MANAGEMENT ACCOUNTING Information for Decision-Making and Strategy Execution SIXTH EDITION Anthony A. Atkinson University of Waterloo Robert S. Kaplan Harvard University Ella Mae Matsumura University of Wisconsin–Madison S. Mark Young University of Southern California Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City S~ Paulo Sydney Hong Kong Seoul Singapore
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