"Explain The Classification Of Cost" Essays and Research Papers

Explain The Classification Of Cost

Level Material Cost Classifications Consult Ch. 6 & 7 of Health Care Finance and other sources to complete the form. This worksheet requires you to match the definitions and examples of types of cost, and the types of centers where costs occur. Part 1: For each term in Column A, select the correct definition from Column B on the right. Write the corresponding letter of the definition next to the term. |Column A | |F |Indirect costs ...

Budget, Cost, Costs 472  Words | 3  Pages

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Cost Classifications

Cost Classifications Consult Ch. 6 & 7 of Health Care Finance and other sources to complete the form. This worksheet requires you to match the definitions and examples of types of cost, and the types of centers where costs occur. Part 1: For each term in Column A, select the correct definition from Column B on the right. Write the corresponding letter of the definition next to the term. Column A f 1. Indirect costs a 2. Direct costs d 3. Fixed costs i e h b c g 4. Variable...

Budget, Costs, Nursing 500  Words | 3  Pages

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Cost Classification

Cost classification is the process of grouping costs according to their common characteristics. A suitable classification of costs is of vital importance in order to identify the cost with cost centres or cost units. Cost may be classified accounting to their nature, i.e., material, labor and expenses and a number of other characteristics. The same cost figures are classified according to different ways of costing depending upon the purpose to be achieved and requirements of particular...

Cost, Costs, Economics of production 800  Words | 4  Pages

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Cost Classification

Cost Classifications for Decision-Making. Every decision involves choosing from among at least two alternatives. Only those costs and benefits that differ between alternatives are relevant in making the selection. This concept is explored in greater detail in the chapter on relevant costs. However, decision-making contexts crop up from time to time in the text before that chapter, so it is a good idea to familiarize students with relevant cost concepts. 1. Differential Costs. A differential cost...

Cost, Costs, Decision making 1567  Words | 5  Pages

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Assignment2 Cost Classification & Pricing

 Cost Classification and Pricing Student Name Student University Cost and Price Analysis Cost Classification and Pricing Cost Classification According to Maher, L. (2005), cost classification refers to the separation of different expenses in various categories. The classifications of costs are required for any firm in order to accurately track and account for the allocation of varies types of cost categories. For Hawk-eye, cost classification is crucial since it plays an important...

Cost, Cost accounting, Costs 829  Words | 5  Pages

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Management Accounting - Cost Classification

COST CLASSIFICATION ASSIGNMENT To classify the various costs would first of all require a definition between the two types of accounting that practically all businesses have to face and a number of key terms which are equally important. These are management accounting and financial accounting. 1. THE DIFFERENCE BETWEEN MANAGEMENT & FINANCIAL ACCOUNTING: Management accounting is concerned with decision making, cost apportionment, planning and control. It is based within the organisation...

Cost, Costs, Economics of production 2254  Words | 7  Pages

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Classification-California April Fonseca Kaplan University The classification process seems to be just about the same in most states. I will be focusing on California’s classification process as this is where I would like to pursue my career. National vs. State The National Institute of Corrections reports the purpose for the classification process is to assess every jail inmate's custody and program needs this is perhaps THE most important management tools available to jail administrators...

959  Words | 3  Pages

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Cost Classification

Cost Classification Introduction: In this assignment I will be discussing how costs incurred in any organization may be classified in a number of different ways for a number of different purposes. I will also be looking to find companies that use a variety of different costing techniques and methods. I will also be discussing the comparisons between marginal and absorption costing and how the concept of activity based costing can also be compared with these. To complete the assignment...

Cost, Cost accounting, Costs 2335  Words | 9  Pages

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Cost Classification

source same End result ! ends with financial statements ! integral part of other business aspects B. Cost Accounting Terminology 1. Nature of Cost Cost - A sacrifice of resources: Cost is a measurement in monetary terms of the amount of resources used for some purpose. Expense - The cost charged against revenue in a particular accounting period. 2. Purposes of Gathering Cost Information Routine decision making: ...

Cost, Cost accounting, Cost driver 2564  Words | 16  Pages

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Case: Restructuring Costs Fact: Pharma Co. is considering relocating their manufacturing operations to a new area. Unfortunately, this plan includes terminating current employees. The company has issued a press release announcing their relocation intentions and communicated this plan to their employees on December 15, 2011 and December 27, 2011 respectively. As a result of this action, the company will incur certain restructuring–related costs (i.e. $0.5 million in relocation cost, $1.5 million staff...

Contract, Cost, Costs 1229  Words | 4  Pages

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Classification! The primary function of the Nebraska Department of Correctional Services (NDCS) inmate classification is the systematic process of coordinating inmate assessment and assignment procedures with available resources so as to minimize community risk. An inmate at every custody level can be assigned to any facility that has a security level at or above the inmate’s custody classification. The Department will attempt to provide opportunities for the productivity, growth and development...

787  Words | 4  Pages

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a high school senior, texting or calling several times during the school day, planning activities for the child, and cleaning up after the child. In some respects, the child will benefit from this parenting method; however, it will come at great costs. Not only will going off to college be traumatic but also infrequent separations will be difficult. Eventually the child and parent will have to learn to survive without the constant companionship of the other. Everyone benefits from healthy...

Childhood, Concerted cultivation, High school 864  Words | 3  Pages

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Cost Accounting – Classification of Costs

Cost Accounting – Classification of costs Cost accounting refers to a process of accumulating, recording, classifying and analyzing all costs incurred at various levels of production. The purpose of cost accounting is manifold. It provides a final selling price, suggests the best possible course of action where maximum savings are possible and a strategy for future. Cost accounting is also constructive in comparing the input and output results that ultimately aids the management to arrive at a financial...

Cost, Costs, Management accounting 523  Words | 2  Pages

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Cost Accounting

Biyani's Think Tank Concept based notes Cost Accounting [ B.Com. Part-II] B.N. Gaur MBA, PGDBM, Lecturer Deptt. of Commerce & Management Biyani Girls College, Jaipur Fore more detail:- http://www.gurukpo.com Published by : Think Tanks Biyani Group of Colleges Concept & Copyright : ©Biyani Shikshan Samiti Sector-3, Vidhyadhar Nagar, Jaipur-302 023 (Rajasthan) Ph : 0141-2338371, 2338591-95 • Fax : 0141-2338007 E-mail : acad@biyanicolleges.org Website :www.gurukpo.com; www...

Cost, Costs, Economics 1759  Words | 6  Pages

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Cost Accounting: Test Questions

1 1. Explain the following terms: (DEC, 2010) 1. Direct Cost 2. Indirect Cost 3. Cost Object 4. Cost Driver 5. Cost Allocation 6. Cost Sheet 7. Semi variable cost 2. Write a detailed note on Target Costing. (DEC, 2010) 3. Write a note on methods of absorption of overheads. (DEC, 2010) 4. Write a note on classification of overheads. (DEC, 2010) 5. Write short notes on the following: i. Product Costs ii. Period costs iii. Out of pocket cost iv. Sunk Costs v. Opportunity...

Cost, Cost accounting, Costs 1209  Words | 4  Pages

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Cost classification

Classification of Cost Cost may be classified into different categories depending upon the purpose of classification. Some of the important categories in which the costs are classified are as follows: 1. Fixed, Variable and Semi-Variable Costs The cost which varies directly in proportion with every increase or decrease in the volume of output or production is known as variable cost. Some of its examples are as follows: • Wages of laborers • Cost of direct material • Power The cost which...

Cost, Costs, Economics of production 2970  Words | 10  Pages

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Explain the Importance of Cost, Revenue and Profit for a Business Organisation

Unit 3 M1- explain the importance of cost, revenue and profit for a business organisation 1. Cost Profit is the different between the selling price and the production cost. Product cost include not only the cost of manufacturing a product but also all the other costs incurred in the process of producing or delivering a product or service. 2. Revenue The revenue of a business is, the income from its operations. It is important for the business to make the gap between costs and revenue...

Cost, Costs, Fixed cost 586  Words | 3  Pages

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labor-market pressure, * an organization increases the minimum and maximum rates for its pay ranges based on the employment cost index (ECI), and * an organization negotiates wage rates and future cost-of-living adjustments for bargaining unit positions.In each case, the action affects the salary structure, its coverage, or both. | Federal history | Pay StructureThe Classification Act of 1949 created the General Schedule. By the early 1960s, the General Schedule had most of its present-day features...

General Schedule, Labour economics, Organization 1218  Words | 5  Pages

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Cost Terms, Concepts, and Classifications

2 Cost Terms, Concepts, and Classifications Learning Objectives LO1. Identify and give examples of each of the three basic manufacturing cost categories. LO2. Distinguish between product costs and period costs and give examples of each. LO3. Prepare an income statement including calculation of the cost of goods sold. LO4. Prepare a schedule of cost of goods manufactured. LO5. Understand the differences between variable costs and fixed costs...

Cost, Costs, Fixed cost 9399  Words | 53  Pages

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  TYPES OF COSTS Introduction :-Production is the result of services rendered by various factors of production.The producer or firm has to make payments for this factor services. From the point of view of the factor inputs it is called ‘factor income’ while for the firm it is ‘factor  payment’, or cost of inputs.Generally, the term cost of production refers to the ‘money expenses’ incurredin the production of a commodity. But money expenses are not the only expensesincurred on the production...

Cost, Costs, Economic cost 1585  Words | 5  Pages

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Costs and Direct Cost

Business (UKM-GSB-LHDN) Cost Classification: Government Agency PROBLEM 2-56 The Department of Natural Resources is responsible for maintaining the state’s parks and forest lands, stocking the lakes and rivers with fish, and generally overseeing the protection of the environment. Several cost incurred by the agency are listed below. For each cost, indicate which of the following classifications best describe the cost. More than one classification may apply to the same cost item. The Answers...

Cost, Costs, Economics 730  Words | 4  Pages

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Fixed and Variable Costs

Health services managers are essentially interested in how costs are affected by changes in volume. Cost behavior refers to a cost's reactions to activity level. A cost may rise, fall, or remain constant as activity levels fluctuate. We can classify several types of costs on the basis of their relationship to the amount of services provided, often referred to as activity, utilization, or volume (Gapenski, 2012). When dealing with the future there is a level of uncertainty of volume with regard to...

Cost, Cost driver, Costs 888  Words | 3  Pages

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Costs and Total Variable Cost

can you conclude about the relationship between the slope of a curve and its elasticity? Explain in a nontechnical way why demand iselastic in the northwest segment of the demand curve and inelastic in the southeast segment. Product Price Quality Demanded $5 1 Vb 4 2 3 3 2 4 1 5 Answer: 1/1.5 / ¼.5= .67%/ 22%= 3.05 Ch 22 #7 1. Key Question A firm has fixed costs of $60 and variable costs as indicated in the table on the following page. Complete the table and check your calculations...

Costs, Economics of production, Fixed cost 424  Words | 3  Pages

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Classification of Species

Heading: John Francis101 Honors Biology 5/14/15 Title: Classification of Species Purpose: The purpose of this lab is to understand the concept of taxonomic classification and to practice using dichotomous keys for classification. Procedure: To start the experiment with exercise 1, I gathered all of the needed supplies, both from around my house and from the lab paq CD. I then began exercise one by printing the images in Figure 5 from my labpaq. I then proceeded to cut out each shark. Next...

Biological classification, Species, Taxonomic rank 830  Words | 5  Pages

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Cost Classification and Material Management

Q. Give an Overview of Cost Classification and Material Management: Ans: Cost Classification: ( Introduction: In this assignment I will be discussing how costs incurred in any organization may be classified in a number of different ways for a number of different purposes. I will also be looking to find companies that use a variety of different costing techniques and methods. I will also be discussing the comparisons between marginal and absorption costing and how the concept of activity based...

Cost, Cost accounting, Costs 3388  Words | 11  Pages

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Costs Cost

Date: May 30, 2013 Re: Xyberspace Consulting, Inc.: Cost Allocation Revision Background Xyberspace Consulting is an Internet consulting firm in Austin, Texas that takes pride in keeping their employees up to date with education in the latest technology and software advances. They have some of the best trainers and require all employees to attend a total of two weeks of training. The problem comes from the allocation of the cost of the training when they go over budget or when certain departments...

Allocation, Cost, Costs 368  Words | 1  Pages

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Accounting: Variable Cost and New Equipment

follows. Cost Items and Account Balances $ Administrative salaries 15,500 Advertising for helmets 11,000 Cash , December 1 0 Depreciation – Factory Building 1,500 Depreciation – Office Equipment 800 Insurance – Factory Building 1,500 Miscellaneous expenses - Factory 1,000 Office supplies expense 300 Professional Fees 500 Property Taxes - Factory Building 400 Raw material used 70,000 Rent on production equipment 6,000 Research & development 10,000 Sales commission 40,000 Utility Costs - Factory...

Contribution margin, Cost, Costs 665  Words | 4  Pages

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Costs and Coffee Average Cost

Classify each cost listed below as either a product cost or a period cost for purposes of preparing the financial statements for the bank. 1. The cost of the memory chips used in radar set. * Product Cost 2. Factory Heating Cost * Period Cost 3. Factory Equipment maintenance costs. * Period Cost 4. Training costs for new administrative employees * Period Costs 5. The cost of the solder that is used in assembling the radar sets. * Product costs 6. The Travel...

Coffee, Cost, Costs 597  Words | 3  Pages

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Mis Classification

What are the various classifications of MIS? Explain the various views of MIS structure? Give suitable examples. MIS is classified into various types. The classification depends on the following aspects - a) Functionality b) Utility c) Area of application d) Processing type e) Frequency of usage Functionality : Various management activities like the one which deals with scheduling, planning, resource allocation, product design, processes, competitive strategy are the functional...

Data warehouse, Decision engineering, Decision making 659  Words | 3  Pages

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Cost Analysis

COST ANALYSIS Prepared by: Nebuchadnezzar Rabaya OBJECTIVES To provide a basic understanding of the nature of cost analysis. To give highlights on the importance of cost analysis on any venture.  To present a clear overview on various types of costs. Cost Definition: an amount that has to be paid or spent to buy or obtain something. Analysis Definition: is the process of breaking a complex topic or substance into smaller parts to gain a better understanding of it. What is cost analysis...

Cost, Costs, Fixed cost 587  Words | 22  Pages

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Cost Accounting and Job Order Cost

is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Joe. (b) What is an important feature of a cost accounting system? 2. (a) Distinguish between the two types of cost accounting systems. (b) May a company use both types of cost accounting systems? 3. What type of industry is likely to use a job order cost system? Give some examples. 4. What type of industry is likely to use a process cost system? Give some examples. 5. Your roommate...

Book of Job, Cost accounting, Manufacturing 546  Words | 3  Pages

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Costs and Opportunity Cost

Ronald Coase noted,“The cost of doing anything consists of the receipts that could have been obtained if that particular decision had not been taken.” For example, the opportunity set for this Friday night includes the movies, a concert, staying home and studying, staying home and watching television, inviting friends over, and so forth. The opportunity cost of taking job A included the forgone salary of $102,000 plus the $5,000 of intangibles from job B. Opportunity cost is the sacrifice of...

Cost, Costs, Economic cost 1862  Words | 6  Pages

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Cost Control and Cost Reduction

PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However,...

Cost, Costs, Economics 1630  Words | 5  Pages

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Classifications Of Paragraph

Classifications of paragraph A classification paragraph begins a main idea and discusses the subcategories of that topic, comparing and contrasting them with each other. Following are some examples of classification paragraphs. Here are a couple of short classification paragraphs, in order to get you started with learning about how they should be formed and what they are. Remember: Classification paragraphs start with a main idea, using the rest of the paragraph to explain a series of secondary...

Weight loss 2231  Words | 6  Pages

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cost management TI case

considered by many to be the best way to enhance customer satisfaction. Cost saving and improve productivity : Improving quality is the best way to reduce manufacturing costs and to increase productivity. → Bird-eye view : TI want to do their job right the first time. Their organizations treat strategic planning and quality improvement planning as an integrated activity. They want to find hidden quality costs and reduce hidden costs using COQ. 2) Reason of choosing a financial measure of quality ...

Cost, Cost of poor quality, Costs 1738  Words | 7  Pages

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Cost Management

Hi Students, I would like you to study this problem and the solution to help in the preparation of your case study question on cost classification. Keith PRACTICE PROBLEM AND SOLUTION Given the following, prepare manufacturing statement and partial income statement. Raw materials inventory 1/1/05 8,000 Raw materials inventory 12/31/05 5,000 Work in process inventory 1/1/05 2,000 Work in process inventory 12/31/05 3,000 Finished goods inventory 1/1/05 15,000 Finished goods inventory...

Expense, Finished good, Generally Accepted Accounting Principles 313  Words | 3  Pages

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Cost, Access, and Quality

CHAPTER 12, Cost, Access, and Quality Study Guide TERMINOLOGY *Access to care may be defined as the timely use of needed, affordable, convenient, acceptable, and effective personal health services. Accessibility refers to the fit between the location of a provider and the location of patients. *Administrative costs are costs associated with the management of the financing, insurance, delivery, and payment functions. These costs include management of the enrollment process, setting...

Health, Health care, Health care provider 1129  Words | 6  Pages

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Animal Classifications Lesson Plan

Animal Classifications Lesson Plan Subject(s) Science Topic or Unit of Study Animal Classifications Grade/Level Grade 3 Objective: With the completion of the Animal Classifications lesson, students will understand and know the following: 1. Students will know what classification means. Classification is the arrangement of objects, ideas or information into groups. 2. Students will understand that the objects or members of a particular classification have one or more characteristics...

1809  Words | 6  Pages

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Classification of Stores

Classification of Stores 1. General Merchandise store  Also known as community stores or corner stores  The most common type of retail store in the Philippines and easiest to start with  Carries a wide variety of items Advantages of General Merchandise Requires a small capital to start with Small operating expenses Owner can supervised the operation of the store Neighbors and friends can be easily steady customers Disadvantages of General Merchandise Overstocking Lack of effective...

Commerce, Department store, Grocery store 508  Words | 26  Pages

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Management and Cost Accounting Assignment

B313F Management and Cost Accounting Assignment 1 Date due: 29 October 2008 Weighting: 15% of the total marks of the course Question 1 (25 marks) Mini Case – Seto’s Storage Warehouse Paul Seto owns and manages a commercial storage warehouse. He stores a vast variety of perishable goods for his customers. Under the existing pricing policy, he has charged customers using a flat rate of $2.40 per kilogram per month for goods stored. His storage warehouse has 10,000 cubic metres of...

Cost, Cost accounting, Cost driver 1360  Words | 7  Pages

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Classification of Paragraph

Classification of Paragraph A paragraph has nine classifications. Each of these paragraphs has its own characteristics. Narrative paragraphs are usually written in a chronological order. It reveals what a reader should learn from a particular story. The narrative makes the reader more involved, helps an idea get across or feels emotionally about it. It needs to explain who is in the story, tell what is happening and when it happened. The topic sentence should be clear so that the reader knows...

Alarm clock, Clock, Paragraph 1805  Words | 5  Pages

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Cost Behavior Analysis

Types of Costs by Behavior Cost behavior refers to the way different types of production costs change when there is a change in level of production. There are three main types of costs according to their behavior: Fixed Costs: Fixed costs are those which do not change with the level of activity within the relevant range. These costs will incur even if no units are produced. For example rent expense, straight-line depreciation expense, etc. Fixed cost per unit decreases with increase in production...

Cost, Costs, Fixed cost 1459  Words | 6  Pages

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Cost Accounting

Meeting 1 MRF’s File COST ACCOUNTING “An Introduction to Cost Terms and Purposes” Assistant Lecturer: M. Ryan Firmansyah Problem 1 (Quiz 1 September 8, 2009) Consider the following costs that were incurred during the current year. Evaluate whether the cost is: 1. A product cost or a period cost 2. Variable or fixed in terms of behavior 3. For the product cost, whether it is classified as direct material, direct labor, or manufacturing overhead No. 1 Descriptions Product Cost Period Variable Fixed...

Accounts receivable, Balance sheet, Cost 986  Words | 4  Pages

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Basic Manufacturing Cost Categories

manufacturing cost categories: Direct Materials Cost: The materials that go into final product are called raw materials. Direct Labor Cost: The term direct labor is reserved for those labor costs that can be essentially traced to individual units of products. Direct labor is sometime called touch labor, since direct labor workers typically touch the product while it is being made. Manufacturing Overhead Cost: Manufacturing overhead, the third element of manufacturing cost, includes all costs of manufacturing...

Cost, Costs, Economics of production 809  Words | 3  Pages

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Accounting Management: Cost Classification and Ethics

TASK 1: Cost Classification and Ethics The Sorrel Pharmaceuticals Corporation manufactures a variety of drugs that are marketed internationally. Inventories on May 31 and June 30 were as follows: May 31 June 30 Materials Inventory $354,100 $327,400 Work in Process Inventory 112,600 116,400 Finished Goods Inventory 138,500 142,800 Purchases of materials for June were $142,600. Direct labor costs were incurred and computed on the basis of 27,000 hours at $8 per hour. Actual overhead costs incurred...

Activity-based costing, Cost, Costs 2411  Words | 9  Pages

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Cost Allocation

Cost allocation for indirect costs Cost Pool – Set of costs that are added together before being allocated to cost objects on some common basis Cost Driver/ Allocation base Cost Object Cost Driver Rate = Total Costs in Pool/ Total Quantity of Driver Where total quantity of driver = practical capacity of driver Cost of excess capacity = Cost Driver Rate * Excess capacity Predetermined overhead rate - cost per unit of the allocation base used to charge overhead to products. Predetermined...

Activity-based costing, Cost, Cost accounting 1092  Words | 5  Pages

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Debt Classification

NEW RULES ON DEBT CLASSIFICATION AND LOSS RESERVE By Truong Nhat Quang Duong Thu Ha Following Decision No. 127/2005/QD-NHNN dated February 3, 2005 issuing the Regulations on Loans Extended by Credit Institutions to Customers, the State Bank of Vietnam (SBV) has enacted a number of legal documents aimed at improving credit quality and risk supervision and management, including Decision No. 493/2005/QD-NHNN dated April 22, 2005 issuing the Regulations on Classification of Debts and Loss...

Credit, Debt, Default 1825  Words | 7  Pages

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Transaction Costs

a transaction cost is a cost incurred in making an economic exchange. A number of different kinds of transaction costs exist. Search and information costs are costs such as those incurred in determining that the required good is available on the market, who has the lowest price, etc. Bargaining costs are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate contract, etc.. Policing and enforcement costs are the costs of making sure...

Contract, Cost, Costs 739  Words | 3  Pages

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Manufacturing and Costs

marketshare resulting in a shrinking cost inflow for ACF. This caused ACF to analyze the current cost structure of ACF’s products and appropriately classify them in terms of world class competitive position and potential. The resulting classification of the products were as below: Class 1: Fuel Tanks Class 2: Manifolds, Front and Rear Doors Class 3: Muffler-exhaust systems and oil pans The evaluation also found that overhead was 435% of DL dollar cost, which is excessive. Consequently, ACF...

1907, Cost, Costs 989  Words | 4  Pages

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Cost and Profit

WHAT ARE COSTS AND PROFITS? HUNGRY HELEN’S COOKIE FACTORY • Helen, the owner of the cookie factory, buys flour, sugar, flavorings, and other cookie ingredients. • She also buys the mixers and the ovens and hires workers to run the equipment. • She then sells the resulting cookies to consumers. 2 TOTAL REVENUE, TOTAL COST, AND PROFIT • The amount that Helen receives for the sale of its output (cookies) is its total revenue. • The amount that the firm pays to buy inputs (flour, sugar, workers...

Costs, Economic cost, Economics 1304  Words | 5  Pages

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cost containment

 Cost Control: Definitions and Methods Alejandro Madotta Accounting Supervisor II at Apache Corporation The cost of making a particular product or delivering a particular service is calculated by the finance and accounting department, with the help of a technique that is termed as Cost Accounting. The principle of cost accounting is very simple. The total cost of manufacturing a set or lot of goods or services is added up together and divided by the number of unites that have been produced...

Business, Cost, Cost accounting 871  Words | 4  Pages

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Cost and Revenues

Costs and Revenues What is cost? If you go to a store and like an item and you want to buy it, which of the following questions would you ask: What’s the price of …..? 0R How much does …. cost? Examples of costs – set-up Examples of costs - running Fixed Costs 5000 What happened to the fixed costs if for some reason the company had technical problems and was unable to produce for 2 weeks? What happens if the landlord decided to raise the rent due to high property prices...

Cost, Costs, Management accounting 1570  Words | 6  Pages

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P1: Explain how an organisation can cost a product and determine its price at any activity level.

employer. For a product of your choice: 1. Clearly explain the main cost elements and the nature of those costs – define and give relevant examples of variable, fixed, semi-variable, direct and indirect costs 2. Suggest the weekly production level and a breakdown of costs for one product from your chosen business. Then calculate the marginal and absorption costs per unit. 3. Describe at least 2 methods of setting the price, including cost-plus pricing. Then suggest which method is best suited...

Cost, Costs, Economics 600  Words | 3  Pages

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Cost Behaviour

Question: Explain why it’s important for most senior managers to have a sound knowledge of cost behaviour ie fixed costs, variable costs, semi-variable costs and sunk costs. Answer: Understanding cost behaviour helps manager in anticipation of changes in cost when there is a change in their activities like production, sales, inventory pile up etc. It provides good assistance in planning, cost management and decision making. A number of behaviour patterns exist ranging from fixed to variable...

Cost, Costs, Decision making 801  Words | 4  Pages

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Economic: Total Cost

Microeconomics Spring 2010 1. Your cousin Vinnie owns a painting company with fixed costs of $200 and the schedule for variable costs as below. What is the efficient scale of the painting company? Quantity of Houses Painted per Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | Variable Costs | $10 | $20 | $40 | $80 | $160 | $320 | $640 | 2. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would...

Cost, Costs, Economics 1064  Words | 4  Pages

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Library Classification

A library classification is a system of coding and organizing library materials (books, serials, audiovisual materials, computer files, maps, manuscripts, realia) according to their subject and allocating a call number to that information resource. Similar to classification systems used in biology, bibliographic classification systems group entities together that are similar, typically arranged in a hierarchical tree structure. A different kind of classification system, called a faceted...

Dewey Decimal Classification, Library, Library catalog 613  Words | 3  Pages

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Classifications of Restaurants

Restaurant Classification Restaurants are found throughout the United States as well as other countries. Restaurants are found in many different places such as street corners in mobile businesses, buffets found in mid-sized towns and cities, as well as upscale restaurants that are most always found in larger and more populated areas. All of these places serve one purpose in common; to aide to the desired food cravings of countless people. A person might say that there are no noticeable differences...

Buffet, Eating, Fast casual restaurant 1312  Words | 4  Pages

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ACC 206 Week 5 Final Paper Cost Accounting

5 Final Paper Cost Accounting Principles of Accounting II Cost Accounting Accounting is the accumulation and aggregation of info for decision makers including administrators, traders, authorities, loan providers, as well as the general public. Accounting systems impact behavior and administration and have effects across divisions, companies, and even nations. This report will provide the reader a knowledge regarding cost accounting. This report will talk about: Why is cost accounting so essential...

Bookkeeping, Budgets, Cost 673  Words | 3  Pages

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Classification of Shoppers

Jordan Boyd Instructor Fox English 1010 19 September 2011 Classification of Shoppers In America today, there are many people that shop. Humans need to shop, because today’s generation has changed to where one has to buy everything. To obtain the necessities, the only thing that makes sense is that humans shop. However, there are different kinds of shoppers. On the outside, one may see an average person going to the store for an item, but on the inside, each shopper has different intentions...

Need, Shopping, The Haters 942  Words | 3  Pages

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Menu Cost

Menu cost, a term which usually shows up when cost of inflations are of concern, is a common term in the model of New Keynesian Economics (NKE). NKE tries to explain why and how movements in nominal Aggregate Demand (AD) caused by changes in monetary policy, can affect real variables, i.e. real output. The fundamental explanation, which is also the central aspect of all Keynesian model, is “nominal rigidities”, sticky prices and wages. NKE says that the rationales behind these nominal rigidities...

Cost, Economics, Inflation 2239  Words | 7  Pages

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