Acc349- Team

Better Essays
Topics: Variable cost, Costs
Team B: Week 3 Reflection
There are many things to think about in accounting and running a business to make sure the financial part of it is there. If finances are not understood then it is likely the business will fail. Examining some key concepts from this week such as fixed, variable, and mixed costing, we discuss what we do and do not understand, and how it may apply to our everyday line of work or work performed in at a future point in time.
Objective One:
Understanding the distinction among fixed, mixed, and variable costs among the team is clear and understandable. Fixed costs are costs within an organization that remain the same no matter what changes occur in activity levels. Examples of fixed costs are rent or insurance paid. Even though the number of units produced changes the costs remain the same. If a manufacturer rents the building in which they operate, the cost per unit produced would fluctuate. For example, if the rent is $500 and 500 units produced, the cost is $1 per unit. When 5,000 units produced, cost is $0.10 per unit. Fixed costs are a little confusing because the thought of how fixed cost could fluctuate, but the cost does not fluctuate. The portion of the cost fluctuates, depending on the number of units produced. The fewer units produced a higher proportion of costs distributed to each unit, and the more units produced, a smaller proportion of the costs distributed to each unit.
Mixed costs contain both variable and fixed elements. Variable costs are costs that in total are in direct relation to the change in activity levels within an organization. The struggle with this concept a bit was with the computation of the variable cost per unit. The example in the textbook about Metro Transit was easy enough to understand. However, unless it is something used continual the calculation for variable cost per unit may not sink in. Variable costs are equally proportionate to each unit produced. 10 units at $10 = $100. 100 units at $10 =

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Acc349 Reflection Summary

    • 297 Words
    • 2 Pages

    Weekly Summary Love accounting! Another great week with lots of much needed information to grasp. One advantage of Activity-Based Costing system is it has more accurate overhead cost allocation because there are more cost pools, the costs in each pool are more similar, and allocation is based on activities that cause overhead costs. It is more effective overhead cost control by focusing on processes or activities and focuses on relevant factors by assigning costs to any cost object that…

    • 297 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Team and Team Processess

    • 983 Words
    • 4 Pages

    Case Study: Team and Team Processes Principles of Health Care Administration Dr. Michelle Clemons August 29, 2011 Case Study: Team and Team Processes Apply your knowledge of teams and team processes to explain possible causes for team members’ experiences. What interventions can you recommend to address concerns expressed by Nurse B? The case study refers to two different surgical teams, with a similar composition, that were affected very…

    • 983 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Teams and Team Dynamics

    • 730 Words
    • 3 Pages

    Teams and team dynamics Lecture outline * Teams v functional groups * Katzenbach and Smith (1993) – a critique * Belbin – a critique * Socio-technical system approach – a critique * Teamwork at the university * Teamwork in recruitment and selection * A sociolinguistic perspective on team dynamics (Donnellon 1996) A team is a small number of people with complementary skills who are committed to a common purpose, set of performance goals, and approach for which they hold…

    • 730 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    P1What Is A Team A Team

    • 644 Words
    • 2 Pages

    P1 What is a team? A team is a group of people who work together on a project and set a realistic goal they aim to achieve. There are 4 different types of groups Formal: A formal team is a team that has structure. It has a leader and everybody body in the group have a specific role. An example of this could be a football club which would be an informal club. Every football team has a captain and every player has a position to play in. Informal: An informal team is a team with no structure and everybody…

    • 644 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Team a

    • 2797 Words
    • 12 Pages

    | University Library User Manual | Prepared by Team A | | Christine Polatis, Tchangwe Nchumuluh, Bryan Thomas, Emily Glasser, William Cross, | 1/21/2013 | | University Library User Manual Contents Online Access to Course Textbooks 5 My Papers 7 Grammar and Plagiarism Review: 7 River point Writer: 7 Grammar and Writing Guides 7 Element K Tutorials 8 Websites for Aid 9 Center for Mathematics Excellence 9 Step-By-Step Math Review 9 ALEKS Running Start - Practice…

    • 2797 Words
    • 12 Pages
    Better Essays
  • Satisfactory Essays

    team

    • 336 Words
    • 2 Pages

    QUALITY TEAMWORK What is a Team? A group of people with a full set of complementary skills required to complete a task, job, or project. IMPORTANCE OF TEAMS Teams promote equality among individuals, encouraging a positive attitude and trust. The diversity inherent in teams often provides unique perspectives on work, spontaneous thought, and creativity. Teams develop a greater sense of responsibility for achieving goals and performing tasks. Teams can provide the capacity for rapid…

    • 336 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    team

    • 343 Words
    • 2 Pages

    Describe a team sport that interests you Football has always been a sport that catches my attention, do the amount of teamwork that the game requires. Another reason I like the sport is that every players position is crucial in the game and in order for the team to reach their goal they have to be able play in sync to out smart the other team. The teams in the game are composed of eleven players; the coach coordinates which player plays on defense or offense depending on the player’s physical…

    • 343 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Teams

    • 833 Words
    • 4 Pages

    WEEK 7 - TEAMS IN ORGANIZATIONS • One of the key attributes of the people employers want to hire is the ability to be a “good team player” • To learn how to be a good player, it involves: (1) Both direct experience in teams and (2) In understanding of team processes based on decades of research on teams • We must make a distinction between a working group and a real team • Teams differ from working groups because they require both individual and mutual accountability • A discipline…

    • 833 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Team

    • 801 Words
    • 4 Pages

    “The way a team plays as a whole determines its success. You may have the greatest bunch of individual stars in the world, but if they don't play together, the club won't be worth a dime.” (Babe Ruth) There is a reason why football, basketball and baseball have more than one player on the team. To be successful in any of these sports you need a group of men that are talented, but more than that a group of men that can work together to achieve there ultimate goals, championships. You can use a lot…

    • 801 Words
    • 4 Pages
    Good Essays
  • Better Essays

    team a

    • 1904 Words
    • 6 Pages

    discussed in this paper are the basic leadership skills need to succeed, methods used to build effective relationships with superiors and peers, and figuring out what type of role one play in regards to participatory management in the business. My team and I want to make sure that this company gets through this downfall. Leadership Skills First, we want to brainstorm and try to discover basic leadership skills in order for one to succeed with this position. As a valuable leader of a business, one…

    • 1904 Words
    • 6 Pages
    Better Essays