Sunk costs are costs that are irrecoverable. It’s something that you already spent and that you won’t get back‚ regardless of future outcomes. And remember that the greatest example of sunk cost you pay is with your own time‚ and which you will not be able to recover: all that you lived up until now is gone — you just can’t reclaim that time. Stop clinging to the past and make the most of your life right now. One of the most important lessons about economic costs is that sunk costs are sunk
Premium Time Costs Past
ACCOUNTING CO-ORDINATOR: P Gopaul Siphesihle Secondary PRODUCTION COST STATEMENTS LO2: AS 2: MANAGERIAL ACCOUNTING Prepare ‚ present‚ analyse and report on cost information for a manufacturing Enterprise by compiling a production cost statement. 1. The financial statements of manufacturing enterprises The financial statements of the manufacturing enterprise differs very little from those of the merchandising enterprise. Account titles on the balance sheet of the manufacturer are similar to those
Premium Manufacturing Inventory Costs
____ 1. A cost is not relevant if it: A. B. C. D. E. Does not differ for each option available to the decision maker. Changes from period to period. Is a future cost. Is a mixed cost. Is a fixed cost. 2. Variable costs will generally be relevant for decision making because they: A. B. C. D. E. Differ between options. Are volume-based. Have not been committed and differ between options. Differ between options and have been committed. Measure opportunity cost. 3. Fixed costs will often be
Premium Costs Variable cost Management accounting
IMPACT OF COST ACCOUNTING ON FINANCIAL DECISION INTRODUCTION In the modern business world‚ the nature and functioning of business organizations have become very complicated. They have to serve the needs of variety of parties who are interested in the functioning of the business. These parties constitute the owners‚ creditors‚ employees‚ government agencies‚ tax authorities‚ prospective investors‚ and last but not the least the management of the business. The business has to serve the needs
Premium Cost accounting Management accounting
11. A total variance is best defined as the difference between total a. actual cost and total cost applied for the standard output of the period. b. standard cost and total cost applied to production. c. actual cost and total standard cost of the actual input of the period. d. actual cost and total cost applied for the actual output of the period. 12. The term “standard hours allowed” measures a. budgeted output at actual hours. b. budgeted output at standard hours. c. actual output
Premium Cost accounting Inventory Costs
Skinner discovered schedules of reinforcement. Our book defines a schedule of reinforcement as "a specific pattern of presentation of reinforcers over time". Rather than giving a reinforcement (i.e. a food pellet) after every response (i.e. a lever press)‚ Skinner fixed the operant conditioning chamber to give a reinforcement only after 2 or 3 responses. This is called a partial reinforcement schedule and is more resistant to extinction. Continuous reinforcement occurs when every instance of a designated
Premium Reinforcement
this industry is not safe for workers in other parts of the world‚ the same industry has provided jobs for millions of people and have helped many people pull out from poverty. The costs will become higher for manufacturers and shoppers if we only bought clothes made in America. For instance‚ paragraph eight of “The Real Cost of Fashion”‚ a Junior Scholastic Magazine article written by Laura Anastasia states‚ “Bangladesh is a developing nation that is now one of the world’s largest exporters of clothes
Premium United States Economics Marketing
Effects of Sleep Fragmentation and Prophylactic Sleeping Periods on Emergency Personnel Serving on a 48-96 Schedule‚ and a Berkley Schedule. Cody J. McKown Blue River Community College Abstract In the fields of emergency services‚ sleep patterns while on shift are often irregular. The lack of sleep‚ or regular sleep‚ can be a factor in other health problems‚ and can greatly decrease performance on the job. Interrupted sleep‚ or sleep fragmentation‚ is a common occurrence due to the nature
Free Sleep
Full Cost Accounting What is full cost accounting? What are the advantages and disadvantages of full cost accounting? Full cost accounting is defined as being the practice of collecting and presenting all of the costs that are connected with the production of a product or a service. Some of these costs can be described as direct‚ indirect‚ and variable costs‚ though they may vary by business. Full cost accounting has several advantages when used appropriately. It can lead to better and
Premium Costs Cost Decision making
SMART LEADERS IAS G.S. MAINS TEST SERIES – 2014 Time : 7.00 AM – 10.00 AM Test No. Date Subject 1. 14.09.2014 2. 05.10.2014 Page 1 of 5 DISCUSSION : 10.30 AM – 12.30 Noon Syllabus Modern Indian History Modern Indian history from about the middle of the eighteenth century until the present- significant events‚ personalities‚ issues. The Freedom Struggle - its various stages and important contributors /contributions from different parts of the country. Post-independence consolidation
Premium India Business ethics Mumbai