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‚
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------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
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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 by referring to question 4 at the end of Chapter 23. 1. Graph total fixed cost‚ total variable cost‚ and total cost. Explain how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves Graph AFC‚ AVC‚ ATC‚ and MC. Explain the derivation and shape of each
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Brainstorming Techniques What is your thesis statement? Healthy eating is not about strict nutrition guides‚ its about feeling great‚ having more energy‚ and keeping yourself healthy. l. First Main Point- Making Good Food Choices A. Supporting Details- Making good food choices can reduce your risk of illness such as‚ diabetes and heart failure. 1. Sub Detail- Begin by simplifying your diet‚ instead of being concerned with counting calories or measuring portions‚ you should think of your
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each purpose discuss whether information about current or future product costs is required. What implication does your answer have for developing a product costing system? L-S‚ T & H‚ page 131. Purpose Current / Future Product Costs Short-term decisions: product mix‚ pricing Future Longer-term strategic decisions Future Long-term pricing Future Plan future product-related costs Future Control of product costs Current Reimbursement contracts Current External reporting (inventory
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Checkpoint: Evaluating Communication Strategies Cynthia S Thomas HSM/120 01/18/11 Jeanette Rambert Axia College of the University of Phoenix Checkpoint: Evaluating Communication Strategies Question 1: What would you need to learn or know about each of your clients in order to communicate effectively with them? According to our text‚ it states that ones culture has a major influence on
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FIN/200 Week 7 Checkpoint Trade credit is the most popular form of short term financing‚ figures show that over 40 percent of businesses use this form. Trade is also known as accounts payable. This form of short term financing happens when manufacturers or suppliers provide goods or services upfront to companies with the expectation of getting payment within 30 to 60 days from time of delivery. Usually suppliers
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Laudon‚ 2011). • What was the business effect of TJX’s data loss on TJX‚ consumers‚ and banks? TJX lost many customers due to this as the article states that many of them would not shop at a company without a secure network. Banks had cost of over 300 million just with replacing the stolen cards and also had to cover the fraudulent purchases (Laudon & Laudon‚ 2011). • Which moral dimensions may be applied in this situation? How? Accountability and control in the first one that
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In the books of a Company Cost Sheet for the period ended…….. Units Produced….. Name of the product unit sold…. Particulars Total cost Rs. Unit Cost Rs. Opening stock raw materials Add Purchases of Raw Materials Add: Expenses on Purchases of Raw Materials (octroi & duty) Less: Closing stock of raw materials Less: Sale of scrap or defectives of raw materials = Cost of materials consumed Add: Productive Labour Add: Outstanding wages Add: Direct Expenses( architect’s
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COST SHEET – FORMAT |Particulars |Amount |Amount | |Opening Stock of Raw Material | *** | | |Add: Purchase of Raw materials |*** | | |Add: Purchase Expenses
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