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
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Actual cost = $320‚000. • Total Project budget is $750‚000. The executives on the project’s steering committee want answers to two questions‚ at a minimum‚ during briefings. Where are we today? Where will we end up? Match the following measures with the appropriate question‚ using the two-column table below and put the value you calculate next to the measure. i. Budget at Completion (BAC) ii. Planned Value (PV) iii. Earned Value (EV) iv. Actual Cost (AC) v. Schedule Variance (SV)
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understanding about cost accounting. This paper will discuss: Why is cost accounting so important to the success of the firm; what are the various methods of cost accounting and how are they used; how does an operating budget work to discipline a firm’s management; what are the elements of a budget; how are budgets constructed; what is variance analysis and how it is used. Cost accounting can be described as the process of accumulating‚ measuring‚ analyzing‚ interpreting and reporting cost information
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What methods of Index Number calculation is used to calculate Cost of Living Index (CLI). An index number measures the relative change in the price‚ quantity‚ value or some other item of interest from one time period to another. It is found by calculating the ratio of the current value to the value at another time point or at a different geographical location. The different types of simple index that are used are - Price Relative‚ Quantity Relative‚ Value Relative. A price index is a weighted
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References: on organizational performance measurement include Richard L. Lynch and Kelvin F. Cross‚ Measure Up! How to Measure Corporate Performance (Cambridge‚ Mass.: Blackwell Business‚ 1995); Robert S. Kaplan and David P. Norton‚ The Balanced Scorecard: Translating Strategy into Action (Cambridge‚ Mass.: Harvard Business School Press‚ 1996); and Andy Neely‚ Business Performance Measurement: Theory and Practice (Cambridge‚ UK: Cambridge University Press
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Week 6 Discussion December 5‚ 2012 Differentiating According to Learning Profile and Multiple Learner Variances At the beginning of the school year‚ I suggested to the grade 6 teachers that we do a learning style inventory of the students we teach. They jumped at the opportunity to get to know their students better and to be able to provide their students with the best learning experience and the opportunity to be successful. We discovered many types of learning styles among the students
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Variances Variances can be either: * Positive/favourable (better than expected) or * Adverse/unfavourable ( worse than expected) A favourable variance might mean that: * Costs were lower than expected in the budget‚ or * Revenue/profits were higher than expected By contrast‚ an adverse variance might arise because: * Costs were higher than expected * Revenue/profits were lower than expected What causes budget variance? There are four key reasons and it is important that
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like a stranger. It is a different place with a variety of characteristics that you probably are not used to. Not only for the language or for geographical features‚ but you also find cultural dissimilarities. If I have to choose three cultural variances from Venezuela and US‚ I will select housing development/city‚ sports and behavior. Firstly‚ Venezuela and US have a dissimilar meaning about housing development‚ urbanization or city must be. According to the Cambridge dictionary on its American
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Q: Is depreciation expense or depreciation cost is fixed cost or variable cost in nature? Fixed costs: Fixed costs are such costs that do not change with the change in activity level within the relevant range. Where relevant range can be defined in terms of time or activity level. Variable costs: Variable costs are such costs that change with the change in activity level . Coming to the question‚ depreciation expense or depreciation cost can either be fixed or variable and this depends on the
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Cost Control and Cost Reduction A business enterprise must survive‚ grow‚ and prosper. Cost Control and Cost Reduction are activities necessary for ensuring that these objectives are fulfilled. With the liberalization of the Indian Economy and Globalization‚ there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival. This has increased the importance of cost control and Cost Reduction. Cost Control “Cost control
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