“PUTTING A PRICE TAG ON LIFE” In this video‚ some real life examples of Utilitarian principles and morality are presented. Generally‚ utilitarianism is an area of philosophy relating to the principles of justice‚ fairness‚ ethics and one of the studies helping to answer to the question “what is the right thing to do?” Jeremy Bentham is an early advocate of utilitarian philosophy‚ in which‚ the highest principle of morality is to maximize the general welfare and mass happiness. In other words
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Cost accumulation systems Name Tutor Course College Date Generally‚ cost accumulation is the organized collection of cost data through a set of procedures and systems. According to an accounting business‚ they used a periodic cost accumulation system. This system only provides limited cost information during a certain period. The system requires end year adjustments to arrive at the cost of goods manufactured. In most cases‚ it is not considered a complete cost accumulation since the costs
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Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages‚ rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business
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Economic Cost of “Power Outages” By Dr. Aisha Ghaus-Pasha Table of Contents Page No. 1. Causes of Power Outages 1 2. Quantifying Outage Costs 2 3. Incidence of Outages 4 4. Pattern of Direct Costs 5 5. Types of Adjustments to Outages 5 6. Extent of Recovery of Output 6 7. Total Outage Costs to the Industrial Sector 6 8. National Costs of Load Shedding 7 9. Policy Implications 9 9.1. Investment in Power Sector 9 9.2. Load Management
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OWOYOMI OLUWATOSIN ADEDAPO 1/16/2013 | ECONOMICS AND STATISTICS | AN ESSAY OF THE EVALUATION OF FACTOR PRICE EQUALIZATION THEORY. | MAT NO: SSC0905121 | INTRODUCTION Factor price equalization is an economic theory‚ by Paul A. Samuelson (1948)‚ which states that the prices of identical factors of production‚ such as the wage rate‚ or the return to capital‚ will be equalized across countries as a result of international trade in commodities. The theorem assumes that there are two goods
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What is the formula for measuring price elasticity of demand? Percentage change in quantity demanded / Percentage change in price When the price elasticity coefficient is less than 1‚ the percentage change in quantity demanded is smaller than the change in price. When the price elasticity coefficient is equal to 1‚ the percentage change in quantity demanded is equal to the change in price. When the price elasticity coefficient is greater than 1‚ the percentage change in quantity demanded
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The cost-benefits of Sarbanes–Oxley Analysis In response to the collapse of a number of high-profile firms since late 2001‚ Congress passed the Sarbanes-Oxley Act in July 2002 to enhance corporate governance and thereby restore public confidence. The Act has introduced significant changes in both management’s reporting responsibilities and the scope and nature of the responsibilities of the auditor. When President Bush signed the Act into law‚ he characterized it as “the most far-reaching reform
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CONFIDENTIAL AC/OCT 2010/ACC116/165/211 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE COURSE CODE EXAMINATION TIME INTRODUCTION TO COST ACCOUNTING / COST ACCOUNTING ACC116/165/211 OCTOBER 2010 3 HOURS INSTRUCTIONS TO CANDIDATES 1. 2. 3. This question paper consists of five (5) questions. Answer ALL questions in the Answer Booklet. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to
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The importance of price in the modern economic system not be overemphasized. However‚ to set the right price for any commodity or service‚ some parameters or determinants come to play. Among the determinants of factoring price are:- • Tender • Sales by Auction • Haggling etc‚ and these are discussed below. 1. Interaction of the forces of Demand and Supply:- In a perfectly competitive market or what is sometimes referred to as a free market economy‚ prices are determined by
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indirect costs are allocated using only one or two cost pools. All or most costs are identified as output unit-level costs. Products make diverse demands on resources because of differences in volume‚ process steps‚ batch size‚ or complexity. Products that a company is well suited to make and sell show small profits while products for which a company is less suited show large profits. 9-5 (1) Identify the activities that consume resources and assign costs to them. (2) Identify the cost driver(s)
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