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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Summary of Chapter 7: Law and Social Change In the development of Legal Institutions‚ law and society theorists have been trying to correlate it with legal and social change. Later after several studies they viewed that law as an independent and dependent variable in the society’s system. First of all what needs to be understand is the term change that used in “social change”. The social change in this term is refers to changes in society. Society is a complex network of patterns of relationships
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------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
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1. The chief economist for Argus Corporation‚ a large appliance manufacturer‚ estimated the firm’s short-run cost function for vacuum cleaners using an average variable cost function of the form. AVC= a + bQ+ cQ^2 (the 2 is suppose to be exponent) Where AVC=dollars per vacuum cleaner and Q=number of vacuum cleaners produced each month. Total fixed cost each month is $180‚000. The following results were obtained: Dependent Variable:AVC R-Square
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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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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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The Human Cost Associated with Electronic Gadgets or Stress? While thinking about the initial impressions one formed of Foxconn as one read the case. To what degree did stereotyping influence ones’ thoughts‚ how did the additional information about the firm change ones’ initial impression and while the manual labor of assembling electronics is challenging for Foxconn employees‚ the workers may also face emotional burdens of being away from family and isolation from the outside world. What were some
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COST CONCEPTS AND COST ACCOUNTING By: Aman Jawahar Sarika Deepak Muneer CONTENTS Concept of Cost Cost Accounting Terms in Cost Accounting Elements of Cost Meaning of Overheads Classification of Costs Methods of Costing Types of Costing MEANING: Cost Concept: The term ‘cost’ means the amount of expenses [actual or notional] incurred on or attributable to specified thing or activity. Cost means ‘the price paid for something’. Cost Accounting: Cost Accounting is concerned with recording
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The following is a critique of the negative and the positives of Alondra Cruz’s essay on The Multinational Society A statement of theory that is put forward as a premise to be maintained or proved‚ that is the definition of a theses. Alondra’s essay lacks just that. Within the first paragraph there is no theses statement nor is there one restated in the conclusion of the passage. I suggest to visit this website (https://owl.english.purdue.edu/owl/ ) this website not only explains what a theses statement
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is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Joe. (b) What is an important feature of a cost accounting system? 2. (a) Distinguish between the two types of cost accounting systems. (b) May a company use both types of cost accounting systems? 3. What type of industry is likely to use a job order cost system? Give some examples. 4. What type of industry is likely to use a process cost system? Give some examples. 5. Your roommate
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