Meaning of cost ‘COST’ represents a sacrifice of values‚ a foregoing or a release of something of value. It is the price of economic resources used as a result of producing or doing the thing costed. It is the amount of expenditure incurred on a given thing. Cost has been defined as the amount measured in money or cash expended or other property transferred‚ capital stock issued‚ services performed or a liability incurred in consideration of goods or services received or to be received. CLASSIFICATION
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When companies accumulate costs‚ they generally use either a job order or a process costing system. The type of system used often varies based on the type of product or service provided. Examine your experiences with a current or former employer and a product or service provided by this employer. My former employer provided chiropractic care. Chiropractic is a health care profession that focuses on disorders of the musculoskeletal system and the nervous system‚ and the effects of these disorders
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Running head: Cost Concepts‚ and Market Structure Proposal 1 Revenue‚ Cost Concepts‚ and Market Structure Proposal Melissa Hillyer University of Phoenix Economics 561 Dr. Kocharyan June 30‚ 2010 Revenue‚ Cost Concepts‚ and Market Structure Proposal 2 Abstract The following paper will analyzes Thomas Money Service scenario data and make recommendations to the company’s increasing revenue. This paper will analyze and determine how to fixed variable cost that should to maximize the profits‚ achieve
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TYPES OF COST AUDIT * Cost Audit to assist Management : The main object of this type of cost audit is to make available accurate‚ relevant and prompt information to management to assist it in taking important managerial decisions. * Cost Audit on behalf of the Government: The government may appoint a cost auditor to conduct cost audit where it is necessary(a) to do so in the opinion of the government under section 233-B of the companies Act‚ 1956; (b) to ascertain correct cost of certain
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Construction assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materials and direct labor) and one indirect-cost pool (assembly support). Direct labor-hours is the allocation base for assembly support costs. In December 2010‚ Amesbury budgets 2011 assembly-support costs to be $8‚300‚000 and 2011 direct labor-hours to be 166‚000. At the end of 2011‚ Amesbury is comparing the costs of several jobs that were started and completed in 2011. Laguna Model
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3/30/13 Cost Es+ma+ng and Control Prof. Omar El-‐Anwar Lecture #7: Cost Control Announcement • If you did not pass in a prerequisite: – Fill a waiver form – We are s+ll discussing the outcome with Derasat 3olya! • HCSS – The password is working fine …! 25-‐Sep-‐12 2 1
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Cost of Raising a Child Have you ever sat down and thought about how much a child costs to raise? If not‚ just think about it for a minute‚ how much it would cost to raise a baby from birth to after high school. For you it’s probably incredibly hard to even try thinking about; not even knowing where to start. Well here it is‚ depending on your income‚ it is going to take an average of $325‚000 to raise a child. (Give or take around $100‚000). When taking in consideration how much it costs to
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business control systems are: Capital Cost this is physical items and property. It is includes anything with life of three years and over. For example this can be lands/buildings‚ Vehicles‚ computers and other equipments. Revenue Costs this covers the costs of day-to day running the business. For example‚ fuels and maintenance of vehicles and equipments. it could also include salaries‚ advertising and promotion materials‚ and insurance. Indirect Cost this is the cost that directly invested or attributed
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If you are starting out in a new business‚ especially a service/manufacturing business‚ understanding the cost accounting system and which cost accounting system will work best for your company‚ is the first step to being successful. Once you find someone to help you navigate those waters‚ let them help you sail the rough seas of direct and indirect inventory‚ direct and indirect labor costs‚ and how to allocate factory overhead as well. While it all may sound confusing‚ having the right person
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by: Q = 5000 - 200P Firm 1 has a unit cost of production c1 equal to 6 whereas firm 2 has a higher unit cost of production c2 equal to 10. a. What is the Bertrand-Nash equilibrium outcome? b. What are the profits for each firm? c. Is this outcome efficient? Answer: (a) At equilibrium‚ assuming that if both firms charge the same price‚ then the firms split the market evenly. (b) The higher cost firm makes zero profit‚ whereas the lower cost firm’s profit is (c) No‚ this
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