THE COST AND SALES CONCEPT Cost is defined as a reduction in the value of an asset for the purpose of securing benefit or gain. Cost is defined in a hotel and restaurant as the expense to a hotel or restaurant for goods or services when the goods are consumed or the services are rendered. KINDS OF COSTS 1. Fixed costs – are those that are normally unaffected by changes in sales volume. They are said to have little direct relationship to the business volume because they do not change
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Supplement to Unit - II BEHIND THE DEMAND CURVE: THE THEORY OF CONSUMER CHOICE Here‚ the purpose is to explain the derivation of the demand function and to provide an understanding of the consumer decision-making process. Consumer Preferences Individuals make choices based on their personal tastes and preferences. Tastes and preferences are shaped by many factors. Some of the factors are family environment‚ physical condition‚ age‚ sex‚ education‚ religion‚ and location. In the analysis that
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Total Quality Management Total Quality Management is a management approach that originated in the 1950 ’s and has steadily become more popular since the early 1980 ’s. Total Quality is a description of the culture‚ attitude and organization of a company that strives to provide customers with products and services that satisfy their needs. The culture requires quality in all aspects of the company ’s operations‚ with processes being done right the first time and defects and waste eradicated from
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Good Morning. My short story that I chose is called “Run‚ Boy‚ Run” by Willian Herman. The reason why I chose this story is as I believed it was inspirational. The story was about a boy named Glenn who overcame his laziness and became one of the greatest and fastest runners in Kansas City. The initial conflict of this story is when Glenn‚ an 8-year old boy attempted to save his older brother from a fire. Glenn’s closest friend‚ his brother didn’t survive the fire‚ but Glenn did. In addition‚ the
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MANAGEMENT ACCOUNTING Information for Decision-Making and Strategy Execution SIXTH EDITION Anthony A. Atkinson University of Waterloo Robert S. Kaplan Harvard University Ella Mae Matsumura University of Wisconsin–Madison S. Mark Young University of Southern California Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City S~ Paulo Sydney Hong Kong Seoul Singapore
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Cost Leadership: Any organization in order to survive in a highly competitive market should be able to achieve sustainable growth and profitability. Companies that have managed to reduce costs and understand the cost technology can obtain sustainable advantage as a cost leader. In order for any company to become a cost leader is important that the cost technology is understood and the five constituent steps are implemented and followed by the management. The five steps towards obtaining
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Production Possibility Curve Name Academic Institution Class Professor Date Production Possibility Curve The production possibility curve (PPC) is defined as a theory that highlights the factors that limit a process the difficulties of making a choice‚ and the opportunity costs associated with making that decision (Hochstein‚ 2014‚ p. 343). Any time a decision is made by a manufacturer of a good‚ or a country making exports of goods to ready global buyers‚ the best decisions need
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– check the finished product for defects but for total quality business they check the product upon conceptualization Attitude towards defects – business doing the traditional way sees defects as an outcome Quality as a function – separate entity of the business system as for total quality business Supplier Relationship – business with total quality they do researches about the number of suppliers that carries the product Key Elements of Total Quality: Strategically based – this is essential
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Cost/Benefit Analysis Evaluating Quantitatively Whether to Follow a Course of Action You may have been intensely creative in generating solutions to a problem‚ and rigorous in your selection of the best one available. However‚ this solution may still not be worth implementing‚ as you may invest a lot of time and money in solving a problem that is not worthy of this effort. Cost Benefit Analysis or CBA is a relatively* simple and widely used technique for deciding whether to make a change. As its
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Social benefits: Hit and Run is a company that has its social benefits outweighing its social cost. Hit and Run is a company for the people‚ we cater to those who need our service‚ there are many different ways that we try to make that happen. It can be very time consuming to the everyday person to make a meal themselves. There are many activities that you could be doing with your time‚ whether it be going to the gym‚ watching your favorite show‚ hanging out with friends or whatever else you
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