Table of Contents
Lo1: Be able to analyse cost information within a business.3 1.1 classify different types of cost3
1.2 Costing Methods5
1.3 Cost using appropriate techniques6
1.4 Analyse cost data using appropriate techniques15
LO2: Be able to propose methods to reduce costs and enhance value within a business19 2.1 Prepare and analyse routine cost reports:19
2.2 USE PERFORMANCE INDICATORS TO IDENTIFY POTENTIAL IMPROVEMENTS21 2.3 Suggest improvements to reduce costs, enhance value and quality26 2.3 Suggest improvements to reduce costs, enhance value and quality28 LO3 BE ABLE TO PREPARE FORCASTED BUDGETS FOR BUSINESS.29
3.1 Explain the purpose and nature of the budgeting process29 3.2: There are different budgeting methods which are as follows30 3.3 prepare budget according to chosen budgeting method31
3.4 prepare a cash flow budget34
LO4: BE ABLE TO MONITOR PERFORMANCE AGAINST BUDGETS WITHIN A BUSINESS36 4.1 CALCULATE VARIANCE, IDENTIFY POSSIBLE CAUSES AND RECOMMEND CORRECTIVE ACTION.36 4.3 RESPONSIBILTY CENTERS44
The success of any task relies on the efforts made by person but it cannot be achieved without cooperation of other persons which are being helpful. So we would like to thank LONDON ST. ANDREW’S COLLEGE for giving me the opportunity of doing this project as special subjects and provides such as wonderful platform to represent ourselves as HND students. Our acknowledgement remains incomplete without great thanking to those people who provided us with invaluable help directly or indirectly in all form during our endeavours. As an institute side, it is our great pleasure to have this opportunity to express my regrets and sense of gratitude to my Faculties. It is due to their encouragement, valuable guidance and direction for this project work which would not be finished without their help. Ours deep sense of gratitude to all teaching and non-teaching staff of LONDON ST. ANDREW COLLEGE for their co-ordination. We delivered our special thanks to family members and friends for their constant support during the project.
Lo1: Be able to analyse cost information within a business.
1.1 classify different types of cost
The term cost means the amount of expense (actual or notional) incurred or an attributable to specified thing or activity. In other words we can say cost is measurement in monetary terms of the amount of resources used for the purpose of production of goods. Cost classified in two parts
Cost associated with a specific business activity, such as selling, advertising, marketing research, etc. Material: - The main substance from which product is made known as material. It can be direct as well as indirect.
Direct material: - it refers to those materials which become major part of the finished product and can be easily traceable to the units. Direct material include: all material specifically purchased for a particular job/process. Indirect material: - all material which is used for purposes to production and which can be conveniently assigned to specific physical units as known as indirect material. Example, oil, greases consumable stores, printing and stationery material etc. Labour: - labour cost can be classified into direct labour and indirect labour.
Direct labour: - it defined as the wages paid to workers who are engaged in the production process whose time can be conveniently and economically traceable to units of products. For example wages paid to compositors in a printing press, to workers in the foundry in cast ironworks etc. Indirect labour: - labour employed for the purpose of carrying tasks incidental to goods or services provided, is indirect labour. It can be practically traced to specific units of output. Example wages of...
...I. Identify and classify different types of cost incurred in Foxwood Company with an appropriate cost classification
There are many concepts of cost in an organization. Costs also are used in different business applications, such as financial accounting, cost accounting, budgeting, capital budgeting, and valuation. Consequently, there are different ways of categorizing costs according to their relationship to output as well as according to the context in which they are used. Following this summary of the different types of costs are some examples of how costs are used in different business applications.
The two basic types of costs incurred by businesses are fixed and variable costs. Variable costs and fixed costs represent the total amount of costs for the company. This is important to know because the variable costs are going to determine how much we spend to make our company work as opposed to fixed costs which we have to pay anyway.
* Fixed costs: are costs that will be the same no matter what else changes with the company. Examples of fixed costs would be rent, property tax, insurance and interest expense, depreciation, operation costs, etc. These fixed costs remain constant in spite of changes in output.
According to the scenario, fixed costs are as below:
* Plant-leasing costs: they are costs that company has to spend monthly or quarterly, regardless to the company could make profit or not.
* Depreciation-plant equipment:...
...Phase 2 Assignment Brief
Individual Task - CostingAssignment - Fairview Manor
An activity on apportionment of costs and breakeven analysis.
At the end of this activity you should be able to:-
Apportion fixed costs to several products
Use breakeven analysis to help to determine the effects of different prices
For this activity you will be working in your groups during the Pod session in week 3. There is an individual task which must be completed and submitted by the beginning of the second Pod session in week 4.
Attached are documents giving the background financial information regarding Fairview Manor and the task that you have to complete.
You are required to produce an individual report, on your own, outside the Pod session and submit it via the Assignment Submissions by the beginning of the second Pod session in week 4.
This assignment is an individual piece of work and accounts for 10% of your Phase 2 marks.
Good pieces of work will show most or all the following characteristics:
• Accurate apportionment of fixed costs and calculation of variable costs
• Accurate calculation of Break Even Points and Maximum Profits
• Effective use of MS EXCEL
• Clear, accurately labelled charts
• Well argued, sensible suggestions for weekly rental prices and final pricing...
...Question 1 What is Internet? Do you think that Internet be treated by law as different from the real space? Explain.
Answer Internet is a network of interconnected computer network which is used to transmit data from one user to another user using communication channels like telephone carrier, so that resources and information could be done efficiently in minimum time. Users can be domestic household, academic users, government network etc. The services used for transmitting data can be e-mail, online chat, video conferencing and web pages which are available through World Wide Web. Internet is a typical example of WAN. In my opinion, Internet should be treated different from real space as per the law because Internet is defined in cyber space which is dynamic in nature involving both human and machines. In physical space Human can act as victim and victimizer but machines cannot be victim. But in cyber space both human and machine can act as a victim as well as victimizer. For example in actual physical space a man using an offending material like iron rod for carrying out a crime then man can be held as victimizer but the material used cannot be held as victimizer. But in case of internet, human who commits a crime like hacking the other users computer system through its computer system. In this case human as well as the computer system shall be treated as victimizer because they are acting as a source of committing crime against other user. The technological...
...Associate Program Material
Final Project Overview and Timeline
The finalassignment for COM/156 is a 1,450- to 1,700-word research paper on an instructor-approved topic of your choice. The subject of your paper should provide you with ample opportunities for research. You are required to use three to five references to support your thesis. The final paper must follow APA guidelines and must include the following elements:
• A title page
• An introduction including the thesis statement
• A body with at least three paragraphs, including supporting evidence and in-text citations
• A conclusion
• A reference list of citations with at least three to five sources, two of which must come from the University Library
Final Project Timeline
Budget your time wisely and work on the assignment as directed throughout the course. As outlined below, some midcourse assignments are intended to help you create your final essay. If you complete all course activities and use the feedback provided by the instructor and writing center resources, you should be able to successfully complete your essay.
□ Suggested in Week One: Read the FinalAssignment Overview and Timeline in Appendix A.
□ Due in Week One: Research Plan...
Module 7 FinalAssignment
MBA 533 Human Resource Management
Professor Dr. Terrance Cusaac
Human resources systems management is a process system that provides structure for an organization internally that provides many things, but most commonly they recruit, provide company safety standards, employee relations, compensation and benefits, compliance, along with training and development. (Ruth Mayhew, 2014) With any plan and system there are many things that occur and will be discussed; such as job design issues, Training activities, Recruitment activities, Selection approaches used, Performance appraisal systems, Promotion systems implemented, Pay parts, and the other benefits, and General supervisory styles and how they tend to support each other.
Job design issues - job design is a systematic organization of job-related tasks, responsibilities, functions and duties. (Guide, 2013) It is a constant procedure of incorporating content related to jobs in order for them to achieve certain objectives. The process plays a vital role as it affects the productivity of employees and organizations. However, there are a great number of known issues materialized recently while designing the jobs in organizations. These are alternative work patterns that are equally effective in handling organization’s functions. (Guide, 2013)
A great example of an issue would be job sharing. Job sharing is...
PA106: Legal Terminology and Transcription
IN THE FIRST CURCUIT COURT FOR DAVIDSON COUNTY, TENNESSEE
IN RE: )
The marriage of )
JOHN DOE, )
Plaintiff, ) No. 1234
SALLY DOE, )
...Psychology of Women
June 27th, 2013
“This is a man’s world, this is a man’s world but it wouldn’t be nothing, nothing without a woman or a girl.” –James Brown
Think Like a Man, a film directed by Tim Story is about four friends who realized that the women they were dealing with were learning tricks from a popular relationship book written by Steve Harvey entitled Act Like a Lady; Think Like a Man and the guys decided to turn the tables when they found out what was going on but then it suddenly backfired against them. The main characters in Think Like a Man are: Lauren, Dominic, Candace, Michael, Mya, Zeke, Kristen and Jeremy. Temptation: Confessions of a Marriage Counselor, a film directed and written by Tyler Perry is about a successful married woman whose relationship with her husband was falling apart and her temptation led her to have an affair with a handsome billionaire. It doesn’t end on a good note. The main characters in Temptation: Confessions of a Marriage Counselor are: Judith, Brice, Melinda and Harley. Two gender norms that are depicted in both movies are: Relationships & Sex and Violence against Women.
In the movie Think like a Man, there are five more men than women. The storylines for the four couples in the movie were: “The Dreamer vs. The Woman Who is Her Own Man,” “The Mama’s Boy vs. The Single Mom,” “The Player vs. The 90 Day Rule Girl” and “The Non-Committer vs. The Girl Who Wants the Ring.”...
BTEC EDEXCEL HND DIPLOMA IN BUSINESS MANAGEMENT & HUMAN RESOURCES
MANAGEMENT ACCOUNTING: COSTING AND BUDGETING
SUBMITTED TO: Mr. Anuruddha Yapa
I would like to express my sincere gratitude to those who helped me to finish this project on Costing and Budgeting. I have taken a lot of effort in finishing this assignment successfully.
I express my heartfelt gratitude especially to our lecturer of Management Accounting: Costing and Budgeting module Mr. Anuruddha Yapa who gave me wealth of knowledge about businesses and the environment in which it operates, spending his valuable time with us, which helped me to complete the assignment successfully.
My deepest sense of gratitude goes out to my friends and family who were with me helping in many ways to make this a success.
I would also like to thank ICBT Campus for conducting a HND program for Business Management.
Learning Outcome 1 6
1.0 Different Types of Costs that organizations bear 6
1.1 Different Types of Costing Methods 6
Learning Outcome 3 9
1. Purpose of Budgeting 9
1.1 Advantages of Budgeting 9
1.2 Disadvantages of...