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Costs Essays & Research Papers

Best Costs Essays

  • Costs - 2906 Words Polysar Limited--recent assignment. BACKGROUND Rubber Group is the largest of the three operating units of Polysar Limited. The primary users of its products, such as butyl and halobutyl, are manufacturers of automobile tires; other users are from various industries. In 1986, Rubber group contributed 0.8 billion which is 46 percent of the company annual sale. The operation of the group is divided into four divisions, NASA (North America and South America) and EROW (Europe and rest of the... 2,906 Words | 9 Pages
  • Cost - 20892 Words 3 Cost-Volume-Profit Analysis Learning Objectives 1. Explain the features of cost-volumeprofit (CVP) analysis 2. Determine the breakeven point and output level needed to achieve a target operating income 3. Understand how income taxes affect CVP analysis 4. Explain how managers use CVP analysis in decision making 5. Explain how sensitivity analysis helps managers cope with uncertainty 6. Use CVP analysis to plan variable and fixed costs 7. Apply CVP analysis to a company producing... 20,892 Words | 68 Pages
  • cost - 1110 Words 8‑2 (Key Question) Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if alternatively invested. He has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual... 1,110 Words | 8 Pages
  • Cost - 1229 Words Case: Restructuring Costs Fact: Pharma Co. is considering relocating their manufacturing operations to a new area. Unfortunately, this plan includes terminating current employees. The company has issued a press release announcing their relocation intentions and communicated this plan to their employees on December 15, 2011 and December 27, 2011 respectively. As a result of this action, the company will incur certain restructuring–related costs (i.e. $0.5 million in relocation cost, $1.5... 1,229 Words | 4 Pages
  • All Costs Essays

  • Cost - 1585 Words TYPES OF COSTS Introduction :-Production is the result of services rendered by various factors of production.The producer or firm has to make payments for this factor services. From the point of view of the factor inputs it is called ‘factor income’ while for the firm it is ‘factor payment’, or cost of inputs.Generally, the term cost of production refers to the ‘money expenses’ incurredin the production of a commodity. But money expenses are not the only expensesincurred on the... 1,585 Words | 5 Pages
  • Costs - 640 Words Aerotech’s controller, Chuck Dickens decided to change from a traditional volume-based system to an activity-based costing (ABC) system after reading about the two-stage procedure to assign overhead cots to products. Chuck questioned if the current cost-management system was providing the management with accurate data about product costs. In a traditional, volume-based product-costing system, only a single predetermine overhead rate is used. All manufacturing-overhead costs are combined... 640 Words | 2 Pages
  • Cost - 3608 Words Strategic Cost Management ACCT90009 Seminar 1 Seminar 1 Subject Administration Introduction to SCM oduc o o SC Administration • Subject Coordinator Dr. David Huelsbeck Email: [email protected] Room: 08.028, The Spot Phone: +61 3 9035 6256 Consultation Hours: Monday 4:15pm – 6:15pm • Seminars: Tuesday: 2.15 pm – 5.15 pm, FBE ‐ Theatre 211 (Theatre 2) Thursday: 6.15 pm – 9.15 pm, Alan Gilbert ‐ Theatre 2 Teaching Format and Resources • Seminar Format... 3,608 Words | 0 Page
  • Costs Cost - 368 Words Memo To: Mr. Ron Collins From: Name Date: May 30, 2013 Re: Xyberspace Consulting, Inc.: Cost Allocation Revision Background Xyberspace Consulting is an Internet consulting firm in Austin, Texas that takes pride in keeping their employees up to date with education in the latest technology and software advances. They have some of the best trainers and require all employees to attend a total of two weeks of training. The problem comes from the allocation of the cost of the... 368 Words | 4 Pages
  • Costs and Total Variable Cost University of Phoenix 9/15/08 Ch.7 #12. 1. Year Nominal GDP Billions, Price Index (1996 = 100) Real GDP, Billions 1960 $ 527.4 22.19 $2376.75 1968 911.5 26.29 $34.6709 1978 2295.9 48.22 $47.6130 1988 4742.5 80.22 $59.1186 1998 8790.2 103.22 $85.159 Ch 20 #2 1. Graph the accompanying demand data, and then use the midpoint formula for Ed to determine price elasticity of demand elasticity of demand for each of thefour possible $1... 424 Words | 3 Pages
  • Costs and Marginal Cost - 6120 Words CHAPTER 6 PRODUCTION EXERCISES 4. A political campaign manager must decide whether to emphasize television advertisements or letters to potential voters in a reelection campaign. Describe the production function for campaign votes. How might information about this function (such as the shape of the isoquants) help the campaign manager to plan strategy? The output of concern to the campaign manager is the number of votes. The production function has two inputs, television advertising... 6,120 Words | 24 Pages
  • Cost Control and Cost Reduction ASSIGNMENT ON COST CONTROL AND COST FREDUCTION SUBMITTED BY, MOHAMMED NAFAISE E.K ROLL NO: 1600 COST CONTROLL & COST REDUCTION COST CONTROL The practice of managing and/or reducing business expenses. Cost controls starts by the businesses identifying what their costs are and evaluate whether those costs are reasonable and affordable .Then if... 736 Words | 3 Pages
  • Cost Terminology and Cost Behaviors CHAPTER 2 COST TERMINOLOGY AND COST BEHAVIORS QUESTIONS 1. The term cost is used to refer to so many different concepts that an adjective must be attached to identify which particular type of cost is being discussed. For example, there are fixed costs, variable costs, period costs, product costs, expired costs, and opportunity costs, to name just a few. 2. A cost object is anything for which management wants to collect or accumulate costs. Before a cost can be specified as direct or... 5,614 Words | 35 Pages
  • Costs and Opportunity Cost - 1862 Words * Nobel Prize–winning economist Ronald Coase noted,“The cost of doing anything consists of the receipts that could have been obtained if that particular decision had not been taken.” For example, the opportunity set for this Friday night includes the movies, a concert, staying home and studying, staying home and watching television, inviting friends over, and so forth. The opportunity cost of taking job A included the forgone salary of $102,000 plus the $5,000 of intangibles from job B.... 1,862 Words | 6 Pages
  • Costs and Direct Labor Cost Midterm2Practice Key 1. The following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3,067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is $11 per machine-hour. The total cost for the job on its job cost sheet would be: A. $4,571 B. $3,757 C. $3,090... 1,320 Words | 5 Pages
  • Cost Production and Types of Cost Generally, the term cost of production refers to the ‘money expenses’ incurred in the production of a commodity. But money expenses are not the only expenses incurred on the production of a commodity. There are number of services and inputs such as entrepreneurship, land, capital etc., which are offered by an entrepreneur without changing any price or receiving any payment for them. While computing the total cost of production, allowance should be made for such expenses. It is therefore... 1,400 Words | 5 Pages
  • Cost Control and Cost Reduction ------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------... 338 Words | 3 Pages
  • Cost Pools and Cost Objects Topic 6: Management Accounting and Cost Case: Shelter Partnership a. My main learning outcomes from Topic 6 and the Case Study; 1) Firstly, I realize management accounting has much to offer. Somehow I can handle physics but not accounting. Now thanks to this course I can appreciate and make sense of it. The bit that really caught my attention was seeing how management accounting can be really useful for business planning, cost management, budgeting and performance measurement. It offers... 777 Words | 3 Pages
  • cost reduction and cost avoidance  Cost reduction Generally defined as the act of cutting costs to improve profitability. Cost reduction, should therefore, not be confused with cost saving and cost control. Cost saving could be a temporary affair and may be at the cost of quality. Cost reduction implies the retention of essential characteristics and quality of the product and thus it must be confined to permanent and genuine savings in the costs of manufacture, administration, distribution and selling, brought about... 1,828 Words | 6 Pages
  • Cost Management & Cost Control Cost Management or Cost Control In broad sense, both the terms have the same meaning. Yet cost management seems to connote broader perspective. Cost control to an un-initiated may mean cutting down the incurrence of cost or expenditure every time or in every situation. In reality it is not always so. In many specific situations, many times, one has to spend or incur cost in order to gain or make more money. It is in fact like an investment. Cost management sounds better then. Profits... 431 Words | 2 Pages
  • Costs and Cost Accounting Total AEREN FOUNDATION’S Maharashtra Govt. Reg. No.: F-11724 AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL SUBJECT: FINANCIAL & COST ACCOUNTING Total Marks: 80 N.B.: 1)Allquestionsarecompulsory 2) All questions carry equal marks. Q1) ABC Ltd. Produces room coolers. The company is considering whether it should continue to manufacture air circulating fans itself or purchase them from outside. Its annual requirement is 25000 units. An outsider vendor is prepared to supply fans for Rs 285 each.... 568 Words | 4 Pages
  • Cost and Overhead Costs - 391 Words Colorscope 1. Why would any customer, let alone large advertising agencies and departmental stores, go to Colorscope rather than go to large printers listed in Exhibit 3? Before desktop publishing became popular, Colorscope had a competitive advantage through its expensive proprietary computer equipment that could produce complicated print special effects. Colorscope had also been able to build strong relationships with valuable customers through the years and had a good reputation for... 391 Words | 2 Pages
  • Cost and Unit Product Costs Session 4: Wilkerson Co. 1. Use the production and operations data of Exhibit 4 to reallocate the manufacturing overhead in a manner that reflects the actual use of overhead resources. Diagram the new cost system using conventions that we developed in the earlier classes (e.g., trace all costs from accounting categories to products). 2. Calculate new total unit product costs for the valves, pumps and flow controllers. Compare the costs that you calculated to the standard unit product costs... 330 Words | 2 Pages
  • Costs and Direct Cost - 730 Words Universiti Kebangsaan Malaysia Graduate School Of Business (UKM-GSB-LHDN) Cost Classification: Government Agency PROBLEM 2-56 The Department of Natural Resources is responsible for maintaining the state’s parks and forest lands, stocking the lakes and rivers with fish, and generally overseeing the protection of the environment. Several cost incurred by the agency are listed below. For each cost, indicate which of the following classifications best describe the cost. More than one... 730 Words | 4 Pages
  • Harrington: Cost and Variable Costs Harrington Case Analysis Issue Stagnant sales performance has caused Harrington Collection to explore new avenues for improved performance, including the launch of a new active-wear line. Recognizing an emerging trend of low price and rapid style turnover in the women’s apparel market, along with tremendous growth in the active-wear segment, Harrington needs to work strategically to capture this profitable market opportunity. After careful analysis, it was determined that Harrington... 1,073 Words | 4 Pages
  • Cost Control And Cost Reduction 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... 3,434 Words | 12 Pages
  • Cost and Overhead Costs - 282 Words Youngstown Products, a supplier to the automotive industry, had seen its operating margins shrink below 20% as its OEM customers put continued pressure on pricing. Youngstown produced fours products in its plant and decided to eliminate products that no longer contributed positive margins. Details on the fours products are provided below: Products A B C D Total Production volume (units) 10,000 8,000 6,000 4,000 Selling Price $15.00 $18.00 $20.00 $22.00 Materials/unit... 282 Words | 1 Page
  • Costs and Coffee Average Cost Exercise 2-2 Classify each cost listed below as either a product cost or a period cost for purposes of preparing the financial statements for the bank. 1. The cost of the memory chips used in radar set. * Product Cost 2. Factory Heating Cost * Period Cost 3. Factory Equipment maintenance costs. * Period Cost 4. Training costs for new administrative employees * Period Costs 5. The cost of the solder that is used in assembling the radar sets. * Product... 597 Words | 3 Pages
  • Costs Relevant Costs - 940 Words 1. The cost of a computer system installed last year is an example of: (Points: 2) a sunk cost a relevant cost a differential cost an avoidable cost 2. In evaluating different alternatives, it is useful to concentrate on: (Points: 2) variable costs fixed costs total costs relevant costs 3. Relevant costs in a make-or-buy decision of a part include: (Points: 2) setup overhead costs for the manufacture of... 940 Words | 5 Pages
  • Cost Control and Cost Reduction 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.... 1,630 Words | 5 Pages
  • Costs and Joint Cost Allocation Unitron Friday 1 ‘produced as/ sold as’ matrix Sold as | Produced as | | | 401 | 402 | 403 | 404 | 405 | Total | | 401 | 90,000 | 10,000 | | | | 100,000 | | 402 | | 110,000 | 30,000 | | | 140,000 | | 403 | | | 60,000 | 40,000 | | 100,000 | | 404 | | | | 20,000 | 20,000 | 40,000 | | 405 | | | | | 20,000 | 20,000 | | Total | 90,000 | 120,000 | 90,000 | 60,000 | 40,000 | 400,000 | 2 Physical Measures Method | Produced | Proportion | Joint Cost... 1,666 Words | 6 Pages
  • Cost Accounting – Classification of Costs Cost Accounting – Classification of costs Cost accounting refers to a process of accumulating, recording, classifying and analyzing all costs incurred at various levels of production. The purpose of cost accounting is manifold. It provides a final selling price, suggests the best possible course of action where maximum savings are possible and a strategy for future. Cost accounting is also constructive in comparing the input and output results that ultimately aids the management to arrive at a... 523 Words | 2 Pages
  • Cost Control and Cost Reduction Delivering successful cost reduction programmes In the current economic climate, most organisations must face up to a prolonged period of extreme competition and funding restrictions. This is particularly the case if the past few years have been focused on growth, service improvement or reorganisation (i.e. cost efficiency has not been a recent priority). Such pressures require an approach that reduces costs in a strategic, disciplined, and sustainable manner - delivered at pace. In our view... 1,294 Words | 4 Pages
  • Cost Account Joint Cost 11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter, you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint... 19,039 Words | 61 Pages
  • COST CONCEPTS AND COST ACCOUNTING 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... 1,820 Words | 10 Pages
  • Cost Is Fixed Cost or Variable Cost in Nature? Q: Is depreciation expense or depreciation cost is fixed cost or variable cost in nature? Fixed costs: Fixed costs are such costs that do not change with the change in activity level within the relevant range. Where relevant range can be defined in terms of time or activity level. Variable costs: Variable costs are such costs that change with the change in activity level . Coming to the question, depreciation expense or depreciation cost can either be fixed or variable and this depends on... 560 Words | 2 Pages
  • cost containment - 871 Words  Cost Control: Definitions and Methods Alejandro Madotta Accounting Supervisor II at Apache Corporation The cost of making a particular product or delivering a particular service is calculated by the finance and accounting department, with the help of a technique that is termed as Cost Accounting. The principle of cost accounting is very simple. The total cost of manufacturing a set or lot of goods or services is added up together and divided by the number of unites that have been... 871 Words | 4 Pages
  • Cost Accounting - 2706 Words Harvard Business School 9-192-068 Rev. May 1, 1993 DO A Brief Introduction to Cost Accounting T NO Organizations and managers are almost always interested in and concerned about costs. Control of past, present, and future costs is part of every manager’s job. In companies that try to earn profits, control of costs directly affects the amount of profit earned. Knowledge of the cost of products or services is indispensable for decisions about pricing or product and service mix.... 2,706 Words | 12 Pages
  • Cost Classification - 800 Words Cost classification is the process of grouping costs according to their common characteristics. A suitable classification of costs is of vital importance in order to identify the cost with cost centres or cost units. Cost may be classified accounting to their nature, i.e., material, labor and expenses and a number of other characteristics. The same cost figures are classified according to different ways of costing depending upon the purpose to be achieved and requirements of... 800 Words | 4 Pages
  • Costs and Price - 4222 Words Summer2011-Microeconomics-Exam Two Practice 1. To calculate the total utility of consuming N products: A. add the additional satisfaction of consuming each product up to N and multiply by its price. B. add the total satisfactions of consuming each product up to N. C. multiply the additional satisfaction from consuming the Nth product by its price. D. multiply total satisfaction from consuming N products by N. 2. Suppose that the following table lists the utility that Steve receives... 4,222 Words | 17 Pages
  • Cost Descriptors - 965 Words Introduction This paper will clarify the various terms used to describe costs, such as fixed, variable, direct, indirect, and sunk, giving examples of each to help a good understanding of current budget discussions. These concepts will help HR Management with an understanding of making effective budget decisions for its company, since they need to have clear and full knowledge of basic accounting language to grasp the concepts of the various accounting terms. The term cost can be defined as... 965 Words | 3 Pages
  • Variable Cost - 1736 Words Cost management | Wilkerson Company Case | | 1. What is the competitive situation faced by Wilkerson? The competitive situation faced by Wilkerson is quite severe. Price cutting in its main product has led to a huge drop in profit. While price increase in another product line partially made up the loss. We will discuss the detailed situation line by line. (1) Valves It was the first product line developed by Wilkerson and its high quality brought it a loyal customer base.... 1,736 Words | 8 Pages
  • Cost Sheet - 1682 Words In the books of a Company Cost Sheet for the period ended…….. Units Produced….. Name of the product unit sold…. Particulars Total cost Rs. Unit Cost Rs. Opening stock raw materials Add Purchases of Raw Materials Add: Expenses on Purchases of Raw Materials (octroi & duty) Less: Closing stock of raw materials Less: Sale of scrap or defectives of raw materials = Cost of materials consumed Add: Productive Labour Add: Outstanding wages Add: Direct Expenses(... 1,682 Words | 18 Pages
  • Cost Method - 471 Words Super Bakery's Strategy Super Bakery, by strategy, considered itself a virtual corporation. “A virtual corporation minimizes investment in human resources, fixed assets, and working capital“ (Kimmel, Weygandt, & Kieso, 2009, p. 910). Management's decision for this strategy enables the core functions of the business to be performed in-house. This leaves other functions such as warehousing, manufacturing, shipping, and selling to be outsourced. The management team of Super Bakery had a main... 471 Words | 2 Pages
  • College Costs - 2285 Words College Costs Introduction It's no secret that financing a college education is getting tougher. College costs have skyrocketed over the past decade or so, and there's no relief in sight. Average tuition at four-year colleges will increase 7 percent this school year, double the rate of inflation. Student aid is not increasing fast enough to plug the growing gap between tuition and family finances. In addition, there is a growing number of older students entering college today. These... 2,285 Words | 8 Pages
  • Cost Accounting - 11176 Words Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures, a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the... 11,176 Words | 44 Pages
  • cost of quality - 1540 Words Cost of Quality (COQ) "The cost of quality." It’s a term that's widely used – and widely misunderstood. The "cost of quality" isn't the price of creating a quality product or service. It's the cost of NOT creating a quality product or service. Every time work is redone, the cost of quality increases. Obvious examples include: The reworking of a manufactured item. The retesting of an assembly. The rebuilding of a tool. The correction of a bank statement. The reworking of a service, such... 1,540 Words | 7 Pages
  • Costs and Labor - 3588 Words Chapter 4: Costs and Cost Minimization Multiple Choice 1. Suppose you are a star basketball player at a major university in your sophomore year. You are sought after by several NBA teams. Which of the following choices best characterizes your opportunity cost if you choose to drop out of college and enter the NBA? a) The value of your college scholarship that you have given up. b) The skills that two more years of playing at your college would have given you along with their additional... 3,588 Words | 16 Pages
  • Variable Costs - 564 Words Assignment: Fixed cost Dora McKinney Hsm/260 Week 4 Instructor: Greg O’Donnell Fixed Costs, Variable Costs, and Break-Even Point Exercise 10.1 Month Meals Served Total Costs July 3,500 $20,500 Low August 4,000 22,600 September 4,200 23,350 October 4,600 24,500 November... 564 Words | 2 Pages
  • cost accumalation - 364 Words  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... 364 Words | 2 Pages
  • cost of outages - 4045 Words 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... 4,045 Words | 23 Pages
  • Cost Accounting - 2353 Words SYLLABUS FOR MANAGEMENT ACCOUNTING – ACCT 5100/7100 PROFESSOR LINDA BAMBER Fall 2012 Date 8/14 Tue. Topic Introduction to Management Accounting and Professionalism Chapter and Reading Course Outline Syllabus eLC Student Orientation: /index.html Assignment Due Today 1) Hand in your ACCT 5100/7100 profile. 2) Form teams of four with no more than one MBA student per team (I will try to fill out teams of two or three). One team member should... 2,353 Words | 12 Pages
  • Transaction Costs - 739 Words In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange. A number of different kinds of transaction costs exist. Search and information costs are costs such as those incurred in determining that the required good is available on the market, who has the lowest price, etc. Bargaining costs are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate contract, etc.. Policing and... 739 Words | 3 Pages
  • Cost Accounting - 1884 Words Sub Micron Devices Inc. Management Accounting-II Amit Bhatia(12P068) Deependra Kumar(12P078) Nitish Gupta(12P088) Ravinder Gahlout(12P098) Srinivasan Ramesh(12P108) Vipul Garg(12P118) Amit Bhatia(12P068) Deependra Kumar(12P078) Nitish Gupta(12P088) Ravinder Gahlout(12P098) Srinivasan Ramesh(12P108) Vipul Garg(12P118) Submitted By: 2012 Table of Contents Introduction 3 ASIC Division - Cost Pools 4 Cost accounting system at ASIC: 5 Internal and external... 1,884 Words | 6 Pages
  • Mixed Costs - 1258 Words Definition and explanation of mixed or semi variable cost: A mixed cost is one that contains both variable and fixed cost elements. Mixed cost is also known as semi variable cost. Examples of mixed costs include electricity and telephone bills. A portion of these expenses are usually consists line rent. Line rent normally is fixed for each month. Variable portion consists units consumed or calls made. The relationship between mixed cost and level of activity can be expressed by the following... 1,258 Words | 5 Pages
  • Explicit Costs And Implicit Costs Concepts 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... 1,551 Words | 5 Pages
  • Amalgamation: Costs - 11384 Words AMALGAMATION, ABSORBTION & EXTERNAL RECONSTRUCTION Introduction In accounting parlance, amalgamation means merger of two or more companies into one new or existing company. Absorption, on the other hand, refers to acquisition of business of one company by another company. But it may be noted that the Companies Act, 1956 does not make any distinction between amalgamation and absorption. Infact, the Companies Act, 1956 does not properly define the terms amalgamation and... 11,384 Words | 35 Pages
  • Cost Control - 2692 Words 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... 2,692 Words | 12 Pages
  • Cost Management - 2519 Words Introduction: Our case study is on the Columbia City Bank. First of all we would like to talk about the general inner workings of a bank. A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. In recent history, investors have demanded a more stable revenue stream and banks have therefore placed more emphasis on transaction fees, primarily loan fees but... 2,519 Words | 10 Pages
  • Indirect Costs - 585 Words The Bridgeton case introduced a relatively simple costing system: DM, DL, and one pool of indirect, support, or overhead costs. The one and only "cost pool" containing all overhead (OH) costs was allocated on the basis of DL$. In this case, the direct costs seem to be largely variable (i.e., they vary proportionally with production volume), whereas some of the indirect costs are relatively variable and others are largely fixed. Case in point: Not all INDIRECT costs are necessarily FIXED. To... 585 Words | 2 Pages
  • Cost Analysis - 395 Words Economics Chapter 7 Analysis of Costs Costs affect input choices, investment decisions, and even the decision of whether to stay in business. A. Economics analysis of costs 1. Total cost: fixed and variable (1) Total cost represents the lowest total dollar expense needed to produce each level of output q. TC rises as q rises. (2) Fixed cost represents the total dollar expense that is paid out even when no output is produced. FC is unaffected by any variation in the quantity of output.... 395 Words | 2 Pages
  • Cost of War - 572 Words Economic 12/14/10 Final Paper Cost of War Opportunity cost means it is the forgone alternative of the choice made. War is usually a choice. Other than world war ll, the wars fought by the United States since 1900, have been entirely by choice. So what about opportunity cost of a war like the one in Iraq? Leading up to the war there were 250,000 personnel in the gulf with 150,000 additional troops deployed during the invasion. In terms of occupation, about 150,000 occupation troops... 572 Words | 2 Pages
  • Cost Accounting - 102714 Words MANAGEMENT ACCOUNTING Study Material Prepared By INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA for Junior Accounts Officer(Civil) Examination Conducted By CONTROLLER GENERAL OF ACCOUNTS 1 BASICS OF COST ACCOUNTING 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 Evolution of Cost Accounting, Cost Concepts and Cost Classification Introduction Evolution of Cost Accounting Financial Accounting and Cost Accounting Management Accounting Financial, Cost and... 102,714 Words | 359 Pages
  • Variable Cost - 783 Words Running head: VARIABLE COSTS Variable Costs ACC/561 June 12, 2012 Variable Costs Any cost which is not fixed and will change in same amount when there is change in production volume is accounted as variable costs. This also means that they change in total rather than per unit whenever there is production or activity change. In production- labor, material or overhead could be the variable costs involved in the business. In Fitness center, there are different variable costs involved and... 783 Words | 3 Pages
  • Cost and Revenues - 1570 Words Costs and Revenues What is cost? If you go to a store and like an item and you want to buy it, which of the following questions would you ask: What’s the price of …..? 0R How much does …. cost? Examples of costs – set-up Examples of costs - running Fixed Costs 5000 What happened to the fixed costs if for some reason the company had technical problems and was unable to produce for 2 weeks? What happens if the landlord decided to raise the rent due to high property prices... 1,570 Words | 6 Pages
  • Business and Their Costs - 4720 Words Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant, a firm, and an industry. Plant – establishments such as a factory, farm, mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of... 4,720 Words | 19 Pages
  • Sunk Cost - 411 Words In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs. Note, however, that many... 411 Words | 1 Page
  • Variable Cost - 597 Words Wilkerson Case: Assignment Questions 1. What is the competitive situation faced by Wilkerson? 2. Given some of the apparent problems with Wilkerson’s cost system, should executives abandon overhead assignment to products entirely by adopting a contribution margin approach in which manufacturing overhead is treated as a period expense? Why or why not? 3. How does Wilkerson’s existing cost system operate? Develop a diagram to show how costs flow from factory expense accounts to products.... 597 Words | 2 Pages
  • Cost Acc - 1315 Words Name: Class: Cost Accounting Date: 02.12.2012 Quiz 5 1) Absorption costing: A) expenses marketing costs as cost of goods sold B) treats direct manufacturing costs as a period cost C) includes fixed manufacturing overhead as an inventoriable cost D) is required for internal reports to managers 2) Variable costing: A) expenses administrative costs as cost of goods sold B) treats direct manufacturing costs as a product cost C) includes fixed manufacturing overhead as an... 1,315 Words | 6 Pages
  • Opportunity Cost - 930 Words Scarcity of resources is one of the more basic concepts of economics. Scarcity needs trade-offs, and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms, the opportunity cost of a decision is based on what must be given up as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost, scarcity and trade-off are important in our daily life because it affects us... 930 Words | 3 Pages
  • Elements of Cost - 9912 Words Lesson-13 Elements of Cost and Cost Sheet Learning Objectives • • • To understand the elements of cost To classify overheads on different bases To prepare a cost sheet Elements of Cost Raw materials are converted into finished products by a manufacturing concern with the help of labor, plants etc. The elements that constitute the cost of manufacturing are known as elements of cost. The elements of cost include the following: • • • Material Labor Expenses Each of these elements is again... 9,912 Words | 34 Pages
  • Opportunity Cost - 1142 Words Opportunity cost Have you ever been in the situation deciding which cloth to buy? Have you ever facing the dilemma of to study or to play? Have you ever consider as a seller and choose to lower the price or raise it? In the field of economics, here’s a solution for you. The magic word is “opportunity cost”. Opportunity cost in terms of economy is the highest-value alternative one has to give up to engage in an activity. In other words, using the same resources such as money and time, the best... 1,142 Words | 3 Pages
  • Cost Accounting - 986 Words Meeting 1 MRF’s File COST ACCOUNTING “An Introduction to Cost Terms and Purposes” Assistant Lecturer: M. Ryan Firmansyah Problem 1 (Quiz 1 September 8, 2009) Consider the following costs that were incurred during the current year. Evaluate whether the cost is: 1. A product cost or a period cost 2. Variable or fixed in terms of behavior 3. For the product cost, whether it is classified as direct material, direct labor, or manufacturing overhead No. 1 Descriptions Product Cost Period... 986 Words | 4 Pages
  • Cost Accounting - 2252 Words Assignment: Cost Accounting Applied By Professor Bryan Womack Course Title ACC 350012VA016-1122-001 Cost Accounting February 26, 2012 Companies that are successful financially know what their costs are and how those costs are being spent. The company I have chosen wants to change from a general accounting system where costs are put in general categories and they currently do not have any... 2,252 Words | 7 Pages
  • Variable Costs - 1487 Words IE401-Econ401 MidTerm Managerial Economics NAME: Each of the 20 multiple choice questions is worth 3 points. Mark your answers on the ANSWER KEY on page 5. Also provide BRIEF answers to each of the 4 “essay type/logical” questions. Multiple-Choice Questions 1. A manufacturer produces 1,000 basketballs each day, which it sells to customers for $30 each. All costs associated with production and sales total $10,000; however, if the manufacturer were to produce... 1,487 Words | 9 Pages
  • cost accounting - 4544 Words L-S, T & H, Chapter 4: RQ4.1, RQ4.3, RQ4.5, RQ4.7, RQ4.8, RQ4.9, RQ4.10, RQ4.11, RQ4.14, RQ4.15, RQ4.18, RQ4.20 E4.21, E4.25, E4.26, P4.33, P4.36, P4.37 and P4.40. RQ4. 1 Identify the major purposes of product costing. For each purpose discuss whether information about current or future product costs is required. What implication does your answer have for developing a product costing system? L-S, T & H, page 131. Purpose Current / Future Product Costs Short-term decisions: product mix,... 4,544 Words | 32 Pages
  • Cost Effective - 1047 Words How to do cost-effectiveness calculations in a nutshell: Noncompeting choice Noncompeting choice cost effectiveness is when you have many possible options to choose from that are NOT mutually exclusive. Noncompeting choice cost effectiveness uses the average cost effectiveness. This means you simply divide the cost of the intervention by the benefit of the intervention. For example: Intervention QALY Gained (~DALY eliminated) Net Cost A 50 $1000 B 3 $300 C 40 $1200 The average... 1,047 Words | 4 Pages
  • Cost Allocation - 1092 Words Cost allocation for indirect costs Cost Pool – Set of costs that are added together before being allocated to cost objects on some common basis Cost Driver/ Allocation base Cost Object Cost Driver Rate = Total Costs in Pool/ Total Quantity of Driver Where total quantity of driver = practical capacity of driver Cost of excess capacity = Cost Driver Rate * Excess capacity Predetermined overhead rate - cost per unit of the allocation base used to charge overhead to products.... 1,092 Words | 5 Pages
  • Cost Leader - 899 Words 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... 899 Words | 3 Pages
  • Accounting Costs - 690 Words Sunk Cost-cost that has already been incurred and cannot be avoided no matter what a manager decides to do. A business segment should only be dropped if a company can avoid more in fixed costs than it loses in: contribution margin Which of the following techniques describe how a bottleneck should be managed: Find ways to increase the capacity of the bottleneck, ensure there is minimal lost time at the bottleneck due to breakdowns and set-ups, focus business process improvement efforts on the... 690 Words | 2 Pages
  • Microeconomics - Costs - 2289 Words Lesson 6: Chapter 7 1. Define/discuss the following concepts (36 marks, 2 for each): a. Total revenue The total amount of income or reward that a firm received from the products and services sold to the market. (Total revenue = unit price x total no. of units) b. Total cost The total amount of the firm’s input which includes the explicit costs and implicit costs in order to produce a good or a service (output). c. Profit It is the difference between the total revenue received... 2,289 Words | 8 Pages
  • Cost Questions - 377 Words Chapter 8 Cost Estimation and Budgeting True/False 1) Direct costs are those clearly assigned to the aspect of the project that generated the cost. T 2) Material is an example of a cost that is recurring, variable and direct. T Multiple Choice 1) Which of the following is a direct cost? A) labor B) rent C) depreciation on equipment D) health benefits 2) Workers paid $15.00 per hour with an overhead charge of 1.45 and a personal time allowance of 1.15, have what total direct labor... 377 Words | 2 Pages
  • Cost and Overhead - 1512 Words fsdfsdsdfSuppose sales in 2001 equal 26,000 units, as budgeted in January, and that actual manufacturing expenses turn out to equal budgeted expenses. Prepare an income statement for the year (just include the manufacturing expenses) that will help senior management and the board understand the economics of cartridge production in 2001. 5. Work through the Youngstown Products numerical example (below). Youngstown Products, a supplier to the automotive industry, had seen its operating... 1,512 Words | 7 Pages
  • Opportunity Cost - 617 Words Discuss the opportunity cost of getting your MBA. What steps and economic factors must a student make when choosing between getting a degree and taking another route in life? Feel free to include aspects from your own decision to pursue your MBA. When considering to starting an MBA program, there are many questions that you have to ask yourself. Can I afford the program? Will it help me to become more marketable in the job industry? Will I have time to dedicate into completing coursework?... 617 Words | 2 Pages
  • Cost Curves - 20411 Words besa44438_ch08.qxd 10/12/04 4:49 PM Page 259 8 C H A P T E R COST CURVES 8.1 LONG-RUN COST CURVES APPLICATION 8.1 The Long Run Cost of Trucking APPLICATION 8.2 The Costs of Higher Education APPLICATION 8.3 Economies of Scale in Refining Alumina? APPLICATION 8.4 Hospitals Are Businesses Too APPLICATION 8.5 Tracking Railroad Costs APPLICATION 8.6 Economies of Scope for the 8.2 S H O RT- R U N C O ST C U RV E S 8.3 SPECIAL TOPICS IN COST Swoosh Experience Reduces Costs of Computer... 20,411 Words | 101 Pages
  • Cost Benefits - 483 Words Cost Benefit Analysis What is cost benefit analysis? Cost benefit analysis (COBA) is a technique for assessing the monetary social costs and benefits of a capital investment project over a given time period. The principles of cost-benefit analysis (CBA) are simple: 1. Appraisal of a project: It is an economic technique for project appraisal, widely used in business as well as government spending projects (for example should a business invest in a new information system) 2.... 483 Words | 2 Pages
  • Cost accoutning - 12348 Words Chapter 6--Process Costing Student: ___________________________________________________________________________ 1. A process is a series of activities or operations, which are linked to perform a specific objective. True False 2. The cost flows for a process-costing system are totally different from those of a job order costing system. True False 3. Process systems are characterized by a larger number of homogeneous products passing through a series of processes. ... 12,348 Words | 157 Pages
  • Variable Cost - 2969 Words The University of Business and International Studies Geneva, Switzerland. COURSE TITLE: ACCOUNTING FOR DECISION MAKING Student : NGUYEN THANH DAM COURSE CODE: Accounting for decision making – final assigment Lecturer: Pham Quang Huy Page 1 ACCT 601 UBIS INTAKE 2012 - 2013 The University of Business and International Studies Geneva, Switzerland. PROBLEM Part 1: Optional Section In this part, the learners have to choose four of eight questions for answering. If you... 2,969 Words | 11 Pages
  • Historical Cost - 2623 Words The historical cost accounting is an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. It is usually used in combination with other measurement bases. For example, inventories are usually carried at the lower of cost and net realizable value, on the other hand marketable securities are usually carried at market value, and entities prefer to carry pension liabilities at their present value. The main advantage of... 2,623 Words | 7 Pages
  • Overhead Cost - 4639 Words THE MANAGEMENT OF OVERHEAD COSTS IN CONSTRUCTION COMPANIES Brian Eksteen1 and David Rosenberg² ¹Professor of Construction Management, Faculty of Economic and Building Sciences, University of Port Elizabeth, P.O. Box 1600, Port Elizabeth, 6000, South Africa ²Senior Lecturer in Cost and Management Accounting, Faculty of Economic and Building Sciences, University of Port Elizabeth, P.O. Box 1600, Port Elizabeth, 6000, South Africa Costs not directly attributable to or recoverable from... 4,639 Words | 15 Pages
  • Cost Accounting - 2254 Words Transfer Pricing Q 1 of 8 Des Moines Valley Company Des Moines Valley Company has two divisions, Computer Services and Management Advisory Services. In addition to their external customers, each division performs work for the other division. The external fees earned by each division in 19x1 were $200,000 for Computer Services and $350,000 for Management Advisory Services. Computer Services worked 3,000 hours for Management Advisory Services, who, in turn, worked 1,200 hours for Computer... 2,254 Words | 9 Pages
  • Cost & Pricing - 568 Words Transportation Cost & Pricing Transportation Cost & Pricing Compare and contrast the cost structures of rail, motor carriers, and air. When you compare the rail cost structure to that of the cost structures of the motor, and air carriers, you will see that the rail carriers have a high structure cost. “One of the characteristics of railroads as previously noted is the level of fixed costs present in their cost structures.” (Coyle, 2011) These fixed cost exists because the ownership... 568 Words | 2 Pages
  • Cost Acounting - 492 Words 09/03/2013 Cost Accounting and Control I The Value Chain * Physical Resources * Human Resources Support Services * Accounting * Human Resources * Legal Services * Information Systems * Telecommunnications R&D > Design > Supply > Production > Marketing > Distribution > Customer Service Value of Products and services Primary Processes What is the role of product costs, period costs and expenses in the financial statements Product... 492 Words | 3 Pages
  • Cost Accounting - 9310 Words Cost Classifications and Estimation 2.0 Introduction Cost classification may be defined as ‘the arrangement of cost items in a logical sequence having regard to their nature and purpose to be fulfilled’. The term cost must be qualified when in use in order that its precise meaning is established in a particular situation; however, cost refers to the amount of resources that have been diverted from other uses or sacrificed so as to achieve the desired objective. But the term is used to refer to... 9,310 Words | 35 Pages
  • Variable Costs - 768 Words Costs and budgets The management of costs is a very important aspect of managing financial resources. If costs are not managed effectively, it can lead to profits being damaged and the business potentially unable today its expense. Keeping within a budget, increasing income in order to cope with change and making sure that working capital is available and money and set aside for emergencies is all part of the balancing exercise. Costs managed to budget McDonald’s budget was adverse as there... 768 Words | 2 Pages
  • Cost Classifications - 472 Words Associate Level Material Cost Classifications Consult Ch. 6 & 7 of Health Care Finance and other sources to complete the form. This worksheet requires you to match the definitions and examples of types of cost, and the types of centers where costs occur. Part 1: For each term in Column A, select the correct definition from Column B on the right. Write the corresponding letter of the definition next to the term. |Column A | |F |Indirect... 472 Words | 3 Pages
  • Cost Concepts - 4039 Words Cost Concepts for Managerial Decision Making Prepared for instructional use in Economics For Managers ECG 507 College of Management North Carolina State Universiy © Stephen E. Margolis 2000 Soon we will be using the concepts of cost that are presented in Landsburg’s chapters five and six to analyze market behavior of firms. With a bit of interpretation, however, these concepts have immediate application to ordinary decisions... 4,039 Words | 13 Pages
  • Cost Driver - 568 Words Bridgespan Cost Analysis Toolkit Step 4: Allocate indirect costs Template: Identifying cost drivers Cost drivers are measurable factors that allow you to determine the relationship between the indirect cost and each program area. They are program-related units that cause an indirect cost to increase or decrease. Another way to think about it would be factors that can approximate the demand that each of your program places on the particular resource item. The appropriate driver may be... 568 Words | 3 Pages
  • Cost Accounting - 10525 Words MG15903 glo.qxp 10/4/08 07:42 Page 1179 Glossary A abnormal spoilage spoilage that should not occur under efficient operating conditions absorption costing all manufacturing costs are assigned to products: direct material, direct labour, variable and fixed manufacturing overhead acceptable quality level (AQL) the defect rate at which total quality costs are minimised account classification method (or account analysis) the process in which managers use their judgement to classify costs... 10,525 Words | 34 Pages

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