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 production
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Southwest Airline Co. and Cost Accounting Southwest Airline Co. is a major passenger airline that provides scheduled air transportation in the United States. Southwest provides point-to-point service which allows the use of key assets‚ including aircrafts‚ gates‚ employees‚ and the ability to provide frequent‚ conveniently- timed flights and low fares. Southwest Airlines has built its culture from the inside out and believes that the satisfied employees will keep customers coming back. Southwest
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company name] [Pick the date] [Year] sai teja [Type the company name] [Pick the date] measurement wild drilling MWD stands for Measurement While Drilling in the oil & gas industry. The simplest way to describe MWD is to relate it to the measurements a pilot takes. A pilot needs to know the direction they are flying (North‚ South‚ East‚ or West)‚ the angle they are flying at (up‚ down‚ or horizontal)‚ and what type of skies they will be flying through (rough‚ choppy‚ cloudy‚ rainy‚ etc.). Like
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sales is $72‚000. Calculate accounting profits and economic profits for Gomez’s pottery. Explicit costs: $37‚000 (= $12‚000 for the helper + $5‚000 of rent + $20‚000 of materials). Implicit costs: $22‚000 (= $4‚000 of forgone interest + $15‚000 of forgone salary + $3‚000 of entreprenuership). Accounting profit = $35‚000 (= $72‚000 of revenue - $37‚000 of explicit costs); Economic profit = $13‚000 (= $72‚000 - $37‚000 of explicit costs - $22‚000 of implicit costs). 8-4 (Key Question) Complete
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quality requirements will be fulfilled. There are internal and external audits: Internal Audit – may be performed by dedicated auditors from finance or quality departments or by personal engage by the manager responsible for the results of the process. External Audit – may be performed by costumers or regulators or by independent third parties. MEASUREMENT It tells us whether there has been a change in performance. Change is a constant. Before we measure we need standards‚ targets‚ requirements etc
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Lab Report: MEASUREMENT OF VITAMIN C Introduction Nutritional diseases were once the number one cause of death only a century ago‚ but rarely affect our lives today. The complete lack of vitamin C (ascorbic acid) characterized by dark purple spots on the skin and rotting gums‚ a disease called scurvy‚ took the lives of many sailors up until the mid 1800s when the prevention was discovered. Consequently‚ British sailors became referred to as ‘limeys’ because of their daily habit of eating
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CHAPTER 3 The Accounting Cycle QUESTIONS Q3-1. Much more judgement is required for accrual accounting than for cash accounting because there is greater uncertainty at the time events are recorded in the accounting system. There is no uncertainty around the point in time when the cash is paid or collected. Accrual accounting records economic events‚ not cash flows. When an economic event occurs can be ambiguous. It’s less certain when revenue has been earned than when cash is received. It
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p. 93). Similar to any other industries‚ hospitality marketers are pressurized to measure the marketing performances and justify the effectiveness of marketing activities as well (Christodoulides & de Chernatony‚ 2010‚ p. 43). Brand equity measurement has become “part of a set of marketing performance indicators”. The analysis of brand equity and the way it is measured has a wide range of believers and practitioners that contribute the idea of “black box orientation” (Christodoulides & de
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Legal‚ Safety‚ and Regulatory Requirements As a society we have many laws‚ and individuals departments that enforce those laws. There are criminal‚ civil‚ contract‚ family‚ constitutional‚ common‚ and labor laws‚ criminal law handles crime and civil law handles most of the other laws mention above. With labor laws handle by the U.S Department of Labor also known as DOL administers and enforces over 180 federal laws that are for just the workplace‚ and those laws are in place for the protection
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management concluded the large fixed cost absorbed sale figure. First it is important to understand the standard costing system implemented in Rubber group. Standard costing assigns quantity and price standards to each component of variable and fixed costs in calculating the total cost. In the case of NASA‚ the system uses standard purchasing price (input cost) and standard inputs usage in place for variable costs‚ and standard spending price (input cost) and standard
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