METHODS OF COST ACCOUNTING INTRODUCTION The Meaning of Cost Cost is a measure of the sacrifice or forgoing of a scarce resource to achieve a specific objective. An organization sacrifices scarce resources‚ i.e. the purchase cost‚ in order to obtain other resources. A cost is usually measured in terms of money paid to acquire goods or services. One can observe that the term cost is rarely used without an adjective in front of it. The term ‘Cost’ has multiple meanings and different types of costs
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CAC ASSIGNMENT Milan Dave A-14 Submitted to: Prof. Parag Soni KAIZEN COSTING: DEFINITION: * Kaizen Costing is the process of continuously reducing the costs that occur after a product design has been completed and is now in production. * Here‚ the costs can be reduced by working with the suppliers to reduce the costs in their processes; by implementing less costly re-designs of the product‚ or by reducing waste costs i.e. the costs behind the wastage of time‚ raw material and the
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breakfast definitely helps offer essential daily energy and boost working efficiency. However‚ only little choices of breakfast are provided in Chinese University of Hong Kong‚ which certainly reveal a golden market opportunity for the opening of bakery shop. Description of the products and services Fresh breads with distinct tastes and from different countries are our main features. Not only popular breads such as smoked Ham and Mushroom bread and Long Wiener Roll are included‚ but delicate
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shown in the film‚ Greyston Bakery. The bakery has operated since 1982 and employs convicted felons and homeless people. The company places the profits into a nonprofit foundation that benefits the entire community (CBS News‚ 2009). Film Summary The film is about Greyston Bakery in Yonkers‚ New York‚ which hires otherwise undesirable employees. The bakery operates a nonprofit foundation that returns the profits to the community in various forms (Greyston Bakery‚ 2012). The foundation supports
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Contents La Porteña Bakery History La Porteña Bakery is a family owned company founded in 1995 by its owner Haydee de Guevara in a beach city called La Libertad in El Salvador. From its beginnings the bakery also functioned as a wholesale store and from 1998 the business became a bakery only. Its products are bought from customers from all around the city of La Libertad and some neighbor cities as Sonsonate‚ Zacatecoluca‚ Ahuachapan and others. The location of the facilities is
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1. What are the dominant economic characteristics of the specialty baking market? Does it appear that the industry’s prospects for growth and attractive profits are good? Justify your position. The Baking industry was declining in 2009. It was estimated that the industry would rise 8.1 percent per year on average through 2014. The industry does look like it is growing and it’s looking attractive to many people. For example‚ the television show “sex and the city” put specialty cup cakes on the market
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Absorption Costing Absorption costing is a method of costing that assigns a small percentage of production and overheads costs to the price of each product that is going to be sold. It accounts for all costs‚ direct and indirect‚ fixed and variable. For example; if 1000 products are made and the total costs are £10000 then each product would cost £10 before making a profit (10000/1000=10). Variable costs are costs that can be controlled by management or a sales worker. Whereas fixed costs are
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Process costing Process costing is a system which mostly practices by a company whereby the manager of the company wants to know the cash flow from one department to another. Process costing give a clarify information to managers‚ therefore this activities is very important. Process costing is consisting of three ingredients which are direct materials‚ direct labor and manufacturing overhead. Direct material is the raw material which needs to produce a product‚ for example rubber for shoes‚
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I. Discuss Process Costing‚ clearly bringing out its advantages and disadvantages. DEFINITION Costs are accumulated in costing systems. According to Glautier and Underdown (2001)‚ the development of costing systems reflects the manner in which accounting methods have been adapted to the needs of different forms of activity and technology‚ and also to the appearance of advanced manufacturing techniques that have been a feature of recent years. Cost accounting systems allow full product costs to
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JOB COSTING JOB COSTING Cost object is a unit or multiple units of a distinct product or service called a job. Product or service is A single unit such as: 1.Specialised machine done at Hitachi. 2.A construction project managed by L & T. 3.Advertising campaign produced by Saatchi and Saatchi. Multiple identical unit such as: 1.Agni missile for Ministry of Defense manufactured by HAL. JOB COSTING SERVICE SECTOR JOB COSTING MERCHANDISING SECTOR - Audit engagements done - Special promotion of
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