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 business
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product costs are the direct materials‚ and manufacturing overhead that are involved in acquiring or making products. Products costs are assigned to an inventory account on the balance sheet and considered to be assets. When the goods are sold‚ the costs are released from inventory and are recognized as expenses in the income statement. Period costs are all the costs that are not included in product cost‚ such as advertising‚ executive salaries‚ and other nonmanufacturing costs. These costs are expenses
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Cost Allocation University of Phoenix Accounting in Healthcare ACC561 December 12‚ 2010 Cost Allocation Transfer Pricing [pic] [pic] Transfer pricing is a value attached to the output of a department to measure the value of the trade with other departments within the organization. Transfer prices will not affect the organization’s profit results. This contributes directly to the process of departmental performance measurement and indirectly to the measurement of a product
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The School and Society (1899) Originally‚ this book was a series of lectures aiming at educators‚ educational administrators‚ and parents. On these lectures‚ Dewey addresses the manners in which education is intertwined with what was back then a thriving democratic republic. The author states there is an issue with the education model [of the time] seeing to elementary schools not encouraging their students to be curious about their environment and reality‚ and driven into exploring these at their
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Victory at the Cost of Innocent Lives Throughout the course of America’s history‚ millions of events and wars have affected everyday life. The Emancipation Proclamation‚ The Korean War‚ The Cold War‚ the American Revolution‚ the 15th and 19th amendments‚ the Great Awakening‚ and industrialization itself have all radically changed the way people participated socially and politically before the 1950’s. After the 1950’s‚ the next life-changing event occurred. It was the Vietnam War and the first
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shows the demand curve‚ given by DD‚ as the individual firm ’s share of the market demand under circumstances where the two firms are identical with respect to size and costs of production. To understand this behaviour of the collusive duopolies‚ a mathematical tool called ‘Game Theory’ is used. The classic example for the duopoly analysis here is the ‘Prisoner ’s-dilemma game’ (shown in Appendix‚ 1.2). Within this game structure‚ a payoff matrix has been plotted‚ which shows the outcomes (each carrier’s
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| | | |Assignment : Managing Cost and making financial interpretations for decision | |
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possibly tmi wall of text about health‚ academic institutions‚ and ableism incoming: For the past 5 years‚ I’ve been inexplicably physically fatigued‚ which has had exorbitant consequences in every facet of my life‚ most prominently‚ in academics. In high school‚ I was always one more overslept class away from being kicked out‚ and at the beginning of every term‚ I was placed on disciplinary restriction for weeks on end. I’ve seen an endless parade of doctors‚ mental health professionals‚ been
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6&7 – Variance analysis Variance analysis: Reason for variance: 1.Price/rate/spending variances: Standard is out of date; Standard set without due care; Efficient or inefficient buying (e.g.‚ discounts); Buying different quality material from standard; Buying materials from a non‑usual source due to urgency; Utilising different labour from standard; Price changes due to economic conditions; scarcity of supplies; Choosing to incur additional discretionary fixed costs; More (or less) overtime hours
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question on our Midterm exam that asked us to give a comparison between our modern society and the ideal Daoist society. This question peaked my interest‚ which lead me to wonder how ideal societies differ throughout the world. I decided to compare the differences between the perfect society as described in Sir Thomas More’s Utopia to the ideal Daoist society introduced in class by Lao Tzu and Chuang Tzu. Obviously a society is made up of many different aspects‚ so I decided to focus on three main aspects:
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