business control systems are: Capital Cost this is physical items and property. It is includes anything with life of three years and over. For example this can be lands/buildings‚ Vehicles‚ computers and other equipments. Revenue Costs this covers the costs of day-to day running the business. For example‚ fuels and maintenance of vehicles and equipments. it could also include salaries‚ advertising and promotion materials‚ and insurance. Indirect Cost this is the cost that directly invested or attributed
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by: Q = 5000 - 200P Firm 1 has a unit cost of production c1 equal to 6 whereas firm 2 has a higher unit cost of production c2 equal to 10. a. What is the Bertrand-Nash equilibrium outcome? b. What are the profits for each firm? c. Is this outcome efficient? Answer: (a) At equilibrium‚ assuming that if both firms charge the same price‚ then the firms split the market evenly. (b) The higher cost firm makes zero profit‚ whereas the lower cost firm’s profit is (c) No‚ this
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thoroughly planned out. Living on your own and being independent involves two very important expenses: Start up and recurring expenses. Start up expenses are the costs associated solely with the implantation of a plan‚ project‚ or business. In our case it would be for a plan. Start up costs
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COST OVERRUN FACTORS AND PROJECT COST RISK ASSESSMENT IN CONSTRUCTION INDUSTRY - A STATE OF THE ART REVIEW SAVITA SHARMA 1 & PRADEEP K. GOYAL 2 1 Senior Lecturer‚ Department of Civil Engineering‚ Govt. Polytechnic College‚ Ajmer‚ Rajasthan‚ India 2 Associate Professor‚ Department of Civil Engineering‚ Govt. Engineering College‚ Ajmer‚ Rajasthan‚ India ABSTRACT This paper presents a state of the art review of major and frequently occurred cost overrun factors and project cost risk assessment
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Product and Service Costs Output represents one of the most important cost objects. There are two types of output: products and services. Products are goods produced by converting raw materials through the use of labor and indirect manufacturing resources‚ such as the manufacturing plant‚ land‚ and machinery. Televisions‚ hamburgers‚ automobiles‚ computers‚ clothes‚ and furniture are examples of products. Services are tasks or activities performed for a customer or an activity performed by a customer
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COST CLASSIFICATION CONCEPT OF COST: DEFINITION: A SACRIFICE OR GIVING UP OF RESOURCES FOR A PARTICULAR PURPOSE FREQUENTLY MEASURED BY THE MONETARY UNITS (RUPEES‚ DOLLARS) THAT MUST BE PAID FOR GOODS AND SERVICES . ➢ EMPHASIS ON COST INFORMATION: MANAGEMENT ACCOUNTANTS PAY A LOT OF ATTENTION TO COSTS BECAUSE COST HAVE A VITAL ROLE TO PLAY IN PLANNING ‚ EVALUATING AND DECISION MAKING. FOR EXAMPLE IN PLANNING THE ROUTE AND FLIGHT SCHEDULES THE MANAGER OF AN AIR LINE MUST CONSIDER
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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 other
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Today‚ rising cost of living is an everyday theme. In the bus‚ at the office and at the market‚ almost all conversations revolve around the rising prices. Increase of general price levels is generally known as ‘inflation’. The common man feels the inflation when the prices of his consumer goods go up. He feels the rising cost of living with each increase of bus fare‚ bread prices and utility bill prices. The causes a lot of social problems which at its extreme form‚ cause social unrest. Over the
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organizations refrain from providing training because of its cost elements involved. How far do you agree with this policy. It is true that training involves a lot of cost but it also has many advantages. The cost are incurred though different ways; a) The procurement of training material and various media like computers‚ handouts‚ and audio visual. b) Trainers fees‚ travelling arrangements c) Lodging and boarding cost d) Costs involved on losing a man day at work for sending him for
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If you are starting out in a new business‚ especially a service/manufacturing business‚ understanding the cost accounting system and which cost accounting system will work best for your company‚ is the first step to being successful. Once you find someone to help you navigate those waters‚ let them help you sail the rough seas of direct and indirect inventory‚ direct and indirect labor costs‚ and how to allocate factory overhead as well. While it all may sound confusing‚ having the right person
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