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 activity?
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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 control
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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 Making
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How I Found my Niche In elementary school‚ I had always been shy and never had more than one or two friends. I spent most of my time with my nose in a book‚ and outside playing in the dirt with my animals. Before I went into high school I felt like the bonds I had made with fictional character was enough. Then something changed and eating lunch with my book wasn’t enough anymore. I had a new goal; to make a friend that would last me all through high school. I tried to get as academically involved
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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 essential
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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 recording
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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 necessary
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ASIAN CASE RESEARCH JOURNAL‚ VOL. 12‚ ISSUE 2‚ 161–186 (2008) ACRJ Superstar Leadersa This case was prepared by Abhishek Goel and Neharika Vohra of the Indian Institute of Management Calcutta as a basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative or business situation. Please address all correspondence to Abhishek Goel‚ E-203‚ NTB‚ IIM Calcutta‚ Kolkata 700104‚ India or Neharika Vohra‚ Organizational Behavior Area‚ Indian Institute
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A leader is a person who influences a group of people towards the achievement of a goal. The types of leaders vary but in this case‚ we will be dealing with the religious and political leaders. A religious leader is one who is recognized by a religious body as having some authority within that body while a political leader is a person actively engaged in politics especially a full time professional member of a deliberate assembly. A political leader can also be a person who is experienced or skilled
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Leaders of Today MGT 380 Bruce-Alan Barnard 26 January 2013 Leaders of Today I feel about the airplane much as I do in regard to fire. That is‚ I regret all the terrible damage caused by fire. But I think it is good for the human race that someone discovered how to start fires‚ and that it is possible to put fire to thousands of important uses. (Orville Wright) This quote may not make sense to those outside the United States Air Force‚ but to me it says
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