Lesson-13 Elements of Cost and Cost Sheet Learning Objectives • • • To understand the elements of cost To classify overheads on different bases To prepare a cost sheet Elements of Cost Raw materials are converted into finished products by a manufacturing concern with the help of labor‚ plants etc. The elements that constitute the cost of manufacturing are known as elements of cost. The elements of cost include the following: • • • Material Labor Expenses Each of these elements is again subdivided
Premium Variable cost Total cost Marginal cost
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
Premium Cost Costs Cost accounting
Philip Zimbardo’s infamous study: the Stanford Prison Experiment is another positive example of circumstantial determinants overriding personality. The Stanford Prison Experiment is an experiment designed to determine the effect of a medley of situational variables on the behavior of subjects roleplaying prisoners and guards in a simulated prison environment. In his subsequent novel‚ The Lucifer Effect‚ Zimbardo stated that originally‚ the experiment intended to discern “what people bring into a
Premium Stanford prison experiment Prison Milgram experiment
3.2.2 PEST The key micro-environmental factors which might affect future performance of PMI can be identified as below: POLITICAL/ LEGAL Political barrier such as legal factor and government tax might become the hindrance for PMI to emerge its strategy in business operation. Cigarette is a product which has bad effect on the health‚ therefore imposes many strict regulations. A report on Tobacco Free Initiative (TFI) stated that there are 2.3 billion of people protected from smoke free law
Free Cigarette Nicotine Smoking
Philips versus Matsushita Case summary of Philips: The company has built its success on worldwide portfolio of responsive national organizations (NO). The company was established by Gerard Philips and his father opened a small light bulb factory in Eindhoven‚ Holland in 1892.The company faced a tough fall. Gerald then recruited his brother Anton‚ a salesman and manager. In 1900 it became the 3rd largest producer of light-bulb in Europe and in 1912 Philips
Premium Philips Sony
Questions for reflection 1. Describe the vertical and horizontal structuring of corporate communication within Philips. What can you say about the effectiveness of these structures in the light of the company`s repositioning around sense and simplicity and its increased focus on managing its corporate reputation with different stakeholder groups? When it comes to the vertical corporate communications within Phillips‚ it comes down to the idea of Prast and colleagues selecting a communication
Premium Corporation Multinational corporation Public relations
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
Premium Costs Variable cost Cost
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
Premium Costs Variable cost Management accounting
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
Premium Cost Costs Cost accounting
and Information Utilization April 21‚ 2010 Compact Fluorescent Lighting Benefits Thesis Statement: Although most consumers have switched the lighting in their homes to Compact Fluorescent Lighting‚ it is uncertain whether they have received any benefits by doing so. Problem Statement: Compact Fluorescent Lighting has now become a standard in most households however; information regarding the benefits this type of lighting has not been made readily available for consumers to review. Purpose:
Premium Incandescent light bulb Fluorescent lamp