explain the importance of cost‚ revenue and profit for a business organisation 1. Cost Profit is the different between the selling price and the production cost. Product cost include not only the cost of manufacturing a product but also all the other costs incurred in the process of producing or delivering a product or service. 2. Revenue The revenue of a business is‚ the income from its operations. It is important for the business to make the gap between costs and revenue as wide as
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Cost Accounting Chapter Module-1 - Introduction to Cost Accounting Definition Cost: - Generally cost refers to all expenses incurred in producing a product or rendering service. But‚ from the cost accounting point of view “Cost is a normal sacrifice of resources in the creation of product or services”. Costing: - Costing is defined as “the technique and process of ascertaining cost of a given thing”. According to CIMA it is defined as “the establishment of budgets‚ standard‚ costs and
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Is Profit Maximisation always the major objective of a firm? The production of goods and services in our economy today takes place within organisations‚ whether in the centrally planned economy or free market economy. Any firm within these societies all have the same tendencies to acquire a successful business. Attaining this succession through mission statements‚ goals and objectives is simultaneous through all businesses. Changes in these objectives can have forcible effects on the decisions
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MEANING Profit maximization is the traditional approach and the primary objective of financial management. It implies that every decision relating to business is evaluated in the light of profits. All the decision with respect to new projects‚ acquisition of assets‚ raising capital‚ distributing dividends etc are studied for their impact on profits and profitability. If the result of a decision is perceived to have positive effect on the profits‚ the decision is taken further for implementation
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Carl Hoffman is finally in his own country with his own people‚ America. While reading the chapter‚ “Same‚ Same‚ but Different”‚ I feel like Carl Hoffman was happy that he was in his own country‚ America but also I felt like he was missing his trip and those people who he met during his trip. On page 271‚ in the second paragraph‚ Carl Hoffman said‚ “we hit Vegas that afternoon‚ and America seemed like the saddest place I’d seen in a month.” I felt worried because Vegas is the very popular city
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The Outsiders Are the Socs and the Greasers the same‚ or irrevocably different? The Outsiders‚ by S.E. Hinton is a novel about the two gangs on each side of a town‚ the Greasers and the Socs‚ who have a destructive rivalry and are superficially different. However throughout the course of the novel their true characteristics are proven to be fundamentally the same. Each side has its differences‚ for example‚ their opposing dress codes. The Greasers are generally stereotyped as no good‚ rotten to
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APOLOGETICS APPLICATION PAPER Glenda Campbell APOL 500 July 4‚ 2014 Outline Introduction 1. Summary of the Islamic worldview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2. Evaluating the Islamic Worldview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3. Correcting the Islamic Worldview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4. Defending the
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Costing Methods Paper Costing Methods Paper Lavelle Haynes ACC/561 February 14‚ 2011 Professor Micheal Gaspar Super Bakery is a distinguished company created in 1990. The company has is a supplier of mineral‚ vitamin‚ and protein enriched doughnuts. The strategy applied by the company is job order cost method. Job costing is a product costing system when costs are accumulated by specific job orders and assigned to batches of products. In other words‚ manufacturing costs are assigned
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29‚ 2012 Martha Nussbaum: “Not for Profit: Why Democracy Needs the Humanities” Martha C. Nussbaum is the author of the book‚ “Not For Profit: Why Democracy Needs the Humanities.” The book begins by drawing the reader’s attention by explaining the “Silent Crisis.” She describes education in the eyes of the government‚ and in the eyes of the people. There is a connection made between education and the liberal arts. The title of the book‚ “Not For Profit‚” are three simple words that when put
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Ohio salvage dealer buyer’s identification card(s). General Information & Requirements Application Applicants must submit an application‚ and will not be permitted to purchase from Ohio salvage motor vehicle auctions or pools until licensed. Form BMV 4419 - Requirements and Instructions for completing applications for salvage dealer buyer’s identification card. Form BMV 4420 - application must be completed and notarized. One 2 by 2 official passport photo. Electronic Fingerprinting
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