INTRODUCTION: Our natural environment includes all living and non living things like land‚ forests‚ minerals‚ water bodies‚ the atmosphere‚ etc. Some of these resources are renewable and others are non renewable‚ which get depleted and ultimately exhausted with their continuous use. Even the renewable resources may get degraded or polluted. Economic development leads to increase in the rate of national income. Increase in national income would result only from increased production of goods and services
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tools or methods offer by project management‚ cost planning and control is a very important tool for project management. A good cost planning is because it can help on forecasting the expenses that need to spend for the project. And cost control will minimize the wastage during execution of project. This report will emphasize the objectives‚ benefits‚ methods and other matters on construction cost planning and cost control. Cost Planning Cost planning normally will conduct in the prior
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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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Introduction This assignment focuses on the cost functions of the Dutch Railways. In this tutorial will be an estimated cost function developed for the Nederlandse Spoorwegen (NS). This cost function (expressed in Dutch Guilders) is based on the period of Year 1951 till Year 1993. This due to certain developments that made it more difficult to come to a good approach of a cost function. Based on the cost function‚ developed in this tutorial‚ there will be an answer provided on the question whether
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MANAGERIAL AND COST ACCOUNTING LARRY M. WALTHER & CHRISTOPHER J. SKOUSEN DOWNLOAD FREE TEXT BOOKS AT BOOKBOON.COM Managerial and Cost Accounting © 2009 Larry M. Walther‚ under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted‚ and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-491-5 Download free books at BookBooN.com 2 Managerial and Cost Accounting
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airline markets around the world‚ control of operating costs and improved productivity have become critical to the profitability of airlines. The emergence and rapid growth of “low-cost” airlines is due in large part to their ability to deliver air transportation services at substantially lower costs and at higher levels of productivity than the traditional “legacy” airlines. In response‚ legacy airlines have had to find ways to reduce operating costs and improve the efficiency of how they utilize both
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IMPACT OF COST ACCOUNTING ON FINANCIAL DECISION INTRODUCTION In the modern business world‚ the nature and functioning of business organizations have become very complicated. They have to serve the needs of variety of parties who are interested in the functioning of the business. These parties constitute the owners‚ creditors‚ employees‚ government agencies‚ tax authorities‚ prospective investors‚ and last but not the least the management of the business. The business has to serve the needs
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strategies which they use and could use in that respect. The main idea of the paper is that the principle “differentiate or die” (Jack Trout) has died. Today the global brands don’t strive to differ from their competitors in everything and at any cost. As an example‚ let’s have a global look at the business of mobile phones. In June 1998 Ericsson‚ Nokia‚ Motorola and Psion established their own International Strategic Alliance‚ a private independent company called “Symbian”. Symbian Ltd. is an
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OVERHEAD COSTS ACCOUNTING Overheads are indirect costs which can not directly be traced to cost units. The task of the cost accountant is to charge these overhead costs to cost units/products. There are two approaches of charging overhead costs to cost units Viz i. Traditional/conventional absorption costing method and‚ ii. Activity Based Costing (ABC) Classification of overheads Overheads can be classified as production or non production overheads. Production overheads are those incurred
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to go wrong in the analysis of direct material and other direct costs and what could be done about it. The analysis of direct material and other direct costs and what could be done about it is that when a particular organization prepares for the budget in relation to the cost of direct material or direct labor then‚ it has to consider the inflation rate and the standard rates in the industry. In relation to the direct labor cost‚ the organization has to analyze of the industrial standard of the
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