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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Model Concluding Arguments Concluding Arguments A discussion of the three models surrounding Corporate Social Responsibility A discussion of the three models surrounding Corporate Social Responsibility Outline Outline is profit the only business of business? is profit the only business of business? The Stakeholder Model‚ that was developed my R. Edward Freeman‚ and states that collectivist ends can be attained without collectivist needs. It is important to distinguish a stakeholder from
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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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Accounting 4304 Written Assignment Questions for Not-for-Profit Agencies For the agency which you have selected‚ provide the following information: I. Basic Agency Information A Name of organization B Address C Executive Director’s name and title D Does the organization utilize volunteer? If so‚ how many and in what capacity? E Describe geographic area that the agency serves F Is the agency affiliated with a state‚ regional or national organization? If yes‚ provide the following
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The three myths in the “Appetite for Profit” book are choosing to eat healthier‚ marketing has little impact on food choices‚ and parents can say no to their kids. The first myth essentially comes down to the availability of healthier food. Not everyone has the option to afford this food because “healthy” food markets such as wholes food can be very expensive. Not only is it expensive‚but stores such as these are not always located in certain communities. The second myth describes the idea that
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Incorporation 7 2.3 Shaw Communications Incorporation 8 2.4 Cogeco Cable Company 9 3.1 Marginal Private Benefit 11 3.2 Marginal Private Cost 11 3.3 Demand Schedule of the market 12 Figure Title Page 1.1 2003 Market Share of Canadian Cable Companies. 2 2.1 Conventional Depiction of Natural Monopoly 4 2.2 Measurement of Possibility of Natural Monopoly 5 2.3 Canadian Cable Television Indusry 6 2.4 Rogers Communications Incorporations 7 2.5 Shaw Communications Incorporation 8 2.6
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Costs and Revenues What is cost? If you go to a store and like an item and you want to buy it‚ which of the following questions would you ask: What’s the price of …..? 0R How much does …. cost? Examples of costs – set-up Examples of costs - running Fixed Costs 5000 What happened to the fixed costs if for some reason the company had technical problems and was unable to produce for 2 weeks? What happens if the landlord decided to raise the rent due to high property prices
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ACCOUNTING FOR MATERIALS A company’s inventory records should show (1) the quantity of each kind of material on hand and (2) its cost. The most desirable method of achieving this result is to integrate the materials accounting system with the general ledger accounts. All purchases of materials on account are recorded as a debit to Materials in the general ledger. The materials account is a control account that is supported by a subsidiary materials ledger containing an individual account for each
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Sherman Antitrust Act‚ The Federal Trade commission Act‚ The Clayton Antitrust Act and the Celler-Kefauver Act. The Sherman Antitrust Act is legislation enacted to protect Americans against monopolies. It makes it illegal to make contracts or conspire to restrict trade or commerce. It also outlaws monopolies. The Federal Trade Commission Act established the Federal Trade Commission and set up how it would be run‚ with a group of 5 people that did not follow party lines that would be chosen for
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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
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