How do the economic benefits of college compare to the costs? Under what circumstances-if any-is college worth it? I think that it depends on what you would like to do‚ whether a college degree is really worth it. I know for my future career goal of becoming a nurse‚ it is definitely necessary. But‚ if you chose to be a restaurant manager or become a police officer/fire fighter a college degree may not be the most cost effective path to becoming successful. When I went to college‚ I thought that
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Explain the principles behind cost benefit analysis. Is the use of cost benefit analysis essential in the appraisal of public spending? Discuss this in the light of a transport capital expenditure project with which you are familiar. Cost–benefit analysis is often used by governments to evaluate the desirability of a given intervention. It is an analysis of the cost effectiveness of different alternatives in order to see whether the benefits outweigh the costs. The aim is to gauge the efficiency
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1.1. INTRODUCTION Financial Management refers to that part of the management activity that is concerned with the planning and controlling of the firms financial resources. Hence it is applicable to every type of organization‚ irrespective of its size‚ kind or nature. Therefore it has a universal applicability and is indispensable to any organization. Financial management is the art and science of using‚ managing & controlling the business money. It is the management & control of money and money
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budgets. 3. The costs of direct materials are classified as: A. Choice A B. Choice B C. Choice C D. Choice D 4. The three basic elements of manufacturing cost are direct materials‚ direct labor‚ and: A. cost of goods manufactured. B. cost of goods sold. C. work in process. D. manufacturing overhead. 5. 25. Prime cost consists of direct materials combined with: A. direct labor. B. manufacturing overhead. C. indirect materials. D. cost of goods manufactured.
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manufacturing or trading‚ require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution‚ when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial age‚ most of the costs incurred by a business were what modern
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have a sound knowledge of cost behaviour ie fixed costs‚ variable costs‚ semi-variable costs and sunk costs. Answer: Understanding cost behaviour helps manager in anticipation of changes in cost when there is a change in their activities like production‚ sales‚ inventory pile up etc. It provides good assistance in planning‚ cost management and decision making. A number of behaviour patterns exist ranging from fixed to variable and from linear to curvilinear. Many cost predictions techniques are
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COST ACCOUNTING Select the one best answer for each: 1. Which one of the following would not be classified as manufacturing overhead? a. Indirect labor b. Direct materials c. Insurance on factory building d. Indirect materials 2. Prime costs of a company are $3‚000‚000‚ manufacturing overhead is $1‚500‚000 and direct labor is $750‚000. What is the amount of direct materials? a. $1‚500‚000. b. $750‚000. c. $2‚250‚000.
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Analysis of Costs Costs affect input choices‚ investment decisions‚ and even the decision of whether to stay in business. A. Economics analysis of costs 1. Total cost: fixed and variable (1) Total cost represents the lowest total dollar expense needed to produce each level of output q. TC rises as q rises. (2) Fixed cost represents the total dollar expense that is paid out even when no output is produced. FC is unaffected by any variation in the quantity of output. (3) Variable cost represents
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Cost Allocation University of Phoenix Accounting in Healthcare ACC561 December 12‚ 2010 Cost Allocation Transfer Pricing [pic] [pic] Transfer pricing is a value attached to the output of a department to measure the value of the trade with other departments within the organization. Transfer prices will not affect the organization’s profit results. This contributes directly to the process of departmental performance measurement and indirectly to the measurement of a product
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Cost Accounting Fundamentals Introduction to Cost Accounting Cost accounting is an internal reporting system for an organisation’s own management for decision making. It is the process of accounting for costs. It includes the accounting procedures relating to recording of all incomes and expenditures and the preparation of periodical statements and reports with the object of ascertaining and controlling costs. It is thus the formal mechanism by means of which cost of products or services are
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