accounting profits and economic profits for Gomez’s pottery. Explicit costs: $37‚000 (= $12‚000 for the helper + $5‚000 of rent + $20‚000 of materials). Implicit costs: $22‚000 (= $4‚000 of forgone interest + $15‚000 of forgone salary + $3‚000 of entreprenuership). Accounting profit = $35‚000 (= $72‚000 of revenue - $37‚000 of explicit costs); Economic profit = $13‚000 (= $72‚000 - $37‚000 of explicit costs - $22‚000 of implicit costs). 8-4 (Key Question) Complete the following table by calculating
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Impact of Cost-benefit analysis on industry decision making: Transportation Cost-benefit analysis (CBA)‚ in essence‚ is a tool for decision making. It can be applied to almost any kind of decision in any kind of field. In its most pure form‚ a CBA will aggregate the pros and cons (positive and negative effects) of a proposal‚ and‚ if the pros (benefits) outweigh the cons (costs)‚ the proposal is viable. Usually‚ the analyst will assign monetary values to each of the costs and benefits‚ hence making
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Evaluate how personal learning and development may benefit others Personal development is very significant as this builds and helps individuals to achieve their goals‚ the individual can do this by working to their full potential and as well as set themselves achievable targets that they can achieve by using their potential. Personal and professional development is about the way the individual progresses and develops in a personal professional way. In all career an employer examines this by the
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Hospital Orientation: An Evaluation of the Process Lee Anne Squires‚ RN‚ BSN Abstract New graduates will most assuredly go through a great deal of stress as they transition from student to professional nurse. Because of these stressors‚ there is a large turnover in newly hired nurses. Using a convenience sample of registered nurses who had graduated in the past six months‚ this descriptive study asked nurses to evaluate the effectiveness of their hospital orientation training. Because nurse
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Cost reduction Generally defined as the act of cutting costs to improve profitability. Cost reduction‚ should therefore‚ not be confused with cost saving and cost control. Cost saving could be a temporary affair and may be at the cost of quality. Cost reduction implies the retention of essential characteristics and quality of the product and thus it must be confined to permanent and genuine savings in the costs of manufacture‚ administration‚ distribution and selling‚ brought about by elimination
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Topic 6: Management Accounting and Cost Case: Shelter Partnership a. My main learning outcomes from Topic 6 and the Case Study; 1) Firstly‚ I realize management accounting has much to offer. Somehow I can handle physics but not accounting. Now thanks to this course I can appreciate and make sense of it. The bit that really caught my attention was seeing how management accounting can be really useful for business planning‚ cost management‚ budgeting and performance measurement. It offers
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11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity?
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reads the advertisement for the position and fuses with their training and development as a part of the organisation. Why do we need an induction procedure? A proper induction will give both the employees and the organisation the following benefits: (1) It improves the motivation of new employees by helping them (2) quickly assimilate the workplace culture‚ as well as (3) their knowledge of the products/services provided by the organisation and the systems in place. This in turn (4) boosts
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CHILD CARE LICENSING IN ONTARIO Orientation Package for Prospective Child Care Operators June 2008 TABLE OF CONTENTS Introduction Child Care in Ontario Child Care Licensing in Ontario Role of the Operator The Director under the Day Nurseries Act Role of Program Advisors The Application Process Planning and Design Guidelines for Child Care Centres Obtaining a Licence Health Canada – Product Safety Program Duration of Licensing Process Types of Licences Child Care Licensing Website
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Strengthening the Orientation Process Estee Schmidt Kaplan University Strengthening the Orientation Process When the role of the orientation process is properly understood‚ it has many benefits. One of the key benefits is nurse retention. The orientation process is better at some hospitals than others‚ but all can benefit from strengthening the orientation process. You want an effective orientation process but not one that is going to cost too much. A good orientation process is going to increase
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