Chapter 2—Cost Terminology and Cost Behaviors MULTIPLE CHOICE 1. The term "relevant range" as used in cost accounting means the range over which a. | costs may fluctuate. | b. | cost relationships are valid. | c. | production may vary. | d. | relevant costs are incurred. | ANS: B PTS: 1 DIF: Easy OBJ: 2-2 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Measurement‚ Reporting 2. Which of the following defines variable cost behavior
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------------------------------------------------- Hindustan Unilever Hindustan Unilever Limited (HUL) is an Indian consumer goods company based in Mumbai‚ Maharashtra. It is owned by Anglo-Dutch company Unilever which owns a 67% controlling share in HUL. HUL’s products include foods‚ beverages‚ cleaning agents and personal care products. HUL was established in 1933 as Lever Brothers India Limited and‚ in 1956‚ became known as Hindustan Lever Limited‚ as a result of a merger between Lever Brothers
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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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Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures‚ a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the other
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universally accepted name. The first part of the scientific name—in this case‚Ursus—is the genus to which the organism belongs. Agenus(JEE-nus; plural: genera‚ JEN-ur-uh) is a group of closely related species. Linnaeus’s hierarchical system of classification includes seven levels. They are—from smallest to largest—species‚ genus‚ family‚ order‚ class‚ phylum‚ and kingdom Family- group of genera that share many characteristics Order- group of similar families Class- group of similar
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5 Ways to Slash the Cost of Back to School Shopping A flurry of day trips‚ sand castles and ice cream may make school a distant memory for the little people in your life. Parents‚ on the other hand‚ know that the next few weeks will pass all too quickly and it will soon be time to wave the kids off at the school gate (lumps in throat optional). According to the National Retail Federation‚ you can expect to lay out upwards of $600 to ensure each child arrives at school looking smart and packing
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Cost of Goods Checkpoint Cost of Goods Checkpoint A multi-step income statement for a trading business highlights the fact that between 40% and 60% of revenue from sales is accounted for as the cost of goods sold. The cost of goods attributed to a company’s products is expensed as the company sells these goods. There are several ways to calculate COGS but one of the more basic ways is to start with the beginning inventory for the period and add the total amount of purchases made during the
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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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Microeconomics Topic 6: “Be able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which
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Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant‚ a firm‚ and an industry. Plant – establishments such as a factory‚ farm‚ mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of
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