Define cost object and give three examples Cost object is defined as “Anything for which a separate measurement of cost is desired”. The term cost object and cost objective is synonymous. Cost object may refer to a process‚ a cost centre‚ and cost units. Cost unit is a quantitative unit of product or service in relation to which cost are ascertained. Cost centre is a location‚ function or item of equipment in respect of which cost are ascertained. 2. Define cost accumulation
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1. Printed Circuits Components for a JIT Factory ---- Page 886 Model Answer The purpose of this case is to familiarize the student with the conflicts between price‚ service‚ time‚ and quality that occur when selecting a source. Selecting satisfactory suppliers is one of procurement’s major responsibilities‚ and when done correctly‚ can lead to optimal trade-offs between the four conflicting factors in a purchase decision. Some important aspects of supplier selection include: 1.
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In “The Wasp Factory”‚ the penis is seen as a symbol that frees men from seeking their own personality as it talks for itself. Frank’s deprivation of this “symbol of manhood” causes him a lack of identity‚ which in its turn‚ trigger a sex pursuit‚ as he dedicates his life to replace it and to out-man others. This is ironic as when he thinks he’s got his world perfectly figured out‚ he realizes he’s a woman‚ which profoundly questions the significance of “manhood” as we discover its fragility and
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Cost Theory in Economics A central economic concept is that getting something requires giving up something else. For example‚ earning more money may require working more hours‚ which costs more leisure time. Economists use cost theory to provide a framework for understanding how individuals and firms allocate resources in such a way that keeps costs low and benefits high. 1. Function * Economists view costs as what an individual or firm must give up to get something else. Opening a
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indirect costs are allocated using only one or two cost pools. All or most costs are identified as output unit-level costs. Products make diverse demands on resources because of differences in volume‚ process steps‚ batch size‚ or complexity. Products that a company is well suited to make and sell show small profits while products for which a company is less suited show large profits. 9-5 (1) Identify the activities that consume resources and assign costs to them. (2) Identify the cost driver(s)
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TYPES OF COST AUDIT * Cost Audit to assist Management : The main object of this type of cost audit is to make available accurate‚ relevant and prompt information to management to assist it in taking important managerial decisions. * Cost Audit on behalf of the Government: The government may appoint a cost auditor to conduct cost audit where it is necessary(a) to do so in the opinion of the government under section 233-B of the companies Act‚ 1956; (b) to ascertain correct cost of certain
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Apple Valley Family Practice July 2013 Cost Allocation Methodologies Prepared for Group Executive Committee Nadine Presented by Apple Valley Family Practice July 2013 Cost Allocation Methodologies Prepared for Group Executive Committee Nadine Presented by Introduction Apple Valley Family Practice is a medical practice with four locations in the Minneapolis/St. Paul area. The clinical staff consists of 20 physicians‚ all of whom practice in one or more areas of family medicine
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COST ACCOUNTING M.ASAD ABBAS PAF KIET TABLE OF CONTENTS Executive Summary ......................................................................................................3 Introduction .....................................................................................................................4 Costing Strategy of Vesta Apparel.............................................................................5 Full Cost of the Primary
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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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Cycle Cost How your Northern saves you money ® Reference: Hydraulic Institute (www.pumps.org) What is Life Cycle Cost? • The life cycle cost (LCC) of any piece of equipment is the total “lifetime cost to purchase‚ install‚ operate‚ maintain‚ and dispose of that equipment. • The components of a life cycle cost analysis typically include initial cost‚ installation and commissioning costs‚ energy costs‚ operation costs‚ maintenance and repair costs‚ down time costs‚ environmental costs‚ and
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