TYPES OF COSTS Introduction :-Production is the result of services rendered by various factors of production.The producer or firm has to make payments for this factor services. From the point of view of the factor inputs it is called ‘factor income’ while for the firm it is ‘factor payment’‚ or cost of inputs.Generally‚ the term cost of production refers to the ‘money expenses’ incurredin the production of a commodity. But money expenses are not the only expensesincurred on the production
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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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Business (UKM-GSB-LHDN) Cost Classification: Government Agency PROBLEM 2-56 The Department of Natural Resources is responsible for maintaining the state’s parks and forest lands‚ stocking the lakes and rivers with fish‚ and generally overseeing the protection of the environment. Several cost incurred by the agency are listed below. For each cost‚ indicate which of the following classifications best describe the cost. More than one classification may apply to the same cost item. The Answers
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Quality Cost 1 Quality is defined from the customer´s point of view l Performance l Performance or the primary operating characteristics of a product or service. Example: For a car‚ it is speed‚ handling‚ and acceleration. For a restaurant‚ it is good food. l Features l Features or the secondary characteristics of a product or service. Example: For a TV‚ it is an automatic tuner. For a restaurant‚ it is linen table cloths and napkins . l Reliability l Reliability
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products. Chuck questioned if the current cost-management system was providing the management with accurate data about product costs. In a traditional‚ volume-based product-costing system‚ only a single predetermine overhead rate is used. All manufacturing-overhead costs are combined into one cost pool‚ a grouping of individual indirect cost items‚ and they are applied to products on the basis of a single variable that costs over a given time span (cost driver) that is closely related to production
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Is the Cost of Education Too High? Education is a human right. At the core of education is the development of societal and individual cultural identity. Education makes people neither tired nor rich and can make all people equal through social justice. Social justice is the precondition for sustainable human development and peaceful coexistence. Every child has the right to an education and every person has a right to satisfy their basic learning needs. However‚ in recent years‚ education
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Estimate Tuition and Expenses The choices a student can make to reduce the amount they would need to borrow on a loan are they could apply for grants‚ scholarships‚ monetary gifts‚ employer tuition benefits and military benefits. Areas that I felt compelled to borrow more to cover expenses I do not understand if you’re asking in school or in my personal life? Right now enrolling in school I have been granted half of the semester tuition and need to come up with the difference. I wanted to stay
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Majority of high school students graduate and begin to prepare for college with the mindset that their college experience will be the same as it was in high school. They will soon be awakened by the reality of the different lifestyle college has to offer. The cost of college can become pricey between tuition‚ books‚ as well as living expenses. In addition‚ college offers a more advanced social environment than high school and you’re fairly responsible for transportation in college whereas in high school
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is that primary school students do not need tuition. Let me define the terms in the motion. Tuition in the local context is instruction we receive out of school premises. It is usually held in small groups or individually. Primary school pupils are students aged 7-12. I am going to talk about how tuition adds stress for the child for the child. The 2nd speaker will be talking about who’s responsibility the child’s education is? The main purpose of tuition is to improve the student’s examination results
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Tuition Reimbursement 1 Tuition Reimbursement Implementation Report Ronn Westmoreland University of Phoenix Tuition Reimbursement 2 In today’s world‚ people of all ages are choosing to further their education by obtaining some sort of degree from a college or university. This has been made easier for most people because now there is an option of taking courses online rather than having to attend classes on campus. It also gives people the opportunity to work full time while furthering
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