COST CLASSIFICATION CONCEPT OF COST: DEFINITION: A SACRIFICE OR GIVING UP OF RESOURCES FOR A PARTICULAR PURPOSE FREQUENTLY MEASURED BY THE MONETARY UNITS (RUPEES‚ DOLLARS) THAT MUST BE PAID FOR GOODS AND SERVICES . ➢ EMPHASIS ON COST INFORMATION: MANAGEMENT ACCOUNTANTS PAY A LOT OF ATTENTION TO COSTS BECAUSE COST HAVE A VITAL ROLE TO PLAY IN PLANNING ‚ EVALUATING AND DECISION MAKING. FOR EXAMPLE IN PLANNING THE ROUTE AND FLIGHT SCHEDULES THE MANAGER OF AN AIR LINE MUST CONSIDER
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WHY PROFIT DOES NOT EQUAL CASH Why is profit not equal to cash coming in? Some differences such as loans received which do not impact the profit and loss statement are pretty obvious. Others may not be as obvious but you can break them down into three main areas: - Revenue is booked at sale. In many cases a sale is recorded for accounting purposes in the profit and loss statement when a company delivers a product or service. In many cases‚ no cash has been exchanged at the time of
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products because the cost is fixed and the profits will depend on the cost of products. The market environment To estimate the competitor actions about their new products price and some other factors which can impact the puma product sales? Also puma should understand the legal constraints because they have the social responsibility to make sure their products are legitimate. Set price objectives Puma should set the price objectives such as profits maximization or keep the price stabilize.
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Question 2 Cost Volume Profit Analysis 1.0 Introduction According to Jon Scheumann “a successful organizations need a culture that is attuned to cost management and pay attention to cost structure” From that statement manager must pay attention and carefully thinking when do decision making to the cost. For example when manager want to target the profit. They must take every cost that related in production such as variable cost and fix costs. Cost Volume profit analysis is used in decisions
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OF EXTRA-MURAL STUDIES MASTERS IN PROJECT PLANNING AND MANAGEMENT LDP 601: FUNDAMENTALS OF MANAGEMENT PRESENTED BY: GROUP 1 SUBMITTED TO: PROFESSOR HARRIET JEPCHUMBA KIDOMBO DATE OF SUBMISSION: APRIL 15‚ 2014 Question: Examine the concept of ethics and illustrate with a case study how it has been institutionalized in an organization Group 1 Members No Name Registration No. 1. Michael Ngumbu Nguri L50/71712/2014 2. Anne Wanjiku Waititu L50/71437/2014
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Marketing Concepts In your own words‚ define the following marketing concepts and provide a relevant real world example to accompany each definition. Concept Definition Example Need what a person is thinking and feeling and what motivates them to satisfy that need. A person can be satisfied by wearing a fashionable coat‚ which meets their needs and wants of looking great and staying warm. Benefit motivating a consumer to buy a product that satisfies them in more than one way. A
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List of Concepts covered in Class each Week Fall Semester Week 3 - Chapter 2: relativism‚ cultural evolution‚ enculturation‚ acculturation‚ power distance‚ masculinity/femininity‚ tolerance for ambiguity‚ individualism/collectivism‚ high & low context cultures‚ intercultural comm. competence‚ stereotypes‚ ethnocentrism‚ stages of culture shock‚ any of the concepts covered in the Japanese communication patterns Blackboard article. Week 4 – Chapter 3: self-concept‚ self-awareness‚ self-esteem
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The cost profit analysis (CVP) determines how cost and volume affect a company’s operating income. To successfully perform the analysis the five basic components have to be known. The components are volume or level of activity‚ unit selling prices‚ variable cost per unit‚ total fixed cost‚ and sales mix. Volume or level of activity is how many units are produced or sold. The unit selling prices are the cost that each unit produced is sold or thought to be sold will sale for. The variable cost per
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Marketing concept The marketing concept holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating‚ delivering‚ and communicating customer value to its chosen target markets. The marketing concept rests on four pillars: target market‚ customer needs‚ integrated Marketing and profitability. . The selling concept takes an inside-out perspective. It starts with the factory‚ focuses on existing products‚ and calls for heavy selling
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financial statements of the two years period‚ from 2012 to 2013 will be discussed after. Finally‚ the paper will inspect the external factors such as the unemployment rate‚ states and local economy in order to detect the correlation and how those factors impact the financial statement data. II- The Important Terminologies The financial reporting model has been called a “dual perspective” model because it requires reporting two methods: fund financial statements and government-wide financial statements
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