Importance of being prepared The act of being prepared has enabled humans to both lessen the impact of misfortunes and provide themselves with a basis of reaching a higher level. This in itself has been one of the major factors that had enabled society to develop this far without being destroyed in the process. Along with the everyday preparations that prevent students from failing a class‚ there are other higher stake preparations that are engrained into certain professions. Major example being
Premium Time Term As Time Goes By
Budgeted Production Cost and Variance Analysis. At the beginning of 2011‚ Jejemon Corporation adopted the following standards: Direct Materials (3 lbs. @ P2.50 / lb) P 7.50 Direct Labor (5 hours @ P7.50 / hr) 37.50 Factory Overhead: Variable (P3.00 per direct labor hour) 15.00 Fixed (P4.00 per direct labor hour) 20.00 Standard Cost per unit P 80.00 Normal volume per month is 40‚000 standard labor hours. Jejemon’s january budget was based on normal volume. During January
Premium Normal distribution Variance Cost accounting
1. At a study session before a midterm exam you heard four of your friends chatting: Explain each statement‚ using utility analysis. a.“I think Joshua paid too much for his backpack.” --The speaker does not receive as many utils from shopping for backpacks as Joshua. b.“I gave Eddie $20. He really needed it more than I do.” --Money is not as important to this person‚ Eddie will get more utils out of each dollar then the person who gave him the money. c.“I didn’t go to the concert last night because
Premium Psychology English-language films Sociology
This summary has been prepared to explore the different costs and funding options within InterContinental Hotels group (IHG) recognising which of these help towards reducing said costs and controlling expenditure. Sixty years down the line and IHG are a fast growing business with over 60‚000rooms globally‚ spread across 180 hotels and 51 future developments (IHGplc 2014). “We’re also expanding our brands into new markets – and in 2013‚ we opened the first Hotel Indigo in Israel‚ Spain and Hong
Premium Costs Variable cost Cost
approaches are used for costing products for the purpose of valuing inventories and cost of goods sold. One approach is called absorption costing. Absorption costing is generally used for external financial reports. The other approach called variable costing is preferred by some companies for internal decision making and must be used when an income statement is prepared in the contribution format. Ordinarily absorption costing and variable costing produce different figures for net income and the difference
Premium Variable cost Marginal cost Revenue
facilities and hospitals? As research shows having a Bachelor’s degree prepared nurse rather than an associate prepared nurse brings forth a greater improvement in the outcomes of all patients. Many hospitals in my area now require almost every new nurse to have a Bachelor degree‚ and current nurses on staff to receive
Premium Nursing Bachelor's degree Academic degree
Activity Based Costing and the Theory of Constraints are‚ respectively‚ Overhead Absorption Costing and Marginal Costing in a different guise Introduction In this assignment I will be investigating the assertion that Activity Based Costing and the Theory of Constraints are‚ respectively‚ Overhead Absorption Costing and Marginal Costing in a different guise. To analyse this statement I will compare ABC with Overhead Absorption Costing and Theory
Premium Variable cost Costs Management accounting
Classificatory smoothing of Income with Extraordinary Items - Summary Within this paper they talk about whether extraordinary items are used to smooth ordinary or operating income over time. The role of extraordinary items was never really looked at become separately and that is what they wanted to look at. They talk about how previously the focus was on net income after extraordinary items but that it is important to look at net income before extraordinary items also
Premium Revenue Generally Accepted Accounting Principles Income
Activity-Based Costing in Banking Jessica Phinney ACC522: Budgeting and Cost Accounting Professor Guenther April 15‚ 2013 Activity-based costing (“ABC”) is considered one of the best and most popular tools for allocating costs by identifying individual activities as cost objects. Originally‚ activity-based costing was mainly used in manufacturing industries but‚ due to its preciseness‚ this system has recently grown popular in the service industries as well‚ including banking
Premium Cost accounting Costs Cost
LIFE CYCLE COSTING Question 1 Solaris specializes in the manufacture of solar panels. It is planning to introduce a new slim line solar panel specially designed for small houses. Development of the new panel is to begin shortly and Solaris is in the process of determining the price of the panel. It expects the new product to have the following costs. Particulars | Year 1 | Year 2 | Year 3 | Year 4 | Units manufactured and sold | 2‚000 units | 15‚000 units | 20‚000 units | 5‚000 units |
Premium Costs Cost Variable cost