Cost Classifications and Estimation 2.0 Introduction Cost classification may be defined as ‘the arrangement of cost items in a logical sequence having regard to their nature and purpose to be fulfilled’. The term cost must be qualified when in use in order that its precise meaning is established in a particular situation; however‚ cost refers to the amount of resources that have been diverted from other uses or sacrificed so as to achieve the desired objective. But the term is used to refer to
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under efficient operating conditions absorption costing all manufacturing costs are assigned to products: direct material‚ direct labour‚ variable and fixed manufacturing overhead acceptable quality level (AQL) the defect rate at which total quality costs are minimised account classification method (or account analysis) the process in which managers use their judgement to classify costs as fixed‚ variable or semivariable costs accounting rate of return (or simple rate of return‚ rate of return on assets
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HUMAN RESOURCE MANAGEMENT SOO CHUNG KIAN LITERATURE REVIEW: JOB ANALYSIS AND JOB DESIGN What Is Job Analysis? Introduction In human resources‚ job analysis plays an important role of it. It provides information regarding positions in the organisation. It is an important topic as well as a vital employment tool which can assist with HR activities and potential and current employees‚ ‘Job analysis is the systematic study of positions to identify their observable duties and responsibilities
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Job design determines the way work is organized and performed. Job design typically refers to the way that a set of tasks‚ or an entire position‚ is organized. The aim of job design is to improve job satisfaction‚ to improve quality and to reduce employee problems (e.g.‚ grievances‚ absenteeism‚ turnover etc).Good design incorporates the relationship with organizational goals and values and should be well understood in order to align and prioritize the job’s responsibilities. The design should:
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for decision makers including managers‚ investors‚ regulators‚ lenders‚ and the public. Accounting systems affect behavior and management and have affects across departments‚ organizations‚ and even countries. This paper will give the reader an understanding about cost accounting. This paper will discuss: Why is cost accounting so important to the success of the firm; what are the various methods of cost accounting and how are they used; how does an operating budget work to discipline a firm’s management;
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Super Amigos Documentary Super Amigos by director Arturo Perez Torres‚ was an intriguing documentary that brought to light the different struggles that are faces on the daily. For instance: sexuality‚ animal protection‚ and environmental issues. The different super heroes embody something greater than just looking silly in a wrestler’s costume—to make a change and fight for social justice. Each one of the Super Amigos served with a different purpose‚ but all came together to achieve one sole duty—to
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each purpose discuss whether information about current or future product costs is required. What implication does your answer have for developing a product costing system? L-S‚ T & H‚ page 131. Purpose Current / Future Product Costs Short-term decisions: product mix‚ pricing Future Longer-term strategic decisions Future Long-term pricing Future Plan future product-related costs Future Control of product costs Current Reimbursement contracts Current External reporting (inventory
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Chapter 8 The Economic Order-Quantity (EOQ) Model Leroy B. Schwarz Purdue University The economic order-quantity model considers the tradeoff between ordering cost and storage cost in choosing the quantity to use in replenishing item inventories. A larger order-quantity reduces ordering frequency‚ and‚ hence ordering cost/ month‚ but requires holding a larger average inventory‚ which increases storage (holding) cost/month. On the other hand‚ a smaller order-quantity reduces average inventory
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___________________________________________________________________________ 1. A process is a series of activities or operations‚ which are linked to perform a specific objective. True False 2. The cost flows for a process-costing system are totally different from those of a job order costing system. True False 3. Process systems are characterized by a larger number of homogeneous products passing through a series of processes. True False 4. The production report is the document that summarizes the
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CHAPTER 14: PROCESS COSTING AND THE COST ACCOUNTING CYCLE Multiple Choice c 1. ABC Company made the following journal entry. Work in Process Inventory $200‚000 Direct Labor $188‚000 Direct Labor Rate Variance 12‚000 From this entry we can tell that ABC uses a. job-order costing. b. process costing. c. standard costing. d. normal costing. d 2. CDE Company
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