MARGINAL COSTING [pic] SUBMITTED TO: SUBMITTED BY: Dr. Shashi Srivastav ABHISHEK KUMAR RAI
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[pic] Learning Objectives: ← To understand the meaning of standard costing‚ its meaning and definition ← To learn its advantages and limitations ← To learn how to set of standards and determinations ← To learn how to revise standards Introduction: Standard costing is a very practical and therefore widely used costing system‚ in businesses that make a range of products which‚ although different‚ pass through standard and repetitive processes and machinery. Standard cost is the
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Talent Management Strategy Alicia Cann Dr. Zelphia Brown‚ SPHR HRM532- Talent Management 5/12/13 Formulate a talent management strategy to encompass the entire talent requirements of the organization. When discussing and planning your organization’s future‚ it’s important to consider not just the goals‚ objectives‚ and initiatives‚ but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with
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Over the past several years‚ increasingly‚ there has been a trend within business and manufacturing community to associate JIT with Lean operations. According to “Reference for Business” Lean methodology is Westernized version of Japanese Just-In-Time system‚ where both of these systems share mostly the same characteristics and goals‚ and often used interchangeably. Whereas there are similarities between these two methodologies‚ there are also principal differences between them. It should be noted
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Introduction of Standard costing 2. : CIMA { } 3. : Advantages of Standard costing 4. : Limitation of standard costing 5. : Types of standard costing 6. : Examples of standard costing 7. : Variance analysis 8. : Types of analysis 9. : Refferences 10. : Conclusion Standard Costing and Variance Analysis Introduction MEANING OF STANDARD COST AND STANDARD COSTING Standard Cost The
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To what extent was market maturity the cause of Caterpillar’s restructuring? Critically examine the extent the new strategy transformed market‚ productive and financial performance. The aim of this paper is to assess the extent to which market maturity influenced the restructuring phase that Caterpillar underwent after it was nearly put out of business in the 1980s. It will be argued that surely market maturity played a central role in the company’s restructuring‚ as the increase of competition
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STRATEGY AND STRATEGIC MANAGEMENT What is Strategy? A strategy is a long-term approach to implementing a firm ’s business plans to achieve its business objectives. It is also defined as the art and science of planning and marshalling resources for their most efficient and effective use. However‚ Johnson and Scholes (Exploring Corporate Strategy) define strategy as follows: "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization
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Marginal Costing vs Absorption Costing Marginal Costing and Absorption Costing are methods which are often used to prepare profit statements‚ value inventory and assist in pricing decisions. The methods have some notable differences‚ which can be reconciled though. Absorption Costing absorbs all manufacturing/production costs into inventory valuation. These costs include direct material‚ direct labour‚ direct expenses‚variable production overheads‚ as well as fixed production overheads. On the
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Uniform Costing and Inter Firm Comparison UNIFORM COSTING Uniform Costing is not a distinct method of costing. In fact‚ when several undertakings start using the same costing principles and/or practices they are said to be following uniform costing. The basic idea behind uniform costing is that the different concerns in an industry should adopt a common method of costing and apply uniformly the same principles and techniques for better cost comparison and common good. The principles and methods
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Historical Development of Marginal Costing Marginal cost is the change in the total cost that arises when the quantity produced has an increment by unit. That is‚ it is the cost of producing one more unit of a good. In general terms‚ marginal cost at each level of production includes any additional costs required to produce the next unit. The concept of marginal utility grew out of attempts by economists to explain the determination of price. The term “marginal utility”‚ credited to the Austrian
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