Cost Control and Cost Reduction A business enterprise must survive‚ grow‚ and prosper. Cost Control and Cost Reduction are activities necessary for ensuring that these objectives are fulfilled. With the liberalization of the Indian Economy and Globalization‚ there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival. This has increased the importance of cost control and Cost Reduction. Cost Control “Cost control
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Cost Classification Introduction: In this assignment I will be discussing how costs incurred in any organization may be classified in a number of different ways for a number of different purposes. I will also be looking to find companies that use a variety of different costing techniques and methods. I will also be discussing the comparisons between marginal and absorption costing and how the concept of activity based costing can also be compared with these. To complete the assignment I will
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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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1. The owner to the small pizzeria should compare the marginal benefit expected from increasing the radius of delivery area by one mile with the marginal cost. Some other additional cost of resources that would be required is the extra gas that will be used during the extra mile added. In result‚ you can begin with a marginal choice to see how these choices affect the additional sales revenue. 2. 200 C Cars 100 B
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Support Literacy and Numeracy Activities: Children with English as an Additional Language (EAL) 1. Why is it important to know if a child is not fluent in English? (Think about how this may affect a child’s learning). It is important that the teachers who work with the “EAL” child know that he may not always understand what is being said to him‚ because he speaks a different language at home. Teachers need to make a special effort to ensure he does understand‚ by demonstrating to him‚ showing
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Abortion is defined as the termination of a pregnancy. This can be a voluntary or involuntary process. An involuntary abortion is often referred to as a miscarriage‚ in which a fetus is prematurely expulsed from the womb. The term abortion is typically used in reference to a voluntary and deliberate termination. In either case of termination‚ the fetus is not carried to full term. There are a variety of reasons for which a female would undergo an abortion. Person conflicts are the leading reason
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Costs of Production July 2011 Topics to be Discussed Measuring Cost: Which Costs Matter? How do Cost Curves Behave? – Cost in the Short Run – Cost in the Long Run How to Minimize Cost? How to draw Implications for Business Strategy? Topics to be Discussed Production with Two Outputs: Economies of Scope Dynamic Changes in Costs: The Learning Curve Estimating and Predicting Cost Measuring Cost: Which Costs Matter? Accountants tend to take a retrospective view of firms’ costs‚ whereas
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Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant‚ a firm‚ and an industry. Plant – establishments such as a factory‚ farm‚ mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of
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PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However‚
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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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