of the more basic concepts of economics. Scarcity needs trade-offs‚ and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms‚ the opportunity cost of a decision is based on what must be given up as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost‚ scarcity and trade-off are important in our daily life because it affects us every day in different ways and
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LOOKING TOWARDS THE FUTURE The purpose of this assignment is to identify and describe my personal‚ professional and academic goal‚ apply the Smart Goal process and explain each component‚ create how I will predict success in achieving my goals based on my past positive experiences‚ and my personality as it relates to being an online student. Obtaining my BA Social and Criminal Justice while‚ attending Ashford University online will most definitely help with achieving my long-term academic‚ personal
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Elisabeth I died in 1603. James VI of Scotland succeeded her‚ he became the first English king of the Stuart Dynasty‚ and‚ as he was also the king of Scotland‚ the crowns of these two countries were united. Although their governments continued to be separate‚ their linguistic differences were lessened in this century. James was successful in keeping England out of European wars‚ and encouraging colonial projects in the New World and economic growth at home. In the seventeenth century‚ the link
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relationships‚ costs and rewards play an influential role in our decision making process‚ where we determine whether we are going to continue engaging in a relationship or choose to terminate it‚ as explained in Doctor Lobel’s lecture on close relationships. This is a component of the social exchange theory that suggests humans are rational beings who evaluate each of their relationship’s worth based on an analysis of benefits and disadvantages. In the bigger picture‚ the theory of a cost-reward system
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Classification of Cost Cost may be classified into different categories depending upon the purpose of classification. Some of the important categories in which the costs are classified are as follows: 1. Fixed‚ Variable and Semi-Variable Costs The cost which varies directly in proportion with every increase or decrease in the volume of output or production is known as variable cost. Some of its examples are as follows: • Wages of laborers • Cost of direct material • Power The cost which does
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Assignment: Cost Accounting Applied By Professor Bryan Womack Course Title ACC 350012VA016-1122-001 Cost Accounting February 26‚ 2012 Companies that are successful financially know what their costs are and how those costs are being spent. The company I have chosen wants to change from a general accounting system where costs are put in general categories and they currently do not have any allocation of costs
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Microeconomics Topic 6: “Be able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which
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Lesson-13 Elements of Cost and Cost Sheet Learning Objectives • • • To understand the elements of cost To classify overheads on different bases To prepare a cost sheet Elements of Cost Raw materials are converted into finished products by a manufacturing concern with the help of labor‚ plants etc. The elements that constitute the cost of manufacturing are known as elements of cost. The elements of cost include the following: • • • Material Labor Expenses Each of these elements is again subdivided
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is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Joe. (b) What is an important feature of a cost accounting system? 2. (a) Distinguish between the two types of cost accounting systems. (b) May a company use both types of cost accounting systems? 3. What type of industry is likely to use a job order cost system? Give some examples. 4. What type of industry is likely to use a process cost system? Give some examples. 5. Your roommate
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manufacturing or trading‚ require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution‚ when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial age‚ most of the costs incurred by a business were what modern
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