WHAT ARE COSTS AND PROFITS? HUNGRY HELEN’S COOKIE FACTORY • Helen‚ the owner of the cookie factory‚ buys flour‚ sugar‚ flavorings‚ and other cookie ingredients. • She also buys the mixers and the ovens and hires workers to run the equipment. • She then sells the resulting cookies to consumers. 2 TOTAL REVENUE‚ TOTAL COST‚ AND PROFIT • The amount that Helen receives for the sale of its output (cookies) is its total revenue. • The amount that the firm pays to buy inputs (flour‚ sugar‚ workers
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CONFIDENTIAL AC/OCT 2010/ACC116/165/211 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE COURSE CODE EXAMINATION TIME INTRODUCTION TO COST ACCOUNTING / COST ACCOUNTING ACC116/165/211 OCTOBER 2010 3 HOURS INSTRUCTIONS TO CANDIDATES 1. 2. 3. This question paper consists of five (5) questions. Answer ALL questions in the Answer Booklet. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to
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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; what are the elements of a budget; how are budgets constructed; what is variance analysis and how it is used. Cost accounting can be described as the process of accumulating‚ measuring‚ analyzing‚ interpreting and reporting cost information
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“Leadership cannot be taught or learned” (Drucker‚ 1955). Critically evaluate this statement. Peter Drucker as one of the best known writers and management consultants wrote that “Leadership is of utmost importance. Indeed there is no substitute for it. But leadership cannot be created or promoted. It cannot be taught or learned.” (Drucker‚ 1955) He held the view that leadership is a talent. The purpose of this essay is to
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Production Possibilities Curve (PPC) The Production Possibilities Curve (PPC) is used to show the economic concepts of scarcity‚ choices and opportunity cost. The PPC is a graphical representation showing maximum combinations of output (goods and services)‚ a nation can produce with limited economic resources in a fixed period time. Assumptions of the production possibilities curve: I. Only 2 goods will be illustrated II. The amount of resources is fixed III. State of technology
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In the books of a Company Cost Sheet for the period ended…….. Units Produced….. Name of the product unit sold…. Particulars Total cost Rs. Unit Cost Rs. Opening stock raw materials Add Purchases of Raw Materials Add: Expenses on Purchases of Raw Materials (octroi & duty) Less: Closing stock of raw materials Less: Sale of scrap or defectives of raw materials = Cost of materials consumed Add: Productive Labour Add: Outstanding wages Add: Direct Expenses( architect’s
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Job Shop Production usually refers to manufacturers that produce items that are "one of a kind"‚ for example‚ manufactures of automation systems and tooling. Manufacturers who produce a wide variety of items in very low volumes also fall into the job shop category. For example‚ very large mining trucks are produced in volumes typically less than 400 annually. Each truck has thousands of components so you can imagine that there are significant challenges in production scheduling‚ purchasing and inventory
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[pic] LEADERSHIP AND MENTORING ASSIGNMENT (HRM2036-N) NAME: ALEXANDER AU TIAN ERN STUDENT ID: L1315896 MODULE LEADER: CATHERINE MCCAULEY-SMITH Executive Summary The aim of the module Leadership and Mentoring is to develop a student’s knowledge and understanding about leadership and preparation to undertake the role of mentor. This is because leading others and acting as a mentor provides insightful ways of developing self and others. Contemporary methods of
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TOYOTA PRODUCTION SYSTEM BASIC HANDBOOK TABLE OF CONTENTS Introduction & History of the Toyota Production System ........................ 3 Goals of the Toyota Production System. ................................................. 4 TPS Model Overview............................................................................5-6 Respect for People .................................................................................. 7 Focus Areas of TPS ...........................................
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DISCUSS THE FOLLOWING: DIVERSIFICATION According to investment word. Com diversification is a portfolio to reduce exposure to risk by combining a variety of investments‚ such as stock‚ bonds and real estate‚ which are unlikely to all move in the same direction. It can also be defined as manufacturing business terminology used to describe the act of increasing choices for when to order what supplies from whom to bring products to the market. Assof
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