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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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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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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Cost Accounting Fundamentals Introduction to Cost Accounting Cost accounting is an internal reporting system for an organisation’s own management for decision making. It is the process of accounting for costs. It includes the accounting procedures relating to recording of all incomes and expenditures and the preparation of periodical statements and reports with the object of ascertaining and controlling costs. It is thus the formal mechanism by means of which cost of products or services are
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Meaning of Cost Accounting Previously‚ cost accounting was considered to be a technique for the ascertainment of costs of products or services on the basis of historical data. In time‚ due to the competitive nature of the market‚ it was realized that ascertaining of cost is not as important as controlling costs. Cost accounting started to be considered more as a technique for cost control as compared to cost ascertainment. Due to the technological developments in all fields‚ cost reduction has
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dealing and retaliation. The setting and plot gives some understanding into present day society‚ as the play includes many issues which are still extremely relevant in today’s world. In spite of the fact that Hamlet is at this point more than 400 years of age‚ its translation of personality is ageless. The main topics in the tragedy of Hamlet are the cost of revenge‚ madness‚ and political or economical. The topics that Shakespeare tries to share with us in Hamlet are pretty much as important to today’s
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gives freedom to people who enter America. These freedoms are not in many other countries and that’s why immigrants flee to America to pursue the American Dream. Our Constitution is still relevant today because of two things: Freedom of Speech‚ and Freedom of Religion. The first reason why the Constitution is relevant is because of freedom of speech the First Amendment of the Bill of Rights. This gives the American people the right to voice their opinion whether it’s good or bad. In some countries‚
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HOW IS NIGHT RELEVANT TO TODAY? Elie Wiesel’s book night tell us the story of the Holocaust that killed so many Jews and scarred the one that did survive for life. Elie Wiesel just so happens to be one of the luckier ones who actually survived being beat‚ seeing others being beat and killed‚ seeing babies being thrown in the air and used as a target practice. Children as well as women and feeble men were thrown in pits of fire‚ most of them alive‚ although some of them were dead. He even saw
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QUESTIONS ON CHAPTER 15 (COST OF CAPITAL) 1.) The Wind Rider Company has just issued a dividend of $2.10 per share on its common stock. The company is expected to maintain a constant 7% growth rate on its dividends indefinitely. If the stock sells for $40 a share‚ what is the company’s cost of equity? 2.) The Ball Corporation’s common stock has a beta of 1.15. If the risk free rate is 5% and the expected return on the market is 12%‚ what is Ball Corp.’s cost of equity capital?
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A Thomasian Accountant Viewpoint Reaction on the Article “Is Thomistic Philosophy Relevant in Seminary Formation?” Cl. Marc Will R. Lim‚ SDB It gives me hard time to react on an article written by someone whom I perceived belongs to the rule makers‚ standard bearers and theory setters. Having graduated from a Pontifical University run by Dominicans and with a degree afar from the course which subjects everything to critical reflection‚ I found myself on the verge of completely adhering. But
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