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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Krystal Simmons Eth/316 Critical Thinking Scenario 1/11/1015 The skills that you cultivate as a critical thinker are intended to help you think your way through all of life’s situations. One of the most challenging and complex of life’s areas is moral issues and decisions. Every day of your life you make moral choices‚ decisions that reflect your own core moral compass. Often we are not aware of the deeper moral values that drive our choices‚ and we may even be ignorant to the fact that the choices
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Aging Scenarios 1. I chose the scenario where I simulate a 78 year old woman in good health returning from a cruise. I wrap my knees with ace bandages and then put on gardening gloves. I fill two grocery bags from my cupboard and carry them to my car and back. I walk up a flight of stairs and then unpack the bags and return them to their place on the shelf. 2. My knees felt stiff‚ it was hard to bend them. The ace bandage started pinching when I bent my leg too much. This made it much harder to
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Scenario I A business professional wants to use Microsoft® Excel® to organize data for the monthly expense report. He has never used Microsoft® Excel® and is inquiring about the functions that would support him with this task. General Approach Make sure I understand what the user intends to do and what version of Excel the customer is using. Challenges to situation The challenge in this situation is that the user wants to use a program that is new to him. I will have to explain to the user the
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NewCorp Scenarios Most organizations do not have legal counsel on staff‚ and therefore must rely on business managers who are knowledgeable in employment laws and compliance regulations‚ and have the ability to identify violations of specific laws and regulations‚ as well as make recommendations to mitigate liabilities that may result from the violations. This week’s assignment outlines three different workplace scenarios of NewCorp‚ which require team members to identify the
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1. The chief economist for Argus Corporation‚ a large appliance manufacturer‚ estimated the firm’s short-run cost function for vacuum cleaners using an average variable cost function of the form. AVC= a + bQ+ cQ^2 (the 2 is suppose to be exponent) Where AVC=dollars per vacuum cleaner and Q=number of vacuum cleaners produced each month. Total fixed cost each month is $180‚000. The following results were obtained: Dependent Variable:AVC R-Square
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Cost reduction Generally defined as the act of cutting costs to improve profitability. Cost reduction‚ should therefore‚ not be confused with cost saving and cost control. Cost saving could be a temporary affair and may be at the cost of quality. Cost reduction implies the retention of essential characteristics and quality of the product and thus it must be confined to permanent and genuine savings in the costs of manufacture‚ administration‚ distribution and selling‚ brought about by elimination
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Unit 301: Communication and professional relationships with children‚ young people and adults Worksheet 4: Scenario 1 Consider the following questions for each example. Your response needs to demonstrate your knowledge and understanding of the policies and procedures in your setting. What should you do ? What should you say to the two learners? What action (if any) do you need to take? Unit 301 Learning outcome 2.5 You are supporting a science lesson in a Year 9 classroom. There has been some
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------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
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40‚000 | | 100‚000 | | 404 | | | | 20‚000 | 20‚000 | 40‚000 | | 405 | | | | | 20‚000 | 20‚000 | | Total | 90‚000 | 120‚000 | 90‚000 | 60‚000 | 40‚000 | 400‚000 | 2 Physical Measures Method | Produced | Proportion | Joint Cost Allocation | Unit Cost | 401 | 90‚000 | (90‚000/400‚000)0.225 or 22.5% | (200‚000 x 0.225)45‚000 | (45‚000/90‚000)0.5 | 402 | 120‚000 | (120‚000/400‚000)0.3 or 30% | (200‚000 x 0.3)60‚000 | (60‚000/120‚000)0.5 | 403 | 90‚000 | (90‚000/400‚000)0.225 or 22.5%
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