Cost Accounting – Classification of costs Cost accounting refers to a process of accumulating‚ recording‚ classifying and analyzing all costs incurred at various levels of production. The purpose of cost accounting is manifold. It provides a final selling price‚ suggests the best possible course of action where maximum savings are possible and a strategy for future. Cost accounting is also constructive in comparing the input and output results that ultimately aids the management to arrive at a financial
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INTERNATIONAL B-SCHOOL SUBJECT: FINANCIAL & COST ACCOUNTING Total Marks: 80 N.B.: 1)Allquestionsarecompulsory 2) All questions carry equal marks. Q1) ABC Ltd. Produces room coolers. The company is considering whether it should continue to manufacture air circulating fans itself or purchase them from outside. Its annual requirement is 25000 units. An outsider vendor is prepared to supply fans for Rs 285 each. In addition‚ ABC Ltd will have to incur costs of Rs 1.50 per unit for freight and Rs 10‚000
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Independent Variables Chapter 8 is devoted to dummy (independent) variables. This How To answers common questions on working with and interpreting dummy variables. Questions: 1) How to include dummy variables in a regression? 2) How to interpret a coefficient on a dummy variable? 3) How to test hypotheses with dummy variables and interaction terms? 4) How to create a double-log functional form with dummy variables? 5) How to interpret a coefficient on a dummy variable with a log
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following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3‚067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is $11 per machine-hour. The total cost for the job on its job cost sheet would be: A. $4‚571 B. $3‚757 C. $3‚090 D. $3‚427 Applied manufacturing
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RESEARCH PROPOSAL DOCTOR OF PHILOSOPHY D.PHIL DEGREE DATE: 23 May 2013 Title ‘INVESTIGATING TRANSPORT PRICING IN SOUTH AFRICA AND THE IMPACT ON FREIGHT TRANSPORT COSTS ‘ BY BRIAN K CHIKWAVA. 1. BACKGROUND OF THE STUDY It has been widely viewed‚ documented and believed that South African transport policy and transport plans focus almost entirely on passenger transport rather than on freight transport‚ yet Freight transport plays a very crucial role in the whole transport pricing
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Southen Africa’s Best South Africans at the moment are worried stiff about the fluctuating health of a heroic icon former President Nelson Mandela but it turns out not only is this troubling them but the growth of their economy. Once a shining star in terms of accelerating growth and being the most developed‚ South African economy is feeling heat in various of its key economic variables. A close analysis into what its industries are giving out ‚South African industries recorded an estimated
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Emanual Leutze‚ a German-born American painter‚ is known for his popular work Washington Crossing the Delaware. The painting shows George Washington‚ along with 2‚500 soldiers‚ crossing the Delaware River in order to surprise the British’s Hessians army with an attack. This historical event took place in Trenton‚ New Jersey during the Christmas of 1776. Leutze’s work displayed the heroic actions of Washington and his army braving the icy and cold weather. Washington is at the head of the boat‚ staring
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One of the most famous paintings from the American Revolution is a painting of our first president George Washington crossing the Delaware. The painting is accurately named‚ “Washington Crossing the Delaware‚” and is set during an extremely tense time in the American Revolution. The Americans and the British had been battling for freedom for many years now‚ and tensions were still rising. The American army under General George Washington were not doing so well and really need to win a battle to gain
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COST CONCEPTS AND COST ACCOUNTING By: Aman Jawahar Sarika Deepak Muneer CONTENTS Concept of Cost Cost Accounting Terms in Cost Accounting Elements of Cost Meaning of Overheads Classification of Costs Methods of Costing Types of Costing MEANING: Cost Concept: The term ‘cost’ means the amount of expenses [actual or notional] incurred on or attributable to specified thing or activity. Cost means ‘the price paid for something’. Cost Accounting: Cost Accounting is concerned with recording
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Structure Setting and Adjustment | Definition | A pay structure is a collection of pay rates or pay ranges.Structure setting and adjustment is the process of developing‚ adjusting‚ and maintaining a pay structure. | Purpose | Pay structures are used to help organizations: * maintain pay levels that are competitive with the external labor market‚ * maintain internal pay relationships among jobs‚ * recognize and reward differences in level of responsibility‚ skill‚ and performance‚ and
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