Cost Classifications and Estimation 2.0 Introduction Cost classification may be defined as ‘the arrangement of cost items in a logical sequence having regard to their nature and purpose to be fulfilled’. The term cost must be qualified when in use in order that its precise meaning is established in a particular situation; however‚ cost refers to the amount of resources that have been diverted from other uses or sacrificed so as to achieve the desired objective. But the term is used to refer to
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A Cost Leadership Strategy is based on the concept that you can produce and market a good quality product or service at a lower cost than your competitors. These low costs should translate to profit margins that are higher than the industry average. Some of the conditions that should exist to support a cost leadership strategy include an on-going availability of operating capital‚ good process engineering skills‚ close management of labor‚ products designed for ease of manufacturing and low cost distribution
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Living in Texas vs. Louisiana Cheri Lane Globe University Living in Texas vs. Louisiana Texas is the second most populous and the second-largest of the 50 states in the United States of America‚ and the largest state in the 48 contiguous United States (Wikipedia‚ Texas‚ 2013). Louisiana is a state located in the southern region of the United States of America and is the 31st most extensive and the 25th most populous of the 50 United States ((Wikipedia‚ Louisiana‚ 2013). Texas and Louisiana
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Texas is a state famous for several reasons. When you think of Texas you think of football‚ the Alamo‚ oil‚ and BBQ‚ but do cattle feedlots also come to mind? Texas is one of the largest states in the nation and leads in producing cattle. According to TSHA (Texas State Historical Association) “By the mid-1980s Texas had also become the Number 1 cattle feeding state. The cattle-feeding industry annually contributes $12 billion dollars to the state’s economy.” A cattle feedlot can be defined as an
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Cost Accounting: A Managerial Emphasis‚ EXHIBIT 11-1 Accounting Information and the Decision Process FIVE-STEP SEQUENCE Step 1: Gathering Information AN ILLUSTRATION The current manufacturing line uses 20 employees‚ 15 operating machines‚ and 5 handling materials‚ for a total cost of $640‚000. The rearrangement of the manufacturing assembly line is expected to eliminate materials-handling costs‚ equivalent to $160‚000. The cost of the rearrangement will be $90‚000. Historical
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CHAPTER 1 IMPORTANCE OF QUALITY Quality is the business of doing business —Anonymous The importance of quality‚ be it in product or service‚ cannot be overemphasized. Just study some of the tips given from time to time to make matters easier for everyone. For instance‚ Indian Government’s Postal Department‚ one of the most extensive‚ popular and efficient in the world issues guidelines such as “PIN Code helps speed up your mail. If the PIN Code in your address is missing or inaccurate‚ please send
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INTRODUCTION Cost accounting is an important tool in the management of any business firm or organization‚ which includes those in the small scaled industry. In the cause of our research instrument indicated the maintenance of improper and inadequate records coupled with the fact that cost methods used‚ through sometimes effective‚ were unconventional. For a small scale business to approach profit maximization level‚ it must be effective in cost control procedures and appropriate books
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Oil and Economic Change in Texas Oil and Economic Change‚ 1890 – 1945 History 226 Fall 2012 #14 I. Connections a. Memory i. Texans were more innovative and wanting to lead the march into the west. ii. Memory changes from southern memory to Alamo Texas revolution. 1. 1890-1945 attitude changed as Texas Economy grew b. Politics iii. Often been the case that politics either helps or hurts economic iv. Doesn’t have a federal
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OPERATIONS MANAGEMENT Chapter 17 QUALITY MANAGEMENT Chapter 17 Quality Management Benefits of Quality Control I. II. Minimum scrap or rework due to reduced defectives. Reduced cost of labour and material as a result of reduced defectives. III. Uniform quality and reliability of product help in increasing sales turn over. IV. Reduced variability resulting in-higher quality and reduced production bottle necks. V. Reduced inspection and reduced inspection costs. VI. Reduced customer complaints
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fought against each other: the Union North against the Confederate South. Though Texas was a new state in the US‚ many Texans risked their lives and took part in the long‚ bloody Civil War. Texans fought in the Civil War for many reasons. The main reasons so many Texans fought the Civil War was the issues over slavery‚ states’ rights‚ and loyalty to Texas. The first reason the Texans fought was slavery. According to Texas Joins The Confederacy‚ the South’s economy
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