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
Premium Costs Variable cost Management accounting
Low Visibility Laura is married to her husband John‚ a marriage where John is very dominating and John finds contentment by being violent towards Laura‚ and she is taking the violence lying down‚ she had resigned herself. Laura is only spoken when spoken to‚ and her relationship with John‚ most of all reminds of something that belongs to the past. “She wishes she could protest‚ but has forgotten how” This is a good example of how she cannot stand up for herself‚ but it also shows us that it not
Premium Marriage The Kill KILL
Quality Cost 1 Quality is defined from the customer´s point of view l Performance l Performance or the primary operating characteristics of a product or service. Example: For a car‚ it is speed‚ handling‚ and acceleration. For a restaurant‚ it is good food. l Features l Features or the secondary characteristics of a product or service. Example: For a TV‚ it is an automatic tuner. For a restaurant‚ it is linen table cloths and napkins . l Reliability l Reliability
Premium Quality control Quality assurance Quality management
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
Premium Costs Variable cost Cost
objective of the Bone and Joint Decade 2000-2010 was a significant improvement of the quality of life in people suffering from musculoskeletal and locomotor disorders [1]. Low back pain (LBP)‚ is an important cause of health and economic problems and is becoming a more frequent cause of disability [2‚ 3]. The reasons for the low back pain are most often unknown. However‚ the number of patients suffering from LBP significantly increases with aging‚ mainly within the professionally-active
Premium Vertebra Vertebral column Spinal disc herniation
Report structure: 1) Number of students who attended • Unfortunately‚ none of my buddies showed up for my meeting. A few of them provided me with excuses as to why they couldn’t show up and the rest just didn’t turn up. 2) Duration of meeting • I waited 30 minutes before leaving and I received some messages from a few of the buddies with excuses as to why they couldn’t make it during this time. 3) Main issues or discussions undertaken – as
Premium Debate
Plant overhead $122‚000 D/L rate/hour $30 Youngstown has a traditional cost system. It calculates a plant-wide overhead rate by dividing total overhead costs by total direct labor hours. Assume‚ for the calculations below‚ that plant overhead is a committed (fixed) cost during the year‚ but that direct labor is a variable cost. 1. Calculate the plant-wide overhead rate. Use this rate to assign overhead costs to products and calculate the profitability of the four products. The assignment
Premium Cost Costs Mathematics
expense or depreciation cost is fixed cost or variable cost in nature? Fixed costs: Fixed costs are such costs that do not change with the change in activity level within the relevant range. Where relevant range can be defined in terms of time or activity level. Variable costs: Variable costs are such costs that change with the change in activity level . Coming to the question‚ depreciation expense or depreciation cost can either be fixed or variable and this depends on the method adopted to measure
Premium Costs Variable cost Depreciation
COST CLASSIFICATION CONCEPT OF COST: DEFINITION: A SACRIFICE OR GIVING UP OF RESOURCES FOR A PARTICULAR PURPOSE FREQUENTLY MEASURED BY THE MONETARY UNITS (RUPEES‚ DOLLARS) THAT MUST BE PAID FOR GOODS AND SERVICES . ➢ EMPHASIS ON COST INFORMATION: MANAGEMENT ACCOUNTANTS PAY A LOT OF ATTENTION TO COSTS BECAUSE COST HAVE A VITAL ROLE TO PLAY IN PLANNING ‚ EVALUATING AND DECISION MAKING. FOR EXAMPLE IN PLANNING THE ROUTE AND FLIGHT SCHEDULES THE MANAGER OF AN AIR LINE MUST CONSIDER
Premium Costs Management accounting Variable cost
3.2. Estimation of LOD and LOQ using LMS and IRLS Limit of detection (LOD) according to Miller [51] is equal to YB+3 SB where YB is the value of the calculated intercept and SB is the Sy/x while limit of quantitation LOQ will be equal to YB+10 SB LOD and LOQ for each compound at each case were calculated. The LOD and LOQ after the robust regression line fitting of data were lower than those obtained before the treatment of data in both cases of linearity. As seen in Table 23‚ the LOD and
Premium Statistics Statistical hypothesis testing Standard deviation