which occurred under the leadership of Luther and Zwingli with the cooperation of the state leaders‚ the theological interpretation of the Radicals offered an alternative and a more revolutionary conclusion from the aims and views of the magisterial driven Reformation. As George Huntston Williams stated that there were “Anabaptists of various types” and Hans Jürgen-Goertz
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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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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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CHAPTER 1 INTRODUCTION At first glance the idea of running an engine on air seems to be too good to be true. Actually‚ if we can make use of air as an aid for running an engine it is a fantastic idea. As we all know‚ air is all around us‚ it never runs out‚ it is non-polluting and it is free. An Air Driven Engine makes use of Compressed Air Technology for its operation. Compressed Air Technology is now widely preferred for research by different industries for developing different drives for different
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under efficient operating conditions absorption costing all manufacturing costs are assigned to products: direct material‚ direct labour‚ variable and fixed manufacturing overhead acceptable quality level (AQL) the defect rate at which total quality costs are minimised account classification method (or account analysis) the process in which managers use their judgement to classify costs as fixed‚ variable or semivariable costs accounting rate of return (or simple rate of return‚ rate of return on assets
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Introduction Value driven management involves the maximization of the long-term good of a company by understanding the value theory. The value theory states that what people value drives their actions. In other words‚ people are motivated by things that are significant to them. This may be different for each individual as some people are driven by money and others are driven by achievement. This form of management takes into consideration the effect of business decisions on the organization and
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11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity?
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the things you can do better than your competitors in the critical‚ central areas of the company where the most value is added to company;s products. If a core competencies yields a long term advantage to the company‚ it is said to be a sustainable competitive advantage. A good core competencies is the one that able to open doors to other opportunities and able to represent such a unique blend of tacit and explicit knowledge that it cannot be copied by competitors. Core competence can help product
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Finance and Accounting Memo focusing on Managements Role and Responsibilities within ABC Complete Kitchens‚ INC SKS5000-8 Comprehension Strategic Knowledge Studies February 9th‚ 2014 Professor Nick Harkiolakis Memorandum To: The Board of Directors of ABC Complete Kitchens‚ Inc. From: Alexandra Kent Date: February 9th‚ 2014 Subject: Managements responsibilities regarding finances and accounting “Great organizations demand a high level of commitment by the people involved”-
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c M t y - B a s e d Costing (ABC)‚ Just-in-Time (JIT)‚ T otal Quality M anagement (TQM)‚ a nd Quality Costs b I . .ITY-BASED COSTING Many companies use a traditional cost system such as job-order costing or process costing‚ or some hybrid of t he two. Using the traditional methods of assigning overhead costs to products using a single predetermined overhead rate based on any single activity measure can produce distorted product costs. The growth in the automation of manufacturing
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