different quality material from standard; Buying materials from a non‑usual source due to urgency; Utilising different labour from standard; Price changes due to economic conditions; scarcity of supplies; Choosing to incur additional discretionary fixed costs; More (or less) overtime hours used than budgeted. 2. Efficiency/usage/quantity variances: Standard is out of date‚ set without due care; Inefficient use of material/labour‚ deliberate or otherwise; Poor supervision/equipment/maintenance.Changes in
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Opportunity Cost Lets start with a small introduction to the topic Opportunity Cost. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone‚ or group‚ who has picked among several mutually exclusive choices. The opportunity cost is also the "cost" (as a lost benefit) of the forgone products after making a choice. Opportunity cost is a
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We already know that following are the important cost concepts related to the production process of a firm: • Fixed Cost • Varibale Cost • Average Cost • Marginal Cost please refer to following page Introduction to Cost Concepts to understand various cost concepts in detail. Here we will briefly state again the meaning of above stated cost concepts for better understanding of the module on short run cost analysis. Fixed Cost is that cost which does not change (that is either goes up or
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supplier must ensure that all parts are within tolerance before shipment to the customer‚ what is the effect on the cost of quality to the customer? Cost of quality is the cost associated with the quality of a work product. As defined by Crosby in his "Quality Is Free"‚ Cost Of Quality (COQ) has two main components: Cost Of Conformance and *Cost Of Non-Conformance. Another view is that cost of quality is the amount of money a business loses because its product or service is not done right in the first
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Cost Classifications for Decision-Making. Every decision involves choosing from among at least two alternatives. Only those costs and benefits that differ between alternatives are relevant in making the selection. This concept is explored in greater detail in the chapter on relevant costs. However‚ decision-making contexts crop up from time to time in the text before that chapter‚ so it is a good idea to familiarize students with relevant cost concepts. 1. Differential Costs. A differential cost
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ABC LEARNING CASE STUDY Table of Contents Nature and relevance of risk to corporate accountability 3 Importance and implementation of risk analysis and risk management systems. 4 Risk management 4 Risk analysis 6 Risk management framework 7 ABC Learning 8 Risk at ABC 9 ABC’s Financial Statement 10 Comparing and contrasting corporate governance 13 Corporate Governance Theories 13 Usefulness of publicly available information 16 References 18 Nature and relevance of risk to
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| | | |Assignment : Managing Cost and making financial interpretations for decision | |
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Chapter 2—Cost Terminology and Cost Behaviors MULTIPLE CHOICE 1. The term "relevant range" as used in cost accounting means the range over which a. | costs may fluctuate. | b. | cost relationships are valid. | c. | production may vary. | d. | relevant costs are incurred. | ANS: B PTS: 1 DIF: Easy OBJ: 2-2 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Measurement‚ Reporting 2. Which of the following defines variable cost behavior
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Monitoring and evaluating knowledge management strategies Nature does not measure. Nature recognizes patterns. (Senge) IKM Background Paper October 2009 Joitske Hulsebosch‚ Mark Turpin and Sibrenne Wagenaar IKM Background Paper‚ Monitoring and evaluating knowledge management strategies. October 2009. About IKM Emergent In April 2007‚ a five-year research programme was approved for funding by the Directorate General for International Cooperation (DGIS)‚ which is part of the Dutch Ministry
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BBC Timeline The U.S. and Iranian conflict started more than 60 years ago. It started when the U.S. and British intelligence agencies killed the Prime Minister of Iran. The U.S. then sought them for help almost 30 years later‚ by selling them weapons‚ but Iran had a plan of their own‚ America did not receive their help. In 2002‚ Bush declared Iran as an “axis of evil‚” this angered Iran. That same year‚ it was revealed that Iran is developing nuclear facilities. During a phone call between the Presidents
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