Lesson-13 Elements of Cost and Cost Sheet Learning Objectives • • • To understand the elements of cost To classify overheads on different bases To prepare a cost sheet Elements of Cost Raw materials are converted into finished products by a manufacturing concern with the help of labor‚ plants etc. The elements that constitute the cost of manufacturing are known as elements of cost. The elements of cost include the following: • • • Material Labor Expenses Each of these elements is again subdivided
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opportunity cost of a choice is the value of the best alternative forgone‚ in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made‚ it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen". Opportunity cost is a key
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What drove the sugar trade? Theodore Roosevelt once said‚ “Do what you can with what you have‚ where you are.” For the British this meant using islands such as Jamaica and Barbados to produce‚ process‚ and sell sugar. Sugar cane thrives in hot humid‚ tropical climates. The British used sugar for things such as rum‚ molasses‚ and other auxiliaries. The sugar trade grew and thrived for three specific reasons: the perfect climate was available;
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Multiple Choice Questions 16. Which terms would make the following sentence true? Manufacturing companies that benefit the most from activity-based costing are those where overhead costs are a _________ percentage of total product cost and where there is ___________ diversity among the various products that they produce. A) low‚ little B) low‚ considerable C) high‚ little D) high‚ considerable 17. Would factory security and assembly
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historical cost accounting still widely and continuously to be used by most companies in their accounting. Conversely‚ reporting current cost in accounting are recommended rather than historical cost as it is the fair value reported in the current year would be beneficial to the firm and the shareholders of the company. 2.0 Historical Cost Accounting and Benefits of Current Cost 2.1 Introduction to Historical Cost‚ Disadvantages and Advantages of Historical Cost The historical cost accounting is
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Malaysia has taken the responsibility as premier government agency leading the national administration and regulation of insolvency and bankruptcy matters in Malaysia. It was govern by Bankruptcy Act 1967‚ Companies Act 1965‚ Societies Act 1984 and Trade Unions Act 1959. Insolvency Department also plays the role as helper for companies and individuals with the financial problems by introducing relief mechanisms as well as reviewing the current minimum limit for bankruptcy (Gita Radhakrishna‚ 2012)
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Play Review of "Noises Off" The play "Noises Off‚" as performed by the Indiana University Southeast Theatre Department is an improbable‚ ridiculously hilarious performance. It is the story of a small cast of actors‚ and their struggles to not only get the acting right for their play‚ "Nothing On‚" but to also keep their personal relationships off stage‚ something many of them did have troubles doing. It incorporates implied humor as well as out in the open’ comedy‚ which has the audience leaving
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History of Trade Union Movement in India Trade Unions are the groups ‚ set-up with the aim of trying to create fairness and job security in a workplace. Section 2(h) of the Trade Union Act‚ 1926 has defined a trade union as: “Any combination‚ whether temporary or permanent‚ former primarily for the purpose of regulating the relation between workman and workmen or between employers‚ or for imposing restrictive conditions on the conduct of any trade or business‚ and includes any federation of two
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| Labour rights[show] | Trade unions[show] | Labour parties[show] | Academic disciplines[show] | * v * t * e | Main article: History of labour law Labour law arose due to the demand for workers to have better conditions‚ the right to organize‚ or‚ alternatively‚ the right to work without joining a labour union‚ and the simultaneous demands of employers to restrict the powers of workers’ many organizations and to keep labour costs low. Employers’ costs can increase due to workers
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| Task 1: Time Plan and Planning Process | | | | | INTRODUCTION With reference ‘Coca-Cola and Procter and Gamble Lead the way into the New Advertising Era of SocialTV...A Money Machine’ published in Forbes.com on 6th December 2012 has been chosen to be the story for news analysis. Titled as ‘The new Social Media channel’ for MN2061K’s assignment summarizes what the selected news article is all about. Through the detailed steps stated in each task‚ completion of the marketing
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