------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
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CHapter 16 THE BEHAVIOR OF COSTS Changes from the Twelfth Edition All changes to Chapter 16 were minor. Approach We have retained our approach of putting all C-V-P topics in a single chapter because many schools’ marketing and management accounting core courses start simultaneously‚ and marketing likes to have break-even analysis covered early in the management accounting course. Also‚ if there are students in the course with work experience or‚ in the case of MBA courses‚ with some
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Topic 6: Management Accounting and Cost Case: Shelter Partnership a. My main learning outcomes from Topic 6 and the Case Study; 1) Firstly‚ I realize management accounting has much to offer. Somehow I can handle physics but not accounting. Now thanks to this course I can appreciate and make sense of it. The bit that really caught my attention was seeing how management accounting can be really useful for business planning‚ cost management‚ budgeting and performance measurement. It offers
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COST SHEET There is no prescribed format of a Cost sheet. It may change from industry to industry. A specimen format of a Cost Sheet is given as under: Particulars Total (Rs.) A. Direct Materials Consumed : Purchases .............. Add : Opening Stock of Raw material .............. Expenses on Purchases .............. Less : Closing Stock of Raw Material .............. Direct
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1/ Variable Costs: The variable cost will be 40% higher [ an increase of 21‚000 - 15‚000=6‚000 units] Direct Material used 1‚060‚000 Variable Costs: Direct Labor 1‚904‚000 Direct material used [ 1‚060‚000 *1.4] 1‚484‚000 Unit costs [ 6‚335‚600 / 21‚000] =$ 301.7 Indirect Materials and supplies 247‚000 Direct Labor [ 1‚904‚000 * 1.4] 2‚665‚600 Variable Cost/ Unit = 228.27 at both 15k & 21k units Power to run plant eqip 213‚000 Indirect Materials
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a) COST ACCOUNTING Cost accounting system is the part of management accounting that makes budget‚ actual cost of operations‚ analysis of variance and profitability of social use of funds. Cost accounting helps the manager in decision making regarding the reduction of the cost of the company and in improving the profitability. Cost accounting system is primarily used for internal managers therefore it does not need to follow the standards of GAAP. Cost accounting is also considered very important
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the city of Halifax. Cost is intended as the value of resources used to produce something. For the sake of convenience of the reader I divided the cost into 4 subheadings: Fixed costs‚ Variable costs‚ Direct costs‚ Indirect costs and Sunk costs. Fixed costs are those costs which do not vary with the output produced that include salaries for physicians and nurses‚ technicians and nurse manager and different equipment used in ER department. On the other hand the variable cost varies with the amount
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Cost Control and Cost Reduction A business enterprise must survive‚ grow‚ and prosper. Cost Control and Cost Reduction are activities necessary for ensuring that these objectives are fulfilled. With the liberalization of the Indian Economy and Globalization‚ there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival. This has increased the importance of cost control and Cost Reduction. Cost Control “Cost control
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Cost Management or Cost Control In broad sense‚ both the terms have the same meaning. Yet cost management seems to connote broader perspective. Cost control to an un-initiated may mean cutting down the incurrence of cost or expenditure every time or in every situation. In reality it is not always so. In many specific situations‚ many times‚ one has to spend or incur cost in order to gain or make more money. It is in fact like an investment. Cost management sounds better then. Profits Making
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Cost Accounting Manual 2013 STUDY NOTES FOR COST ACCOUNTING BY ATAUSH SHAFI Last Updated on: Tuesday‚ January 01 01‚ 2013 1 © For Suggestions & Feedbacks‚ contact: ATAUSH SHAFI (ataushshafi@gmail.com) Cost Accounting Manual 2013 Table of Contents CIMA OFFICIAL TERMINOLOGY .................................................................................... 3 COST OF GOODS SOLD FORMULE................................................................................ 13 COST CLASSIFICATION ...
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