THE COST AND SALES CONCEPT Cost is defined as a reduction in the value of an asset for the purpose of securing benefit or gain. Cost is defined in a hotel and restaurant as the expense to a hotel or restaurant for goods or services when the goods are consumed or the services are rendered. KINDS OF COSTS 1. Fixed costs – are those that are normally unaffected by changes in sales volume. They are said to have little direct relationship to the business volume because they do not change
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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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their jobs are because of ineffective managers. Managing people can be a complex and intimidating task‚ especially for the inexperienced. Keeping a workforce motivated and engaged requires careful planning‚ and consideration. Being an effective manager is about supporting‚ coaching‚ directing and engaging employees. Effective management is the key to retaining good employees long-term‚ which not only make a business run more smoothly‚ but also cuts costs. This is because new employees often require
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Return on Investment (ROI) and Total Cost of Ownership: A Comparison Introduction When a business decision is made to make an investment‚ the need for metrics arises to decide the profitability of the investment. These metrics can be measured before an investment is made to gain an insight into expected returns or they can be measured at regular intervals‚ (quarterly or yearly) to analyse the profitability of the investment. There are quite a few metrics that are used to calculate profitability
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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 Control of Projects: An Introduction to Earned Value Analysis Abstract Earned value analysis is a method of performance measurement. Many project managers manage their project performance by comparing planned to actual results. With this method‚ one could easily be on time but overspend according to the plan. A better method is earned value because it integrates cost‚ schedule and scope and can be used to forecast future performance and project completion dates. It is an “early warning”
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Systems 1. Managers give “Snap Awards” for individual and team achievements to their teams when they excel or do something outstanding. These are usually given during the quarterly staff meetings where all employees participate and this is followed by a party. 2. There are Annual Achievement Award under four categories: Most Initiatives Best Customer Orientation Best Team Worker Most Innovative. Managers send nominations every year and a task force of senior managers picks the winners
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Role of the Manager MGT/521 - Management October 13‚ 2014 The Role of the Manager Managers are involved in many discrete business functions. The functional areas of business are defined as Management‚ Law‚ Human Resource Management‚ Leadership‚ Accounting‚ Finance‚ Economics‚ Research and Statistics‚ Operations Management‚ Marketing‚ and Strategic Planning (University of Phoenix‚ n.d.). Good managers are doers‚ thinkers‚ and leaders. According to Hutt & Speh‚ “Good managers‚ in the end
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Q‚ Explain how someone can be a manager but not a leader‚ a leader but not a manager‚ and both a manager and a leader? Answer: The discussion between management and leadership has been considerable for a number of years. Differentiation between leadership and management is important. There is difference between manager and leader but both are important. Manger has to manage which means to accomplish and to bring about‚ to conduct and to feel the responsibility. On the other hand‚ Leader leads
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As the Assistant to the HR manager‚ I would make a mandatory requirement that all incoming employees must complete a new program that was created by me with in their first 90 days. This program would be designed to ensure that our new talent understands the importance of working together. My program would include these three key principles of working together. The first principle would be on how to effectively communicate as a team. It is very important when working together as a team that all vital
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