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Bases of Cost Classification
These various bases of cost classification are summarized in the diagram underneath as:
Here, we will usually refer to either of these terminologies every at present and then, in various cost accounting conditions. You will meet them extensively also in Management Accounting in the advanced stages of your course, whereas you will employ their distinction to create suitable profit maximizing management decisions as like budgetary control and planning.
Keep in mind, a cost is basically a measurement or quantification of the economic sacrifice made to get a given objective. Therefore it is a measurement of the amount of resources sacrificed in attaining a particular goal.
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Vary the force by hiring layoffs. No over time.
Flexible Budget Flexible budget is a budget that is designed to change in accordance along with the level of activity attained. It includes budgeting at various levels in anti
Bentley Plastics Ltd. Has annual fixed cost of $450,000, variable costs of $15 per unit and a contribution rate of 40% a. What annual revenue is required to break even? b.
With the internal rate of return, how can a company use the ROI methodology as a realistic measurement? Please discuss the pros & cons of each measurement statistic.
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what do you understand by cost accounting and what are the main decision areas that are involved
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sorption costing
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