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COST CONCEPTS / CLASSIFICATION OF COSTS
1. According to functions
2. According to the nature of the costs
3. According to the controllability
4. According to normality
5. According to relevance to decision making
Estimate Fixed Overhead Variances Referring to data, we can estimate the fixed overhead variances as given below: Budget for December 2003;
Where the liabilities are identified but the amounts cannot be precisely found, we estimate the liability and give for it as a liability. A common illustration is income tax payabl
B REAK EVEN ANALYSIS Break even analysis is a broadly used technique to study cost-volume-profit relationship. It can be explained as - 'a system for determination of that le
Bubba's Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year, overhead is estimated at $1,150,000, and direct labor
Labour Variances From our basic data, we can calculate the labour variances as given as: i. Labour Rate Variance = (AH x AR) - (AH x SR)
Tlie subphylum is called Uniramia because of the presence of unbranched appendages. These animals have non-jointed mandibles, uubranched appendages without any palps. They have
Imagine a world in which there are only two investment assets: Hasbro Inc. Stock (HAS) and McDonalds stock (MCD). The table below lists annual total returns (%) for each of the las
Inventory Management and Control Here the objectives of inventory management are as: 1. To ensure adequate stocks to permit for continuous production/operations, and
A process in the industry where a wholesaler needs an amount that is the difference among the manufacturer's price to the wholesaler and the contract price to the resale customer.
DEMERITS OF BREAK EVEN POINT 1. It pays no attention to considerations like effect of government policy changes, changes in the marketing environment etc 2. Fixed cost, enti
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