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LIFE CYCLE COSTING
Introduction
Life cycle costing as its name implies costs the cost object i.e., product project etc. over its projected life. It is used to explain a system that tracks and accumulates the actual costs and revenues attributable to cost object from its inception to its abandonment. The profitability of any given cost object can thus be determined at the end of its economic life.
Life cycle costing is dissimilar to traditional cost accounting system which report cost object profitability on a calendar basis i.e. monthly quarterly and annually. In contrast life cycle costing includes tracing cost and revenues on product by product bases over several calendar periods. Costs and revenue can be examined by time period but the emphasis is on cost revenue accumulation over the entire life cycle of every product.
The assignment model Consider the situation of assigning m jobs (or workers) to n machines. A job i(= 1,2,3 ...m) when assigned to machine j(= 1,2,3 ...n) acquires a cost Cij.
Categories of zero base budgeting The preceding discussion will reveal that zero base budgeting is based primarily on: 1) Development of decision units 2) Identification
1. Explain the modern control methods with examples. 2. What are the reports produced for performance measurement? Demonstrate.
meaning standard costing
Important steps of budgetary control There are certain steps which are essential for the successful implementation of a budgetary control system. They are as follows: 1) Or
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Is there a theory for financial ratios
Illustration: ABC analysis Combine items on the basis of their relative value to form three categories—A, B and C. The data in the table below illustrates the ABC analysis.
In this section we have discussed the motives for conducting cash balances. In addition, we have discussed cash deficit or surplus situation and how it can be contained by the use
Return on Investment and Residual Income This is a traditional approach to performance measurement given by: ROI = Income Invested Capital (m
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