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Explain the terms - Cost object and Activities
Cost object: it is an item for which cost measurement is required for example a product or a customer.
Activities: these consist of the aggregate of different tasks and are concerned with function associated with cost objects.
There are two type of activities
Support activities
Production process activities
You are required to provide a report of approx 500 words or less (excluding attachments and references), accompanied by relevant calculations, in MS Word, MS Excel and/or PDF forma
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How costs behave as the level of activity/volume changes. Why an understanding of cost behaviour is important ? Types Variable e.g. petrol, direct materials Fixed e.g.
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Correlation coefficient (r) Correlation coefficient measures the degree of association between two variables such as the cost and the activity level. r = nΣxy - Σx Σy
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