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Types of Costs
In short run, costs can be of three general kinds:
Fixed Cost: Total fixed costs stay constant as volume differs in the relevant range of production. Fixed cost per unit reduces as the cost is spread above a rising number of units. Illustration comprise: Fire insurance, facility rent, reduction, and property taxes.
Variable Cost: Variable cost per unit stays constant no matter how many units are prepared in the relevant range of production. Total variable cost rises since the number of unit rises. Illustration comprise: Production material and labor. Whenever no units are made, neither cost is essential or acquired. Though, each unit produced needs production material and labor.
Semi-variable Cost: Semi-variable costs involve both fixed and variable cost elements. Costs might rise in steps or rise relatively smoothly from a fixed base. Illustrations comprise: Supervision and utilities, like electricity, gas, and telephone. Supervision costs tend to rise in steps as a supervisor's span of control is reached. Utilities usually have a minimum service fee, with costs rising relatively smoothly as more of the utility is employed.
VALUE ADDED STATEMENTS Are intended to show how much wealth or value has been created by the company’s operations and how the wealth has been shared out to interested groups e.
Tom Emory and Jim Morris strolled back to their plant from the administrative offices of Ferguson & Son Manufacturing Company. Tom is manager of the machine shop in the company''s
HOW TO CALCULATE MATERIAL ACCOUNTING
Q.Process of Pricing in maturity period? Maturing periods is the third stage in the life cycle of a product. If is a stage between growth period and decline period of sales. So
Operating cycle considers to the average time lapse among the acquisition of raw material and the final cash realization. This notion is used to determine the needs of cash working
Gather Data about Alternatives When potential areas of activity are specified, management must assess the potential growth rate of the activities, the capability of the company
Private sector companies have multiple stakeholders who are likely to have divergent interests.( five stakeholder groups and discuss their financial and other objectives).
School problem is asking to calculate the work in progress inventory for the beginning of a month without providing previous month data.
Consortium Lending: As the financial needs of a single unit are more than a single bank can cater to, then more than one bank comes together to finance the unit jointly spreading
what is the topic about? what are the practical implications? what are the practical criticisms?
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