for costing systems: * Cost object: anything for which a separate measurement of costs is desired. * Direct costs of a cost object: costs that are related to the particular cost object and can be traced to it in an economically feasible (cost-effective) way. * Indirect costs of a cost object: costs that are related to the particular cost object but cannot be traced to it in an economically feasible way. Indirect costs are allocated to the cost object using a cost-allocation method. (cf
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determine the cost of a product related to the revenue it generates. Two of the more common costing systems used in business are traditional costing and activity-based costing. Traditional costing assigns manufacturing overhead based on the volume of a cost driver, such as the amount of direct labor hours needed to produce an item. A cost driver is a factor that causes cost to incur, such as machine hours, direct labor hours and direct material hours. Activity-based costing allocates the costs of manufacturing
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reduced cost and control cash flow in the organization. Thus, the organization’s purpose is to analyze the elements which make up the organization’s framework. For that reason, the organization must know all specificy problems, purposes, the significance of the problem, and supporting theories. In fact, this research methodology analyzes the implementation of the problem solutions, and defends the result’s findings Financial management in U.S. firms covers many areas in stocks and cost optimization
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of birth : Saudi Arabia. Gender : Male. Religion : Muslim. Marital statues : Single. Cell Phone : +2 01003135591 E-mail : hossam-hafez1@hotmail.com Education: • Bachelor of Commerce 2007, Accounting Department, Alexandria University. • Master of Business Administration Student (MBA) 2011, Supply chain Major - (Third semester), Arab Academy For Science And Technology And Maritime Transport, Graduate
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factory will lead to cost inefficiencies which could result to higher production costs and consequently higher selling costs which will prevent the company from being competitive in terms of pricing. Costing In the carton factory, each order was a job. Both labor and factory overhead costs were estimated annually. Estimating costs annually may be a cause for concern and can lead to erroneous estimation of costs due to the long length of time considered in the estimates. Costs of raw materials and
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financial measure is indispensible. The plant makes profits by reducing the inventories and increasing the sales, but the cost of parts rises according to the financial report, which gives a red signal to Alex and his team. Through the novel, it is obvious that the current cost accounting system has some limitations and the allocation of costs has some distortions. Thus, the cost measurement remains to be improved and run in a more accurate way. Moreover, Lou, the plant controller, also claims that
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Colin Drury, Management and Cost Accounting - Global Ltd Global Ltd. Susan Richardson (University of Bradford Management Centre) This case study is taken from Ducker, J., Head, A., McDonnell, B., O'Brien, R. and Richardson, S. (1998), A Creative Approach to Management Accounting: Case Studies in Management Accounting and Control, Sheffield Hallam University Press, ISBN 086339 791 3. The author wishes to acknowledge Jayne Ducker and Tony Head for their editorial and developmental contributions
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express our sincere gratitude to our Entrepreneurship and New Business Formation instructor Mr. for providing the knowledge of preparing a comprehensive and an impressive business plan. The Resource Centre has also been helpful in the providing the costs and requirements of our analysis firm. So, we thank the librarian for providing us with the necessary resources for this B-Plan. We would like to thank our friends for helping us out in the B-Plan and providing us few innovative ideas. We would
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Japan and if they brought the same strategy in US, DJC would take over a good amount of market share from the US manufacturers. US have a very competitive market for the electrical connectors but according to Ms. Larsen, US manufacturers would have the cost advantage over DJC if DJC decides to enter the
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Unit 2 – Cost Management AIU Online – ACCT310 February 24, 2013 Abstract This is a paper that will explain the difference between cost accounting and managerial accounting. It will describe the aspects of the philosophy of lean production. Also, those principles will be compared to those principles of a typical production. Lastly, recommendations for the reductions needed for Dr. White’s clinic will be given. INTRODUCTION Cost accounting systems are useful for managers to use when trying
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