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[DOC File]CHAPTER 10: Costs 131
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Economic profit will usually be less than accounting profit because economic profit accounts for the full opportunity cost of all factors of production. Therefore, if economic profit is positive, resources will be attracted into the industry to take advantage of the returns that exceed the opportunity cost of the resources being used.
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[DOC File]Question # 1 of 15 ( Start time: 12:23:43 PM ) Total Marks: 1
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Relevant cost is which changes with a change in decision. These are future costs that effect the. current management decision. Examples Variable cost Fixed cost which changes with in an alternatives Opportunity cost Question # 4 of 15 ( Start time: 12:31:06 PM ) Total Marks: 1. Cost of Goods Manufactured can be calculated as follow
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[DOC File]CHAPTER 1 - THE ART AND SCIENCE OF ECONOMIC ANALYSIS
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Definition of explicit cost: Examples: Definition of implicit cost: Examples: Three Ways of Measuring Profit. Ex. 1. Accounting profit = Economic profit = OR. Economic profit = Normal profit: = Production in the Short Run. How can a firm adjust its level of output in order to maximize profit? The answer depends on the time frame involved.
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[DOC File]SOLUTIONS TO RELEVANT COST PROBLEMS:
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Price $0.05 $0.05 Variable cost 0.01 0.02 Contribution margin $0.04 $0.03 Fixed cost $3,000 $2,000 Breakeven number of hits 75,000 66,667 c. The choice among ISPs depends on the expected number of hits. The two ISP’s have the same cost at 100,000 hits per month: $3,000 + $0.01Q = …
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[DOC File]CHAPTER 14
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COST ALLOCATION, CUSTOMER-PROFITABILITY . ANALYSIS, AND SALES-VARIANCE ANALYSIS. 14-1. Disagree. Cost accounting data plays a key role in many management planning and control decisions. The division president will be able to make better operating and strategy decisions by being involved in key decisions about cost pools and cost allocation bases.
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[DOC File]Solutions for Homework ** Accounting 311 Cost ** Winter 2009
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2. Cost behavior is approximated by a linear cost function within the relevant range. A linear cost function is a cost function where, within the relevant range, the graph of total costs versus the level of a single activity forms a straight line. 10-17 (15 min.) Identifying variable-, fixed-, and mixed-cost functions. 1. See Solution Exhibit ...
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[DOC File]Financial Accounting Theory
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Chapter 8 – Summary The Positive Theory of Accounting. Outline . In the text, Scott defines Positive accounting theory (PAT) as: “concerned with predicting such actions as the choices of accounting policies by firms and how firms will respond to proposed new accounting standards.” (263) PAT uses theory to predict the choices that management will make regarding their choice of accounting ...
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[DOC File]Chapter 1 The Nature of Accounting
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Accounting is considered the language of business. This is because in today’s business world it is impossible to get by without accounting. Every organization—whether profit making or not-for-profit—must make good decisions in order to survive. Accounting provides information that is the basis for making those decisions. Definition of ...
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[DOC File]Chapter 2: Basic Cost Management Concepts
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The cost accounting information system is a cost management information subsystem designed to assign costs to products, services, and other objects as management needs specify. The operational control information system is a cost management information subsystem designed to provide accurate and timely feedback concerning the performance of ...
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Accounting and economic cost examples