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Cost Behaviour
"Profitability is only around the corner." This is a general expression in the business world; you might have heard or said this yourself only. But, the reality is that number of businesses doesn't make it! Business is sturdy, profits are illusive, and the competition has a habit of moving into areas where profits exists. Sometimes, business owners become frustrated because of the revenue growth seems to bring the on waves of additional expenses, even to the point of going towards the back.
How does one sensibly consider the viability of the business? This is perhaps the most essential business assessment a manager should make. Most of us are taught from an early age to perform our best and not give up, even in the face of adversity. And, there are countless stories of businesses which struggled to survive their infancy, but went on to become extremely successful firms. But, it is equally vital to note that some business models won't work. You probably have heard tongue-in- cheek story of the car dealer who said he loses money on every sale but makes it up on the volume. Certainly, the math just won't work. A good manager should learn to use information to make informed decisions about which business prospects to follow. Managerial accounting methods/techniques provide techniques for evaluating the viability and the ability to grow or "scale" the business. These techniques/methods are called cost-volume-profit analysis (CVP).
SALES REVENUE VARIANCE (SRV) The word 'Sales Variance' is indicated by the expression 'operating profit variance due to sales' by ICMA. It is described as 'the difference betw
A company has developed a new product which it will launch next month. During the initial production phase the company expects to produce 6,400 units in batches of 100 units. The f
XYZ Company is a family-owned bicycle manufacturing company located in Stow, Ohio. Until recently,it had maintained slow but steady growth in producing and marketing its only prod
Product Versus Period Costs Another way to look at manufacturing costs is to think of them as attaching to a product. In other words, goods result from the manufacturing proces
What are the benefitss and drawbacks of standard costing?
Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May a. Encik Farid b
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Elements of Cost Nearly there are three elements of cost - labor, material, and expenses. These are additional divided into indirect and direct material, indirect and direct la
Direct Materials Total Variance Direct materials total variances refer to the difference between the standard direct material cost of the actual production volume and the actu
Standard Costing A standard cost is a predetermined calculation of how much is supposed to be incurred under specific particular working conditions. It is not an average of pa
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