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Planning
A business must plan for its success. What do we understand by business planning? It is about thinking in advance -- to decide on a course of the action to reach the desired outcomes. Planning should be done at all levels. First, it happens at the high level of setting strategy. It then moves to the broad-based thought about how to set up an optimum "position" to maximize the potential for the realization of goals. Finally, planning should be undertaken from the perspective of thoughtful consideration of financial realities/facts and anticipated monetary outcomes (budgets).
You have possibly undergone similar planning endeavours. For instance, you decided that you desired more knowledge in business to improve your skills and stake in life, you positioned yourself in a program of study, and you developed the model of costs and future benefits. So, you are quite familiar with the concept of planning! But, then you are an individual; you have easily captured and contained your plan inside your own mind. A business organization is made up of number of individuals. And, these persons must be orchestrated to work together in the harmony. They must share and understand the organizational plans properly. In brief, "everyone is desired to be on the same page."
What is Cost unit While the cost centres assists in ascertaining costs by location, person, equipment, operation or process, cost unit is a unit of product, service or a combin
given the above data what would the breakeven in units and dollars be if u wanted a necessary after tax profit of $ 36,000 (assume a 30% tax rate ) units __________ ales dollars _
Objectives of ratio analysis 1) Measuring the profitability: we can measure the profitability of the business by calculation gross profit net profit expenses ratio and other.
Difficulties in cost reduction 1) Resistance by employees to pressure to reduce cost usually because the nature and purpose of the campaign has not been properly explained to t
Simple Queues A simple queue has the following characteristics; 1) There is a simple service channel 2) There are ‘discrete’ customers e.g. customers in a bank, or aircra
Attributes of good information 1) Information is anything that is communicated and is sometimes said to be processed data. It is data processed in such a way as to be of meaning
Explain Out of pocket cost A cost which will have to be paid to outsides as against cross such as depreciation, which do not require any cash payment this cost is relevant in t
Features of a queue A calling population – refers to the number of potential customers. This number may be considered finite or infinite. An infinite calling population is
Disadvantages of the cost accounting: 1. It is unnecessary: it is argued that maintenance of the cost records is not necessary and involves duplication of work. It is based o
Input or exogenous variables These are variables of two types: 1) Controlled variables: These are variables that can be controlled by management. By changing the input
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