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Explain the main purpose of cost centre
The main purpose of cost centre is two fields.
1. Recovery of cost: costs are collected, classified into two field in respect of a location, person or an item of equipment and then the costs are distributed over the products for recovery of incurred cost and
2. Cost control: cost centres assists in making a person responsible for the control of expenditure by the cost centre. Manager of each centre shall control costs incurred in his area of responsibility. The size of the cost centre depends on the activity and operation, and feasibility of the cost control. Sub cost centres are created if the sizes of the cost centres become too big from control point of view.
Pricing is a problem in four general types of situations: 1) When the firm develops or introduces a new product and it is fix the price of the product for the first time. 2)
WHY VARIANCES IS INVESTIGATED UNDER STANDARD COSTING
solutions for (POS) slow printing of sales tickets and unpredictable action of cash drawers. when credit approvals delayed the checkout process or when the computer was down, thus
Proprietary ratio/ equity ratio Meaning: the ratio measures a relationship among proprietor's funds and the total assets. Objective: the objective of computing this ra
Negotiated prices Where market based prices are not applicable, it has been argued that allowing managers to bargain with each other in order to establish transfer prices devel
Model Construction The success of a simulation exercise is related to the predictive quality of the underlying model, so that considerable care should be taken with model const
Correlation coefficient (r) Correlation coefficient measures the degree of association between two variables such as the cost and the activity level. r = nΣxy - Σx Σy
Debtors turnover ratio( or receivables turnover ratio) Meaning: this ratio establishes a relation ship between net credit sales and averages trade debtors. Objective
select any manufacturing company of your choice that produces any product. describe and compare the marginal and absorption costing system used in the selected company
Characteristics of irrelevant costs
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