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What are the Disadvantages of controlling costs and budgets in a business?
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∙ 13y ago
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∙ 13y ago
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What is the Differences between internal and external cost?
Internal costs are costs that a business bases its price on. External costs are costs that are not included in what the business bases its price on Nicodem
Why is it important for a business to calculate business costs?
To know what they have spent....
Why are costs profit and revenue important?
Revenue is important because it is the money that comes into the business and the business will be able to use it on any possible equipment or resources that are needed. Profit is important because it is the money the business has after deducting all the costs. The business will be able to spend this money on any equipment or resources that are needed. Costs is important because it helps the business see how much money this business will have after payng for all the costs.
What are the advantages and disadvantages of a free economy?
Advantages: Competition > profit > innovation. Disadvantages: higher costs for consumers there are losers risk for an entrepreneur
What Business costs that remain stable regardless of the production level achieved are called?
Fixed Costs
Why do costs need to be controlled and Why is it important to monitor budgets?
Costs need to be controlled because your costs cannot exceed your budget or you will have a negative balance; thus you would not be making any money. you also need to monitor your budgets as your budget always needs to be more than your costs or your business will go out of business.
How did vertical integration allow a business to reduce costs?
by controlling the businesses at each phrase of a product development
Which of the following is a business practice used to reduce costs costs by controlling all aspects of production in an industry?
inksoliko
What are the advantages and disadvantages of overhead costing?
The advantages are that you will be able to get more things for the business. The disadvantages are that they are a lot of costs.
How did vertical integration allow business to reduce cost?
By controlling the business at each phase of a product's development, vertical integration allowed a business to reduce costs.
How did vertical intergration allow business to reduce costs?
By controlling the business at each phase of a product'sdevelopment, vertical integration allowed abusiness to reducecosts
The similarities and differences between standards and budgets?
One similarity between standards and budgets is they are both predetermined costs. A major difference is that companies can report inventories using standard costs but not budget costs.
Disadvantages for location of business?
It costs a lot of money to open up a part of your business in a completely new location so you'll be likely not to make a very big profit which is vital for the business.
Why is a knowledge of accounting terms and concepts useful to persons other than professional accountants?
Most managers, regardless of their area of responsibility (sales, production, etc.) will have some financial responsibilities - preparing budgets or forecasts, controlling costs, etc. Many will have bottom line responsibility for their department or business segment which will requir the ability to read and understand financial statements.
What is Authority and responsibility?
Authority and responsibility may means controlling the responsibilities. In any business or project management their major responsibility is to design a scheduled times before having discussion also keeping costs and cash flow within the project budgets, and delivered any needs, and the person who authorised to make decisions as to the cost and schedule and other question throughout the whole business. In addition, individual also authorised over a business or project and they allowed changing their business requirements, and the person who have responsibility they not necessarily to change to their project and business requirement.
What are the advantages and disadvantages of syndicate businesses?
The advantages of a syndicate business are receiving a larger experience for the price of a smaller one, everything is held to a higher standard, costs shared equally between partners. The disadvantages of a syndicate business are everything having to be shared with others, risks of standards not being met to the highest, costs may not be in ranges of one's affordability.
Relationship between budgets and standard costing?
they both involve the determination of future costs
