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What variance in a comprehensive performance report using the flexible budget concept is most appropriate for measuring efficiency of operations?
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Take a sample budget of retail store and write your understanding the store budget?
Methodical control of an organization's operations through establishment of standards and targets regarding income and expenditure, and a continuous monitoring and adjustment of performance against them. = =
What are the criticisms of exit price accounting profit?
Historical cost and current cost proponents have a common belief that entry prices must be used whether the firm can continue production. they argue that exit price accounting is too narrow in its interpretation of economic value.The critical event in exit price accounting does not relate to the performance of the firm but instead, concerns price changes of assets and liabilities. Because the emphasis is on price changes rather than operations, it can be difficult to evaluate the firm with reference to its operating efficiency because it concentrates on financial liquidity and short-term decision making.Historical cost and current cost proponents have a common belief that entry prices must be used whether the firm can continue production. they argue that exit price accounting is too narrow in its interpretation of economic value.The critical event in exit price accounting does not relate to the performance of the firm but instead, concerns price changes of assets and liabilities. Because the emphasis is on price changes rather than operations, it can be difficult to evaluate the firm with reference to its operating efficiency because it concentrates on financial liquidity and short-term decision making.
What Four common sources of internal data supplied to internal databases include the accounting department operations the sales force and the?
operations
Role of cost accounting in decision making?
Cost Accounting should be the absolute role of the business. Below I have given you a high level overview of a cost control project.Process map the business operations of the company, including all products manufactured.Identify the capabilities of the present costing system and other cost history recording activitiesProcess map departmental production operations and establish the time required for each operation during the production of each product.Prepare a master bill of material specification sheet for each product.Prepare a departmental material specification sheet showing the quantity, name and description of the materials that go into departmental operations.Prepare a departmental operations sheet showing the production operations of each department.Establish a direct labor burden factor to be applied to production labor rates.Establish overhead absorption factors to be applied to appropriate cost items.
Differentiate accounting and bookkeeping?
Accounting is a broader term of book-keeping. Book-keeping helps in the day to day operations and for preparing financial statements of an enterprise. Accounting relates to the internal control of the business, detecting errors in recording entries and gives financial reports of the values and performance of the business to the management and to other people like the shareholders.
What are the responsibilities of an operations manager in a hospital?
The Operation Manager should start and control all the performance as he planed to achieve the targeted result with in time. During the performance phase he should take care of all the applicable terms, conditions and policy to be applied. Same time maintaining Quality
What was the third objective identified by COSO's Internal Control?
Effectiveness and efficiency of operations.
What are the basic objectives of operations research?
The basic objectives of operations research include optimizing decision-making processes, improving efficiency and effectiveness in operations, and finding solutions to complex problems through mathematical modeling and analysis. Its main goal is to help organizations make better decisions and improve overall performance.
The temporary standard is intended to increase efficiency of operations for use up to months?
k
Henry Ford's system for making cars increased efficiency by?
dividing the operations into simple tasks.
The temporary standard is intended to increase efficiency of operations for use for up to how many months?
24 months
What is the 5ps of operations management?
Perfect presentation prevents piss poor performance
What does comprehensive general liability insurance cover?
Comprehensive general liability insurance covers businesses against many liability exposures of a business. Comprehensive general liability insurance coverage includes completed operations, elevators, independent contractors, and more.
An effective Emergency Operations Plan will be?
Comprehensive in nature, including complete response procedures for everyone with a role in the response.
What order of operations equal 29?
With the appropriate set of numbers, any order can be used.
How do you simplify integer expressions?
Calculate all the operations following BIDMAS or PEMDAS, as appropriate.
Why efficiency is important for operation management?
Because it is one of the reasons why business may cease to operate. If the operations management is found to be inefficient or ineffective, usually, the operations manager is replaced or fired.
