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Hi Activity Based Costing could be seen as the 'Cause-and-Effect' realtionship in the costs. If we extend this logic then we can segregate all the costs in four sections. a) Product Costs b) Customer Costs c) Business Sustaining Costs d) Cost available to use In this sense the Activity Basedd Costing gives an accurate costing picture.
What else can I help you with?
How does an actual costing system different from a normal costing system?
Well, imagine an actual costing system as painting a landscape exactly as it is in front of you, capturing every detail and color with precision. On the other hand, a normal costing system is like painting a landscape from memory, using average costs and estimates to create a general picture. Both methods have their own beauty and usefulness, depending on the situation. Just remember, there's no mistakes in art, only happy little accidents.
What are the disadvantages of activity based costing?
· More time consuming to collect data · Cost of buying, implementing and maintaining activity based system · Makes waste visible which some executives and managers don't want their boss to see * It may be difficult to set up and establish, particularly if an organisation is using more traditional accounting methodologies. (barriers to change) * Can be time consuming if all activities are to be costed * May provide too much detail - obscuring the bigger picture.
What is mean by principle substance over form?
Substance over form is an accounting principle used to ensure that the financial statements reflects the complete, relevant and accurate picture of the transactions and events
Advantage and disadvantage of balance sheet?
- It only relates to the specific time, not a period of trading - Occasionally does not give accurate picture on real time basis since invalid data is used
Why should you use your checkbook register to keep track of her ATM withdrawals?
Using a checkbook register to track ATM withdrawals helps maintain an accurate record of your account balance and spending. It allows you to easily monitor your financial activity, avoid overdrafts, and identify any unauthorized transactions. Additionally, maintaining this record can simplify budgeting and provide a clearer picture of your overall financial health. Overall, it fosters responsible money management and enhances awareness of your financial status.
How does an actual costing system different from a normal costing system?
Well, imagine an actual costing system as painting a landscape exactly as it is in front of you, capturing every detail and color with precision. On the other hand, a normal costing system is like painting a landscape from memory, using average costs and estimates to create a general picture. Both methods have their own beauty and usefulness, depending on the situation. Just remember, there's no mistakes in art, only happy little accidents.
What are the benefits of activity-based costing?
There are several limitations to ABC.Firstly it is expense to implement and maintain, both in time and money.It still faces issue allocating some overheads to activities, for example supervisor salaries.Management and employees can be resistant to the data it provides as it can make their performance look poor. They may even provide poor quality source data if they feel threatened.
When did Kodak announce they would stop participating in the digital picture frame market?
Kodak announced they would stop participating in the digital picture frame market in 2011. That is because other technology was surpassing them and it would costing too much.
How do you send phone backgrounds to your phone?
Alot of magizines have those things in them that your sopposed to text a # to your phone but they end up costing money on your bill i suggest you go to the popular myxer.com and its free! my phone has camera. i often take picture with my phone and store the picture. then if i would like, i can set these pictures to the phone background.
What are the disadvantages of activity based costing?
· More time consuming to collect data · Cost of buying, implementing and maintaining activity based system · Makes waste visible which some executives and managers don't want their boss to see * It may be difficult to set up and establish, particularly if an organisation is using more traditional accounting methodologies. (barriers to change) * Can be time consuming if all activities are to be costed * May provide too much detail - obscuring the bigger picture.
What is pre contract cost planning?
It is a pre-costing method of a project and which will be able to tell the cost of construction after completion the design and also before its execution. Pre-estimation of a design proposal will give clear picture about the cost of it's to the employer as well as to the design team to make decisions regarding the project to ensure value for money.
What's the difference between an inkjet printer and a laser printer?
Inkjet printers are much more simple and require less money to operate as well as the cartriges costing less money, as oposed to the laserjet which is more complex and expensive. The only argument is that the laserjet produces a much better picture and can also print on glossy papers, the inkjet can not.
What are the best cricket wireless plans?
The most value is to be had from the Smartphone wireless plan costing $60.00/month. It offers nationwide calling, unlimited text and picture messaging in both the United States and also worldwide. It offers a 2.5 GB allowance on data and also includes, data backup and tethering options. It is a bargain at 60.00/month.
How can one make a nice looking ad for their free software without too much effort and without costing them money?
You could make a logo, then open that logo in Paint or another picture editing software, and use the text feature to write the name of your business. Any good picture editing software should have a text feature at least. This only takes seconds. I even did one for my website, but I haven't gotten a space to put it yet. Hope this helps! 1ryan231
What is the picture in the ouija board in paranormal activity?
it spells out Diane
What is the relevance of using Job Order Costing in a travel agency?
Job order costing can be highly relevant and beneficial for a travel agency, even though it's traditionally used in manufacturing and service industries where products or services are customized. Here's how job order costing can be applied and why it is relevant in a travel agency context: Understanding Job Order Costing Job order costing is a system that assigns costs to specific jobs or orders. Each job is treated as a unique project, and costs are tracked separately for each job. This system is ideal for businesses that offer customized services or products, as it allows for detailed tracking of expenses and profitability for each individual job. Relevance in a Travel Agency Customized Travel Packages: Unique Itineraries: Travel agencies often create custom travel packages tailored to the specific needs and preferences of each client. Job order costing helps track the costs associated with each custom itinerary. Cost Allocation: By assigning costs to specific jobs (or travel packages), the agency can accurately allocate expenses such as flights, accommodations, tours, and other services. Detailed Cost Tracking: Transparency: It allows for detailed tracking of all costs involved in creating and delivering a travel package. This includes direct costs like transportation and lodging, and indirect costs like planning time and administrative expenses. Budget Management: Helps in managing budgets for each travel package, ensuring that all costs are accounted for and within the client’s budget. Pricing and Profitability Analysis: Accurate Pricing: Job order costing provides a clear picture of the total costs incurred for each travel package, enabling the agency to set prices that ensure profitability. Profit Analysis: The agency can analyze the profitability of each job by comparing the total costs to the revenue generated from the client. This helps in identifying which types of packages or clients are most profitable. Improved Customer Service: Personalized Service: By understanding the costs associated with each client's travel package, the agency can offer more personalized services and adjustments as needed, enhancing customer satisfaction. Cost Management: It helps in managing costs effectively, which can lead to offering better deals and competitive pricing to clients. Operational Efficiency: Resource Allocation: Job order costing helps in efficiently allocating resources (like travel consultants' time) to various jobs, ensuring that projects are completed on time and within budget. Cost Control: By monitoring costs at a granular level, the agency can identify areas where they can reduce expenses without compromising the quality of service. Financial Reporting: Detailed Reports: Provides detailed cost and revenue reports for each travel package, aiding in better financial planning and decision-making. Performance Metrics: The agency can use these reports to measure performance, identify trends, and make strategic adjustments to improve overall profitability. Implementation in a Travel Agency To implement job order costing in a travel agency, the following steps can be taken: Job Identification: Each travel package or client itinerary is treated as a separate job. Cost Recording: Track all direct and indirect costs associated with each job. This includes flights, hotels, tours, meals, administrative expenses, and any other relevant costs. Cost Allocation: Allocate costs to each job based on actual usage or a predetermined allocation method. Revenue Recording: Track the revenue generated from each job by recording client payments and any additional charges. Job Cost Sheets: Maintain job cost sheets or records for each travel package to monitor costs and revenues. Analysis and Reporting: Regularly analyze the cost and profitability of each job, and generate reports to aid in decision-making. Conclusion Job order costing can provide a travel agency with detailed insights into the costs and profitability of each travel package, aiding in accurate pricing, efficient resource allocation, and enhanced customer service. By implementing job order costing, a travel agency can improve its financial management and operational efficiency, ultimately leading to better business outcomes.
Why do don't movies give an accurate picture of cowboys lives?
ben
