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Why is the opportunity cost of decision always less than the cost of the chosen good or service?
Why is the opportunity cost of a decision always less than the cost of the chosen good or service?
What service industry is an important part of the Swiss economy?
tourism
Is service and quality likely to be better in an industry dominated by a monopoly or in a perfectly competitive industryWhy?
in a perfectly competitive industry
What is the average profit margin for the construction industry?
once all of the overhead from marketing to the cost of carrying loans and property cost a good industry standard is 8% but typically 4 to 5 . with some specific industry's doing a little better .
How is the average cost calculated for a product or service?
The average cost of a product or service is calculated by dividing the total cost of production by the number of units produced. This gives a measure of the average cost per unit.
Role of a cost accountant in service industry?
business accounting
What is the Difference between prime cost and overhead cost?
Prime cost is the cost of materials and labor involved in production of a commodity, excluding fixed costs. Overhead cost is the cost of on-going expenses, such as rent, utilities, and insurance. Overhead costs are one of the major factors in determining how a company charges for its service or product.
What is prime cost as used in cost accounting?
Prime cost in cost accounting refers to the total direct costs incurred in the production of goods or services. It includes expenses directly tied to manufacturing or service delivery, like raw materials, labor wages, and direct production-related expenses. Prime cost excludes indirect costs such as rent, utilities, and administrative salaries. It's a fundamental concept for businesses to determine the core expenses associated with their primary activities, helping them calculate product or service pricing, analyze cost efficiency, and make informed decisions about production processes and resource allocation.
Differntiate between prime cost and factory cost?
Prime cost is a subset of Factory cost. Prime cost consist of Direct material, Direct labour and Direct expenses. Factory cost = Prime cost + Production OH
Is tourism a service or an industry?
service
Is variable overheads include in prime cost?
Direct labor and direct materials are the components of prime cost so no other cost is part of prime cost and hence variable overheads also not included in prime cost.
What is the formula to calculate prime costs?
Formula for Prime Cost = Material Cost + Labor Cost
What industry would maintenance be in?
The Service Industry
How will you trace the development of food service industry?
trace the development of food service industry
How do you get Direct Labor for a service company?
Direct labor for service company is the salary or wage cost of the person who is performing the services like in software industry the salary of software engineer is direct labor cost as well as the technical lead etc.
What is the prime catch of the Alaskan and Pacific Northwest's fishing industry?
The prime catch of the Alaskan and Pacific Northwest's fishing industry is salmon.
Who was the prime minister opposed to the nationalization of british industry?
Margaret Thatcher was the British Prime Minister who opposed the nationalization of British Industry. She served as Prime Minister from 1979 - 1990.
