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dolphi86 [110]
2 years ago
13

Match the cost variance component to its definition.

Business
1 answer:
Komok [63]2 years ago
3 0

Answer:

1. D

2. A

3. C

4. B

Explanation:

Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services.

In sales and marketing, pricing of products is considered to be an essential element of a business firm's marketing mix because place, promotion and product largely depends on it.

In Accounting, costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

The various types of cost variance components and their definition includes the following;

1. Standard price: the expected price

2. Actual quantity: the input used to manufacture the quantity of output

3. Actual price: the amount paid to acquire input

4. Standard quantity: the expected input for the quantity of output

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Advantages corporations had over small business included: a. raw material discounts b. reduction of unit cost c. specialists d.
kondaur [170]

Answer:

a. Raw material discounts

b. Reduction of unit cost

c. Specialists

d. Better production methods

Explanation:

a. Corporations have various advantages over small businesses. Because they buy  raw materials in bulk they are able to negotiate volume discount. This gives them more advantage over the small business who cannot buy in bulk.

b. A fall out from the above is reduction of unit cost or average cost, when discount is received it reduces the total cost of material and by implication the unit cost.

c. Because of their size and financial strength, corporation is able to attract qualified employees as opposed to small businesses that are limited by their financial position.

d. Corporations because of their financial strength are able to finance research with view to discovering a better production methods. This may be impossible to small businesses.

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3 years ago
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Kitty [74]

Answer:

Data mining refers to the ability of an organization to extract relevant information for a large reservoir of data that belong to its users for the purpose of increasing service/product efficiency.

One example of a company that requires data mining for the success of its business is Amazon. Amazon is categorized by many as an online retail giant. Their Customer-Centric approach to doing business is enhanced by their ability to leverage off historical data to reduce the time spent on resolving customer queries and/or complaints.

Generally, there are four basic data mining functions. They are:

  • Prediction Function: This function allows for the owner to spot patterns in behavior and use this as a yardstick to predict for forecast other variables that will enable the increment in the quality of value offered/delivered.
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  • Association Function: This functionality highlights the relationship between data  

The above functions cannot be carried out by data query processing or simple statistical analysis because data mining involves the identification of patterns and relationships using algorithms whilst data query refers to the issuance of instructions in search of specific results.

Cheers

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Answer:

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Explanation:

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Answer:

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Explanation:

Hope this help!!

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