Answer:
The Management
XYZ Company Ltd
Dear Sir/Ma'am,
<u>Memo: Costs and the Importance of Classifying them</u>
Below are the following classifications of cost:
Cost grouped by Nature
- Product of Service cost- This can be further categorised as:
- Material Cost
- Labour Cost: This is further classified into - Immediate Monetary Benefits, Future Monetary Benefits, Non-Financial Benefits, Expenses
Cost grouped according to location or centre
- Direct Costs
- Direct Material Costs
- Direct Labour
- Direct expenses
- Indirect Costs
- Indirect materials
- Indirect Labour
- Indirect expenses
Cost classified according to time
- Historical Costs
- Predetermined Costs
- Standard Costs
- Estimated Costs
Cost Classified by Decision Making
- Marginal Cost
- Differential Cost
- Opportunity Cost
- Relevant Cost
- Sunk Cost
- Replacement Cost
- Normal Cost
- Abnormal Cost
- Avoidable Cost
- Unavoidable cost
- Pre-production cost
- Production cost
- Period cost
- Traceable cost
- Common Cost
- Controllable cost
- Uncontrollable cost
- Short-run Cost
- Long-run Cost
- Past Cost
- Future Cost
- Explicit Cost
- Implicit cost
- Book cost
- Shut down cost
- Abandonment Cost
- Urgent cost
- Postponable cost
- Conversion Cost
Cost Category according to Type of Production Process
- Batch Cost
- Process Cost
- Operation Cost
- Operating cost
- Contract Cost
- Joint Cost
Categorising costs helps with:
- effective cost control
- financial planning
- determination of selling prices
- Budgetary conrol
- apportionment of overheads
- decision making etc.
Sincere regards
Cheers!
Answer:
firms who offer similar products to their competitors' products, but that are more attractive in some way
Explanation:
Product differentiation is marketing strategy where a firm makes its different from that of its competitors in order to make the product more attractive to consumers
Answer:
The correct answer is: The "informed" portion of informed consent.
Explanation:
While conducting research it is important to let the subjects of the research know what type of information they will disclose, what the purpose of the research is, and make clear that their help is voluntary, thus, they can decide whether to continue being part of the study or not.
Among those guidelines, the informed portion of the informed consent establishes that the target subjects must clearly understand the parameters above described. If translations or interpretations are needed, the researchers must provide them.
Answer: Interest on a Note Payable is most appropriately accrued: "B. as of the end of each accounting period during which the note is a liability.".
Explanation: As long as the Note Payable remains a liability and has not yet reached its due date, according to the accrual principle, at the end of each accounting period the accrued interest must be recognized, and when the Note payable reaches its expiration it must remain with balance 0 the interest not accrued account.
Answer:
Part a: The value of Y_A and Y_B are and respectively.
Part b: Y_A and Y_B are given as and respectively for maximization of Y_B
Part c: The condition for the Pareto efficient allocation is Y_A=Y_B
As the value of Y_A and Y_B are not equal in part 2 thus the condition is not Pareto efficient
Explanation:
Part a
For the value of the utility function is given as
Also the YB is given as
So the value of Y_A and Y_B are and respectively.
Part b:
Now
For the maximization
From question 1 Y_A and Y_B are given as and respectively for maximization of Y_B
Part c:
At the Pareto efficient allocation
This is simplified to
The condition for the Pareto efficient allocation is YA=YB
As the value of YA and YB are not equal in part 2 thus the condition is not Pareto efficient