The early identification of...1.Commitment : If a TQM culture is to be developed, so that quality improvement becomes a normal part of everyone’s job, a clear commitment...The outcomes of the customer survey, benchmarking and internal analysis, provides the raw material for stages of the review process : the id...====================================================================Disclaimer: This site is mainly dedicated for Students of CA, ACCA, CIMA, CMA, CGA, CPA, CFA, BBA, MBA and related students of other colleges and universities in Accounting, Management Accounting and Cost Accounting , Students of Higher Education in Accounting, Admission in Accounting Schools, Scholarship  in , Students of MBA, University admission information, College of Accounting, Opportunity cost: This is the cost of choosing one thing over another. Economic profit is similar to accounting profit, but it includes opportunity costs. Outlay costs are easy to recognize and measure because they have actually been paid to outside vendors, as opposed to opportunity costs which are not actually incurred and paid to outside parties by the company. Accounting profit the net income for a company, which is revenue minus expenses. There are five major characteristics of services that distinguish services from manufacturing. Relevant cost in decision making process: Costs which are relevant for a particular business option, which are not historical cost but future costs to be associated with different inputs and activities related a business process. Accountants use the term cost to refer specifically to business assets, and even more specifically to assets that are depreciated (called depreciable assets). Cost of an asset in accounting. These are the expenditures incurred by a firm in the production process.1. For example, if a firm manufactures tables, the cost of labour used in the production of the table is accounting cost.

In the context of a job, you could say that if you work as a lawyer, you could also have worked as a pizza delivery boy. (a)  Intangibility refers to the lack of... Design for manufacturability (DFM) is a process that is part of the project management  of  a  new product. Effective budgetary planning relies on the provision of adequate information to the individuals involved in the planning process.
Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Accounting costs refer to the costs recorded in the books of account of a firm. Accounting cost, like accounting profit, follows the basic principles of accounting 101. The principal budget factor is the factor that limits the activities of functional budgets of the organisation. The cost (sometimes called cost basis) of an asset includes every cost to purchase, acquire, and set up the asset, and to train employees in its use. Students (upto class 10+2) preparing for All Government Exams, Differentiate between accounting cost and opportunity cost.Differentiate between accounting cost and opportunity cost.1. Accounting cost: This is the actual, numeric dollar amount that a firm (company) pays to run their business. The principal budget factor is the factor that limits the activities of functional budgets of the organisation. For example, the producer can use the building for either manufacturing tables or producing gloves. Explanation and examples of differential, opportunity and sunk costs are given below: Differential cost: The work of managers includes comparison of costs and revenues of different alternatives. The principal budget factor is the factor that limits the activities of functional budgets of the organisation. Accounting Cost: Opportunity Cost: 1. Differential cost (also known as incremental cost) is the difference in cost of two alternatives.

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