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Cost Accounting and the objectives - Essay Example

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Differentiate between relevant costs/revenues in choosing among alternatives such as "make money or buy", "lease or buy" and understand the importance of including not only quantitative but also qualitative factors in the decision making process.
Relevant costs/revenues are…
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Cost Accounting and the objectives
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Download file to see previous pages Relevant revenues/costs show future costs/revenues that will change by the decision taken while irrelevant costs/revenues are not affected by the decision. Inclusion of both quantitative and qualitative data ensures that an informed decision is made. This is because it ensures that all factors are taken into consideration.
Short run pricing decisions has a less than one year time horizon while long-run pricing decisions have a year or longer time horizon. Example of short-run pricing decision is pricing a one-time only special order or adjusting output volume and product mix. A long run pricing decision includes pricing of a product in a major market where there is some leeway in price setting. Target pricing refers to an estimated price for a good or a service that prospective buyers will be willing to pay.
The balanced scorecard is a strategic planning as well as management technique used by organizations in aligning the performance of an organization to its objectives and vision. It has four perspectives namely, financial perspective, customer perspective, learning and growth perspective and business process perspective. Financial perspective learning and growth perspective measures employee retention, knowledge management and employee satisfaction. Business process perspective measures costs and quality of business processes. Customer perspective requires that customers be satisfied, retained to increase the company market share. Financial perspective advocates timely and accurate financial data.
A cost pool refers to a grouping of individual expenses or costs, regularly by division or a service center. It is from such cost pool that allocation of costs is made. For instance, the maintenance department cost is accumulated in a cost pool before allocated to the departments that use its services. Cost pools are normally utilized for the production ...Download file to see next pagesRead More
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