Determining costs and benefits in decision making process
Write down a short note on determining costs and benefits in decision making process?
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Determining costs and benefits: Most of the management decisions need knowledge of the costs and benefits of pursuing a specific course of action like providing a service, generating a new product or closing down the department. Decision will include weighing the costs against the advantages. The management accountant can aid managers by giving details of specific costs and benefits. In some situations, costs and benefits might be extremely difficult to quantify; though, some approximation is generally better than nothing at all.
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Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
Actual Cost: It is the amount (sum) determined on the basis of cost acquired involving standard cost appropriately adjusted for the applicable variance.
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Controllable Cost: A cost which can be influenced by the action of responsible manager. The word always refers to a particular manager as all costs are controllable by somebody.
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Product: Any traceable, discrete, or measurable good or service given to a customer. Frequently goods are termed to as tangible products, and services are termed to as intangible products. A good or service is the product result of a procedure resulta
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Cost Avoidance: The action taken to decrease future costs, like replacing parts before they fail and cause harm to other portions. Cost avoidance might incur higher (or extra) costs in the short run however the final or life-cycle cost would be lower.
Investor Accounting: It is an individual who commits money to investment products with the hope of financial return. Usually, the primary concern of an investor is to diminish risk whereas maximizing return, as opposed to a speculator, who is willing
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