Answer: Octave risk assessment
Explanation:
Operationally Critical Threat, Asset, and Vulnerability Evaluation (OCTAVE) risk assessment is is simply a self-directed approach whereby the employees in an organization take responsibility and set up the security strategy of the organization.
It's a risk-based strategic assessment and planning technique used primarily for security but which also can be used for disaster recovery planning purposes. In this case, with the knowledge of the employees, the team defines the state of security in the organization, identify the risks and then sets a security strategy.
Áp dụng một trong các phương pháp quản trị chất lượng để phân tích thực trạng công tác quản trị chất lượng tại một tổ chức/doanh nghiệp cụ thể.
Answer:
Bench marking and Continuous improvement.
Explanation:
Quality management is essential for any business. It is necessary to inspect quality of goods before they are sold to customers so that faulty products are identified at an earlier stage. There are various quality management techniques which are used by businesses. Kaizen, Six sigma, and zero defect programs are various total quality management techniques. There should be strict inspection of finished goods before they are dispatched to the customers.
Risk means different things to different people, depending on the context and on how they feel about taking chances.
a. True
b. False
Answer:
you are true that the risk means different things to different people, depending on the context and on that they feel very happy about taking chances to do anything
Choose the correct statements about the ROC curve.
A. By plotting the true-positive rate against the false-positive rate for different threshold values, the ROC curve can be used to select the optimal model.
B. ROC stands for Receiver Operating Characteristic curve, which was originally developed to detect enemy aircrafts on radar.
C. The ROC curve is a useful diagnostic tool for determining the optimal classification model.
D. The ROC curve was originally developed to optimize healthcare and detect congestive heart failure readmission rate.
Answer:
B
Explanation:
The ROC stands for Reviever Operating Characteristics curve ehic was originally developed to detect enemy aircrafts on reader
The correct statement about the ROC curve is that ROC stands for the Receiver Operating Characteristic curve, which was originally developed to detect enemy aircraft on radar. Thus, option B is correct.
What is a curve?A curve can be defined as the relation that can be between the teo element. this is represented by the graph that is formed on the basis of the change in the elements that are surrounding it. If there is a change in one thing then there can also be a change in another and it may have an effect.
The best accuracy and false alarm rate for a classification algorithm at the approaches suggested are calculated and plotted to create the ROC curve.
The Receiver Operating Characteristic curve, abbreviated ROC curve, was created to find hostile aircraft using radar. Therefore, option B is the correct option.
Learn more about ROC curve, here:
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1. Costs that do not change with the change in the level of production for some time is classified as ________.
a. variable costs.
b. fixed costs.
c. mixed costs.
d. none of these choices are correct.
2. Under variable costing, the cost of goods manufactured consists of all except:_____.
a. direct materials.
b. direct labor.
c. variable factory overhead.
d. fixed factory overhead.
3. Costs that have characteristics of both a variable cost and a fixed cost are classified as ________.
a. variable costs.
b. fixed costs.
c. mixed costs.
d. none of these choices are correct.
Answer:
1. b. fixed costs.
2. d. fixed factory overhead.
3. c. mixed costs.
Explanation:
Costs are usually classified as fixed and variable cost. Fixed cost are cost that don not vary with the level of activities (usually expressed as units of production or sales) of an organization.
Variable cost on the other hand are cost that varies with the level of activity. A combination of these cost is called mixed cost.
Under variable costing, all cost are dependent on activity level hence are not fixed.
A stock is expected to pay annual dividends of $1.20 and sell for $42.60 three years from today. Which of these is the correct formula for computing the value of the stock today if the discount rate is 9 percent?
A. Po = $1.20 ($1.20/1.09) + [($1.20+ $42.609)/1.09^2].
B. Po = ($1.20/1.09) + ($1.20/1.09^2) + ($42.60/1.09^2).
C. Po = ($1.20/1.09) + ($1.20/1.09^2) + [(1.20+ $42.60)/1.09^2].
D. Po = $1.20^2/1.09^2 + ($42.60/1.09^2).
Answer:
C. Po = ($1.20/1.09) + ($1.20/1.09^2) + [(1.20+ $42.60)/1.09^2].
Explanation:
Given that
The annual dividend is $1.20
And, the stock should be sold at $42.60
The no of years is 3 from today
Discount rate is 9%
So, the formula for determining the value of the stock today is the option c as the value of the stock should be equivalent to the present value of all future cash flow that are discounted at the required rate of return
Pine Street Inc. makes unfinished bookcases that it sells for $58.09. Production costs are $37.97 variable and $10.12 fixed. Because it has unused capacity, Pine Street is considering finishing the bookcases and selling them for $73.08. Variable finishing costs are expected to be $6.64 per unit with no increase in fixed costs. Prepare an analysis on a per unit basis showing whether Pine Street should sell unfinished or finished bookcases.
Answer:
Pine Street should sell finished bookcases.
Explanation:
Differential analysis
Sell unfinished Process further Net income
Increase (decrease)
Sale price per unit 58.09 73.08 14.99
Cost per unit
Variable 37.97 44.61 -6.64
Fixed 10.12 10.12 0
Total 48.09 54.73 8.35
Net income per unit 10 18.35 8.35
So, the book cases should be sold after processed further.
Fruit boat company manufacturers 10 fruit themed boats per month. A navigation system is included in each boat. Fruit Boat COmpany manufacturers the navigation system in-house but is considering the possiblity of outsourcing thsi function. At present, the variable cost per unit is $300, and the fixed costs are $39,000 per month. If it outsources the naviagation system, fxed costs could be reduced by half, and the vacant facilitiescould be rented out to earn 400 per month of rental income. What is the maximum contract cost that Fruit Boat Company should pay for outsourcing?
a. any cost lower than $3900 per unit
b. any cost lower than $2325 per unit
c. any cost lower than $2225 per unit
d. any cost lower than $275 per unit
Answer:
the cost should be lower than $2,650 per unit
Explanation:
The computation of the maximum contract cost should pay for outsourcing should be
Variable cost $300
Avoidable Fixed cost per unit (19,500÷ 10) 1,950
Opportunity cost (400 ÷ 10) 400
Total 2,650
Hence, the cost should be lower than $2,650 per unit
This is the answer but the same is not provided in the given options
Complete the following table:
Exhibit 15-1 Disposable income and consumption data Income (Y) Change in Disposable Income Consumption (C) 0 500 1,000 1,000 1,400 2,000 1,000 2,200 3,000 1,000 2,900 4,000 1,000 3,500 5,000 1,000 4,000 In Exhibit 15-1, when disposable income is increased from $2,000 to $3,000 to $4,000,
Answer: e. the marginal propensity to consume decreases from 0.7 to 0.6
Explanation:
Calculate the marginal propensity to consumer when the disposable income is increased from $2,000 to $3,000 to $4,000.
The Marginal propensity to consume is calculated by the formula:
= Change in consumption / Change in income
When disposable income increased from $2,000 to $3,000.
= (2,900 - 2,200) / (3,000 - 2,000)
= 0.7
When disposable income increased from $2,000 to $3,000.
= (3,500 - 2,900) / (4,000 - 3,000)
= 0.6
The marginal propensity to consume decreased from 0.7 to 0.6.
Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 24,900 Oct. 31 Goods finished X 31 Direct materials 94,400 31 Direct labor 197,000 31 Factory overhead X Finished Goods Oct. 1 Balance 14,800 31 Goods finished 322,700 If the balance of Work in Process on October 31 is $212,900, what was the amount of factory overhead applied in October? a.$197,000 b.$219,300 c.$434,800 d.$94,400
Answer:
b.$219,300
Explanation:
The computation of the amount of factory overhead applied in October is given below:
= Opening balance + direct material + direct labor - ending balance - good finished
= 24,900 + 94,400 + 197,000 - 212,900 - 322,700
= -$219,300
= $219,300
Hence, the option b is correct
8794979666++++45626563.
what is the marketing?
Explanation:
the action or business of promoting and selling products or services, including market research and advertising.
Which of the following statements is true?
a. Overhead can be applied slowly as a job is worked on.
b. Overhead can be applied when the job is completed.
c. Overhead should be applied to any job not completed at year-end in order to properly value the work in process inventory.
Answer:
the answer should be
a. Overhead can be applied slowly as a job is worked on.
Answer:
A: overhead can be applied slowly as a job is worked on.
Explanation:
Im pretty sure i already learned that! so trust it!
hope it helps!
if its wrong report my answer!
An improvement in a country's balance of payments means a decrease in its balance of payments deficit, or an increase in its surplus. In fact we know that a surplus in a balance of payments A) is always beneficial. B) is usually beneficial. C) is never harmful. D) is sometimes harmful. E) is always harmful.
Answer:
Should be D (sometimes harmful).
Gomez argues that we need to increase the nation's output. Chang contends that our top priority should be a more equal distribution of income and output. It can be correctly stated that these two goals are:
A. essentially unrelated.
B. complementary because the realization of one will promote fulfillment of the other.
C. at least partially competing because the redistribution of income might impair incentives to work and produce.
D. complementary because a more equal distribution of income always promotes economic growth.
Answer:
I can't understand the question
Aureolin Company manufactures toothpaste and packs them in tubes of 250 grams. Standard variable overhead rate (SVOR) $3.90 per direct labor hour Actual variable overhead $79,721 Actual hours worked (AH) 22,290 hours Hours allowed for production (SH) 18,000 hours Determine the variable overhead spending variance.
Answer:
Variable manufacturing overhead spending variance= $7,132.8 favorable
Explanation:
Giving the following information:
Standard variable overhead rate (SVOR) $3.90 per direct labor hour
Actual variable overhead $79,721
Actual hours worked (AH) 22,290 hours
To calculate the variable overhead spending variance, we need to use the following formula:
Variable manufacturing overhead spending variance= (standard rate - actual rate)* actual quantity
Variable manufacturing overhead spending variance= (3.9 - 3.58)*22,290
Variable manufacturing overhead spending variance= $7,132.8 favorable
Actual rate= 79,721/22,290= $3.58
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:
a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances:
Cash 42,000
Accounts receivable 201,600
Inventory 58,050
Buildings and equipment (net) 352,000
Accounts payable 85,725
Common stock 500,000
Retained earnings 67,925
653,650 653,650
b. Actual sales for December and budgeted sales for the next four months are as follows:
December (actual) 252,000
January 387,000
February 584,000
March 298,000
April 195,000
c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.
d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)
e. Monthly expenses are budgeted as follows: salaries and wages, $17,000 per month; advertising, $57,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,420 for the quarter.
f. Each month's ending inventory should equal 25% of the following month's cost of goods sold.
g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month.
h. During February, the company will purchase a new copy machine for $1,200 cash. During March, other equipment will be purchased for cash at a cost of $71,000.
i. During January, the company will declare and pay $45,000 in cash dividends.
j. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.
Required
Using the data above, complete the following statements and schedules for the first quarter:
1. Schedule of expeted cash collections:
Hillyard Company Schedule of Expected Cash Collections
January February March Quarter
Cash sales 77,400 77,400
Credit sales 201,600 201,600
Total collections 279,000 279,000
2-a. Merchandise purchases budget:
Hillyard Company Merchandise Purchases Budget
January February March Quarter
Budgeted cost of goods sold 232,200* 350,400
Add desired ending inventory 87,600†
Total needs 319,800 350,400
Less beginning inventory 58,050
Required purchases 261,750
*$387,000 sales x 60% cost ratio = $232,200.
†$350,400 × 25% = $87,600.
2-b. Schedule of expected cash disbursements for merchandise purchases:
Hillyard Company Schedule of Expected Cash Disbursements for Merchandise Purchases
January February March Quarter
December purchases 85,725
January purchases 130,875 130,875
February purchases
March purchases
Total cash disbursements for purchases
3. Cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.)
Hillyard Company Cash Budget
January February March Quarter
Beginning cash balance 42,000
Add cash collections 279,000
Total cash available 321,000
Less cash disbursements:
Purchases of inventory 216,600
Selling and administrative expenses 104,960
Purchases of equipment
Cash dividends 45,000
Total cash disbursements 366,560
Excess (deficiency) of cash (45,560)
Financing:
Borrowings
Repayments
Interest
Total financing
Ending cash balance
4. Prepare an absorption costing income statement for the quarter ending March 31.
Hillyard Company Income Statement For the Quarter Ended March 31
Cost of goods sold
Selling and administrative expenses:
5. Prepare a balance sheet as of March 31.
Hillyard Company Balance Sheet March 31
Assets
Current assets:
Total current assets
Total assets
Liabilities and Stocholders' Equity
Current liabilities
Stockholders' equity
Total liabilities and stockholders' equity
Answer:
1. Schedule of Cash Collection:
Particulars: January February March Quarter
Cash Sales $77,400 $77,400 $118,200 $273,000
Credit Sales $201,600 $201,600 $472,800 $876,000
Total Collections $279,000 $279,000 $591,000 $1,149,000
Explanation:
Cash sales are 20% of total sales where as remaining 80% sales are credit sales. Cash collection schedule prepared will display the actual cash collected from sales. The sales made on credit are collected in the following month.
Again, Inc. bonds have a par value of $1,000, a 25 year maturity, and an annual coupon rate of 16.0% with annual coupon payments. The bonds are currently selling for $873. The bonds may be called in 4 years for 116.0% of par. What quoted annual rate of return do you expect to earn if you buy the bonds and company calls them when possible
Answer: 24.10%
Explanation:
The quoted annual rate of return that will be expected to be earned if one buys the bonds and company calls them when possible will be calculated thus:
Call price = 1160
Coupon rate = 16%
Number of compounding period per year = 1
Interest per period = 1000 × 16% = 160
Bond price = 873
Number of years to sell = 4
NPER = 4
Quoted annual rate of return will be:
= Rate(NPER, PMT, -PV, FV)
= Rate(4160, -873, 1160)
= 24.10%
Hamasaki Company owns 30% of CDW Corp. stock and has significant influence. Hamasaki received $6,500 in cash dividends from its investment in CDW. The entry to record receipt of these dividends includes a debit to Cash for $6,500 and a credit to Equity Method Investments for $6,500.
a. True
b. False
Answer:
A. True
Explanation:
Account Title Debit Credit
Cash 6500
Investment in CDW Corp. 6500
16. List five benefits of therapeutic massage
Stress relief, anxiety reduction, improved sleep quality, reduced muscle pain, muscle soreness, range of motion-flexibility, helps with immunity and inflammation.
Live Trap Corporation received the data below for its rodent cage production unit. OUTPUT INPUT 49,200 cages Production time 630 labor hours Sales price: $3.40 per unit Wages $ 7.40 per hour Raw materials (total cost) $ 31,000 Component parts (total cost) $ 15,355.
Required:
Find the total productivity in Units Sold and Dollars of Sales per Dollar Input.
Answer:1) Total productivity in units sold = 0.96 units sold per dollar input
2) Total productivity in dollars== $ 3.28 dollars in sales per dollar input
Explanation:
Total output = output cages x sales price = 49,200 cages x $3.40 per unit = = $ 167,280
Total Input =wages+components+ raw materials
Wages = 630 labor hours x $7.40 = $4,662
Raw materials = $ 31,000
Component parts = $ 15,355
Total input =$51,017
1) Total productivity in units sold = Output in units / Input in dollars
=49,200 cages/$51,017 =0.96 units sold per dollar input
2) Total productivity in dollars= Output in dollars / Input =$ 167,280/$51,017 = $ 3.28 dollars in sales per dollar input
It is January 2nd and senior management of Baldwin meets to determine their investment plan for the year. They decide to fully fund a plant and equipment purchase by issuing $10,000,000 in bonds. Assume the bonds are issued at face value and leverage changes to 2.7. Which of the following statements are true?
a. Total liabilities will be $132,709,346
b. The total investment for Baldwin will be $12,728,474
c. Working capital will remain the same at $12,936,641
d. Baldwin's long term debt will rise by $10,000,000
e. Total assets will rise to $212,378,526
Answer:
b.The total investment for Baldwin will be $12,728,474
While preparing your risk responses, you identify additional risks. What should you do? Add reserves to the project to accommodate the new risks and notify management. Document the risk and calculate the expected monetary value based on the probability and impact of the occurrences. Determine the risk events and the associated costs, then add the cost to the project budget as a reserve. Add 10 percent contingency to the project budget and notify the customer
Answer: Document the risk and calculate the expected monetary value based on the probability and impact of the occurrences.
Explanation:
Risk response refers to the development of strategic options to reduce the threats and enhance opportunities to the objectives of the project.
It should be noted that when new risks are identified, such risks go through the process of risk management and one needs to be able to know the risk probability and risk impact and then get to curtail them.
In 2012, Wingen Inc. sold 325,000 units at $8 each .Sales volume is expected to increase by 15 percent in 2013 while the price of each unit is expected to decrease by 15 percent. the expected sales revenue for 2013 is a. $373,750 b.$2,541,500 c.$1,878,500 d.$2,990,000
Answer:
$2541500
Explanation:
Given :
2012 :
Units sold = 325,000
Price per unit = $8
2013 :
Projected increase in volume = 15%
Projected decrease in price = 15%
Expected revenue = sales price * volume sold
Volume in 2013:
Projected Unit sold in 2013 = (1 + 0.15) * 325000 = 373750
units
Projected Price in 2013 = (1 - 0.15) * Price in 2012 = (1 - 0.15) * $8 = $6.80
Expected revenue = $6.80 * 373750 = $2541500
provides the following data: 20X920X8 Cash$41,000 $25,000 Accounts Receivable, Net102,000 62,000 Merchandise Inventory72,000 50,000 Property, Plant, and Equipment, Net181,000 120,000 Total Assets$396,000 $257,000 Additional information for the year ending December 31, 20X9: Net Credit Sales$550,000 Cost of Goods Sold150,000 Interest Expense25,000 Net Income181,000 Calculate the rate of return on total assets for 20X9.
Answer:
63.09%
Explanation:
Note Missing question is attached as picture below
Average total assets = (Opening total assets+Closing total assets)/2
Average total assets = ($396,000 + $257,000) / 2
Average total assets = $653,000 / 2
Average total assets = $326,500
Return on total assets = (Net income + Interest expense)/Average total assets
Return on total assets = ($181,000 + $25,000) / $326,500
Return on total assets = $206,000 / $326,500
Return on total assets = 0.6309342
Return on total assets = 63.09%
The best way to think of presentation slides is... as a medium meant to be used in conjunction with someone speaking. as a stand-alone medium that communicates on its own. as something to keep the audience entertained during a presentation. something superfluous to a presentation but still expected.
Answer: as a medium meant to be used in conjunction with someone speaking.
Explanation:
Presentation slides are meant to augment what the person presenting is saying. They are to provide proof as well as a visual depiction of the words of the presenter so that the audience can understand the presentation better.
For instance, a person giving a presentation on the earrings potential of a business will use charts and tables to show the expected increase. The charts and tables will help show the point that the person is trying to make so that the audience understands.
The Auto Division of Big Department Store had a net operating income of $560,000, a net asset base of $4,000,000, and a required rate of return of 12%. Sales for the period totaled $3,000,000. The residual income for the period is: a.$360,000. b.$80,000. c.$120,000. d.$480,000.
Answer:
b.$80,000
Explanation:
The computation of the residual income is given below;
= net operating income - (required rate of return of net asset base)
= 560,000 - (4,000,000×12%)
= $80,000
hence, the residual income is $80,000
Therefore the option b is correct
The same is relevant and considered too
Why should you rotate food when thawing it
Answer: So it thaws more evenly, also to prevent bacteria
Explanation:
Suppose Gulf Shipping Company has the following results related to cash flows for 2019:
Net Income of $7,800,000
Decrease in Accounts Payable of $300,000
Increase in Accounts Receivable of $800,000
Depreciation of $1,200,000
Increase in Inventory of $900,000
Other Adjustments from Operating Activities of $700,000
Assuming no other cash flow adjustments than those listed above, create a statement of cash flows with amounts in thousands.
What is the Net Cash Flow from Operating Activities?
Note: Financial results are provided in dollars but the income statement units are thousands of dollars.
Please specify your answer in the same units as the statement of cash flows (i.e., enter the number from your completed statement of cash flows).
Answer:
$7,700
Explanation:
Cash Flow from Operating Activities
Particulars Amount
Net Income $7,800
Add: Depreciation $1,200
Add: Other adjustments $700
Cash flow before working capital adjustments $9,700
Less: Decrease in Accounts payable ($300)
Increase in Accounts receivable ($800)
Increase in Inventory ($900)
Net Cash flow from Operating activities $7,700
Garden Variety Flower Shop uses 500 clay pots a month. The pots are purchased at $3 each. Annual holding costs per pot are estimated to be 25 percent of a pot's purchase price, and ordering costs are $25 per order. The manager has been using an order size of 1,500 flower pots.
a. What additional annual cost is the shop incurring by staying with this order size?
b. Other than cost savings, what benefit would using the optimal order quantity yield (relative to the order size of 1,500)?
Solution :
The data for the Garden Variety Flower shop is :
Monthly demand, d = 500 clay pots
Annual demand, D = 500 x 12
= 6000 clays
Price, p = $ 3.00 each
Annual carrying cost, h = 25% of price
[tex]$=\frac{25}{100} \times 3$[/tex]
= $0.75
Ordering cost, S = $ 25 per order
a). The optimal order quantity, EOQ
[tex]$EOQ=\sqrt{\frac{2DS}{h}}$[/tex]
[tex]$=\sqrt{\frac{2\times 6000 \times 25}{0.75}}$[/tex]
[tex]$=\sqrt{\frac{300000}{0.75}}$[/tex]
= 632.45
≈ 633
So, the optimal order quantity is 633 clay pots.
Therefore, the annual cost for optimal order quantity 633 clay pots,
[tex]$\text{Total annual cost}_1=\left(\frac{D}{Q} \times S \right) + \left(\frac{D}{2} \times h \right)$[/tex] [tex]$\text{Total annual cost}_1=\left(\frac{6000}{633} \times 25 \right) + \left(\frac{633}{2} \times 0.75 \right)$[/tex]
= 236.96 + 237.37
= 474.33
Now calculating the total annual cost for the optimal order quantity 1500 flower pots, as shown below:
[tex]$\text{Total annual cost}_2=\left(\frac{D}{Q} \times S \right) + \left(\frac{D}{2} \times h \right)$[/tex]
[tex]$\text{Total annual cost}_2=\left(\frac{6000}{1500} \times 25 \right) + \left(\frac{1500}{2} \times 0.75 \right)$[/tex]
= 100 + 562.5
= 662.5
Calculating the additional annual cost of the shipping is incurring by staying with the order size, i.e. 1500 flower pots as given below:
Extra cost = [tex]$\text{total annual cost}_2 - \text{total annual cost}_1 $[/tex]
= 662.5 - 474.3
= 188.2
So, the [tex]\text{additional annual cost}[/tex] is the shop [tex]\text{incurring}[/tex] by staying with this order size is 188.2
b). Calculating the average inventory level of the [tex]\text{optimal order quantity}[/tex] 1500 flowers plots :
Average inventory = Q/2
[tex]$=\frac{1500}{2}$[/tex]
= 750
Calculating the average percentage of the storage space :
[tex]$\text{Percentage of storage space} = \frac{\text{Extra cost}}{\text{average inventory}}\times 100$[/tex]
[tex]$=\frac{188.2}{750} \times 100$[/tex]
= 0.250 x 100
= 25 %
So, the benefit would be using the [tex]\text{optimal order quantity}[/tex] yield, i.e. 1500 flower plots is 25%.
A cost is considered controllable at a given level of managerial responsibility if Group of answer choices it is a variable cost, but it is uncontrollable if it is a fixed cost. it changes in magnitude in a flexible budget. the cost has not exceeded the budget amount in the master budget. the manager has the power to incur the cost within a given time period.
Answer:
the manager has the power to incur the cost within a given time period.
Explanation:
A cost can be defined as an amount of money that is incurred by a business firm to create goods or services for its customers.
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.
In Financial accounting, a fixed cost can be defined as predetermined expenses in a business that remain constant for a specific period of time regardless of the quantity of production or level of outputs. Some examples of fixed costs in business are loan payments, employee salary, depreciation, rent, insurance, lease, utilities, etc.
On the other hand, variable costs can be defined as expenses that are not constant and as such usually change directly and are proportional to various changes in business activities. Some examples of variable costs are taxes, direct labor, sales commissions, raw materials, operational expenses, etc.
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, a cost is considered controllable at a given level of managerial responsibility, if the manager has the power to incur the cost within a given time period. Thus, he or she can control a cost if it can be incurred within a specific period of time.
