PPT-Cost Cost: A cost is an expenditure incurred by a firm to produce goods and services for

The following are the various types of costs Direct costs or explicit costs Indirect costs or implicit costs Fixed costs Variable costs Accounting costs Economic costs Total costs Average costs . Subject: Corp. Financial A/cing & Auditing. CIMA, London “ the verification of cost accounts and a check on the adherence to the cost accounting plan”. 2 functions: . Verify the cost accounts have been properly maintained. Inventories and Cost of Goods Sold. Definition of inventory. Cost of inventory. Inventory systems. Effect of inventory errors. Costing . inventory. Inventory valuation. The gross profit method. Retail inventory method. Inventories and Cost of Goods Sold. PowerPoint Authors:. . Brandy Mackintosh. Lindsay . Heiser. Learning Objective 7-1. Describe the issues in managing different types of inventory.. Inventory Management Decisions. Inventories and Cost of Goods Sold. PowerPoint Authors:. . Brandy Mackintosh. Lindsay . Heiser. Learning Objective 7-1. Describe the issues in managing different types of inventory.. Inventory Management Decisions. CA. Anand Banka. Definition. Revenue is the . gross inflow. of cash, receivables or other consideration arising in the course of the . ordinary activities . of an enterprise from the sale of goods, from the rendering of services, and from the use by others of enterprise resources yielding interest, royalties and dividends.. Reporting and interpreting cost of goods sold and inventory. McGraw-Hill/Irwin. Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.. Understanding the Business. Provide sufficient quantities of high-quality inventory.. What Shall We Give Up?. Opportunity Cost. Opportunity cost. : . The highest valued activity sacrificed . in . making a choice. .. Opportunity costs are incurred when a . choice . is made.. They are subjective and vary across persons.. Terms of Sale. MERCHANDISING ACCOUNTS. To calculate net income (or net loss) for a merchandising company, subtract COGS and expenses from revenue:. Net Sales. COGS. = . Gross Profit. Expenses. = Net Income (or NL). Creating Something from Nothing. Opportunity Costs. Opportunity cost is the cost of the next-best alternative. The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently. It is important to keep in mind that opportunity costs are not restricted to monetary or financial costs.. (CAS- 2, 4, 6, 7, 8, 9, 10, 11 & 16). List of Cost Accounting Standards. CAS No.. Title. Effective Date/ Revised Date. CAS 1. Classification of Cost. Revised 2015. CAS 2. Capacity Determination. 1Which term is used to describe the study of how people make decisions in a world where resources are limitedascarcitybdecision-making modelingceconomicsdcost-benefit analysis2According to economic th Concept. of . cost. Definition and meaning of Cost . As per ICWA, India,. Cost is the . price. of resources used for the purpose of production of goods or rendering of services.. As per the Institute of Cost and Management Accountants, London, . DINESH MOTWANI. LECTURER. ST. PAUL COLLEGE . ST. PAUL JUNIOR & DEGREE COLLEGE. Cost Sheet Format .  . Ascertain . Cost of Goods Sold.  from the following figures:. Purchases Rs. 5,000; Opening Stock Rs. 15,000; Closing Stock Rs.7,000.. WHAT IS INTERNATIONAL TRADE?. International Trade . is the exchange of goods and services between nations across international borders.. It occurs when one nation has something that another nation wants..