By Jae K. Shim
Have you ever lately been promoted? Are you beginning a brand new company? Do you all of sudden locate you have to understand extra approximately funds than you ever anticipated, yet don't have any time for formal education? if that is so, you wish Accounting and Finance for the Non-Financial govt. no matter if you're a newly promoted center supervisor or govt, a advertising supervisor of a small corporation, an entrepreneur, or personal your individual company, your effects should be measured in funds and cents. you want to understand the fundamentals of finance and accounting to make sound enterprise judgements and develop into successful.Shim exhibits you the techniques for comparing funding judgements equivalent to go back on funding research. you'll find what you want to understand, what to invite, which instruments are very important, what to seem for, what to do, and the way to do it. effortless to learn and helpful, the booklet offers many functional examples, illustrations, guidance, measures, principles of thumb, graphs, diagrams, and tables that make comprehending the topic easy.Accounting and Finance for the Non-Financial government prepares you for extra managerial obligations. you may be larger outfitted to organize, appraise, evaluation, and approve plans to complete departmental goals. it is possible for you to to again up your innovations with rigorously ready monetary help. whether or not they are according to advertising, construction, or body of workers, by way of studying how one can imagine when it comes to finance and accounting you could intelligently convey your rules.
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Extra info for Accounting and Finance for the NonFinancial Executive: An Integrated Resource Management Guide for the 21st Century
Cost allocation enhances control, aids efﬁciency evaluation, and promotes sound decision making. Accurate cost ﬁgures are necessary for product costing and pricing. 7 COST ANALYSIS Cost analysis allows management to move carefully and accurately to control costs in the following ways: • Compensation and expenses for salespeople should be analyzed and compared to budget, salary structure, and industry standards. , evaluation can be performed related to the distribution of samples and the effect on costs and sales trends).
The sales value for 3,000 units after further processing is $90,000 and the additional processing cost is $25,000. Incremental sales revenue Incremental costs of additional processing Incremental revenue of additional processing $30,000 25,000 5,000 It is proﬁtable for product A to be processed further. Keep in mind that the joint production cost of $120,000 is not included in the analysis, since it is a sunk cost and, therefore, is irrelevant to the decision. 6 ADDING OR DROPPING A PRODUCT LINE Deciding whether to drop an old product line or add a new one requires an evaluation of both qualitative and quantitative factors.
There are two primary approaches to pricing standard products that are sold on the regular market, both of which use some kind of cost-plus pricing formula. 1. The full-cost approach deﬁnes the cost base as the full unit manufacturing cost. Selling and administrative costs are provided for through the markup that is added to the cost base. 2. The contribution approach deﬁnes the cost base as the unit variable cost. Fixed costs are provided for through the markup that is added to this base. 3 — You have prepared the following cost data on your company’s regular product: Per Unit Direct material Direct labor Variable overhead Fixed overhead (based on 20,000 units) Variable selling and administrative expenses Fixed selling and administrative expenses (based on 20,000 units) $6 4 4 6 1 2 Total $120,000 $40,000 Assume that in order to obtain its desired selling price, the ﬁrm has a general policy of adding a markup equal to 50% of the full unit cost or 100% of the unit variable cost.
Accounting and Finance for the NonFinancial Executive: An Integrated Resource Management Guide for the 21st Century by Jae K. Shim