Question

Q. Give at least ten different examples of the types of costs and/or revenue from the text. Your answer should include: The name of the cost/revenue, the definition, a real world example and Internet research to support the real world example.

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Q. Define Process Costing and Job Order Costing. Discuss at least five terms/concepts related to either/both of the costing methods. Giver real world examples to support you terms/concepts and include internet research.

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Answer 1

Cost/Revenue

  Cost of revenue is total cost of manufacturing & delivering a product / service. Cost of revenue information is found in a company's income statement, and is designed to represent direct costs associated with the goods & Service Company provides.

• The Privately owned firms are motivated to earn profits. Profit is difference between revenues and costs.
• The Private enterprise is ownership of businesses by private individuals.
• The Production is process of combining inputs to produce outputs, ideally of a value greater than value of the inputs.
• The Revenue is income from selling a firm’s product; defined as price times quantity sold.
• The Accounting profit is total revenues minus explicit costs, including depreciation.
• The Economic profit is total revenues minus total costs
• The Explicit costs are out-of-pocket costs for a firm
• The Implicit costs are opportunity cost of resources already owned by firm and used in business. please rate my answer