1 1 Accounting The Make up of Costs Dr Clive Vlieland-Boddy.
6-1 Copyright © 2004 by Nelson, a division of Thomson Canada Limited. Process Costing 6 PowerPresentation® prepared by David J. McConomy, Queen’s University.
Chapter 2. Basic Cost Terminology Cost – resource sacrificed to achieve a specific objective Actual cost – a cost that has occurred Budgeted cost – a.
STRATEGIC COST MANAGEMENT - BA122B - Fall 2005Slide 2-1 Mgt. Acctg.--Strategic Implications n M/A’s must use KTT in their business decisions to meet “customer”
Advanced Cost Management-Spring 2004 3-1 Cost Actg. Review Cost…an economic sacrifice.
Advanced Cost Management-Fall 2002 1 Cost Actg. Review Cost…an economic sacrifice.
Planning and Control Cycle Decision Making Formulating long-and short-term plans (Planning) Measuring performance (Controlling) Implementing plans (Directing.
Revision for Final Exam
Classifying Costs (a) By Element Material Labour Expense By Traceability Direct Indirect.
Cost Terminology and Concepts. Basic Cost Terminology Cost – resource sacrificed to achieve a specific objective Actual cost – a cost that has occurred.
