COMM 1102 Study Guide - Comprehensive Final Exam Guide - New Zealand Labour Party, Fixed Cost, Depreciation
21 Nov 2018
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Planning - goals and objectives (they answer the question what?) Identify key steps that need to be undertaken to hep achieve goals and objectives. Translate action plans into financial terms - budgets (support the planning function) Budgets vs. actual - they are collected every month - do the comparison. Give enough information to tell us why, and will it reoccur. Ethics - expect people in high positions to act and behave ethically. Ethical standards are essential for the smooth running of the market economy. Lower quality of life, and less desirable goods, services at higher prices. Product cost - always add the 3 items. Direct materials: identifiable and traceable to that product. Raw materials that become an integral part of the product and that can be conveniently traced directly to it. Direct labour: identifiable and traceable - time put into the product. Those labour costs that can be easily traced to individual units of production.
