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Profit maximization using the total revenue and total cost curves of a perfect competitor. To obtain the profit maximizing output quantity, we start by recognizing that profit is equal to total revenue minus total cost (). Given a table of costs and revenues at each quantity, we can either compute equations or plot the data directly on a graph.
Activity-based costing was first clearly defined in 1987 by Robert S. Kaplan and W. Bruns as a chapter in their book Accounting and Management: A Field Study Perspective. They initially focused on the manufacturing industry, where increasing technology and productivity improvements have reduced the relative proportion of the direct costs of ...
Outputs may be used to create a Material Requirements Planning (MRP) schedule. A master production schedule may be necessary for organizations to synchronize their operations and become more efficient. An effective MPS ultimately will: Give production, planning, purchasing, and management the information to plan and control manufacturing [3]
Its form, of starting with the basic definition of profit and becoming more elaborate, may make it more accessible to accountants. Most cost accounting textbooks [2] explain basic Cost Volume Profit modeling in an algebraic form, but then revert to an 'illustrative' [3] approach. This 'illustrative' approach uses examples or narrative to ...
The fourth condition for successful economic calculation is plan coordination among those who plan production. The problem of planning production is the knowledge problem explained by Hayek (1937, 1945), but first mentioned and illustrated by his mentor Mises in Socialism (1922), not to be mistaken with Socialism: An Economic and Sociological ...
At the end of chapter 1 of his A Contribution to the Critique of Political Economy (1859), he referred to it, and announced his intention to solve it. [57] In Theories of Surplus Value (1862–1863), he discusses the problem very clearly. [58] His first attempt at a solution occurs in a letter to Engels, dated 2 August 1862. [59]
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Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.