By Jae K. Shim
Have you ever lately been promoted? Are you beginning a brand new enterprise? Do you unexpectedly locate it's essential recognize extra approximately funds than you ever anticipated, yet haven't any time for formal education? if this is the case, you would like 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 enterprise, your effects can 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 indicates you the ideas for comparing funding judgements akin to go back on funding research. you'll discover what you must recognize, what to invite, which instruments are vital, what to appear for, what to do, and the way to do it. effortless to learn and necessary, the booklet provides 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 govt prepares you for added managerial obligations. you can be greater outfitted to arrange, appraise, assessment, and approve plans to complete departmental pursuits. it is possible for you to to again up your techniques with rigorously ready monetary aid. whether or not they are in keeping with advertising, construction, or team of workers, by means of studying the right way to imagine when it comes to finance and accounting you could intelligently convey your rules.
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Extra resources for Accounting and Finance for the NonFinancial Executive: An Integrated Resource Management Guide for the 21st Century
Legal fees). Incremental (differential) costs are determined by calculating the difference in costs between two or more alternatives. For example, if the direct labor costs for products A and B are $10,000 and $15,000, respectively, the incremental cost is $5,000. Sunk costs are those costs of resources that have already been incurred, and, therefore, will not change regardless of which alternative is chosen. They represent past or historical costs. For example, a $50,000 machine paid for three years ago now has a book value of $20,000.
You are producing and selling only 90,000 units of a product each year at a regular price of $2. 20 per unit, for a total of $12,000. The buyer will pay the shipping expenses. 50). You must consider, however, that you can add to total proﬁts by accepting this special order even though the price offered is below the unit factory cost. 20). 50. Note that the ﬁxed costs will not increase. 3 PRICING STANDARD PRODUCTS Unlike pricing special orders, pricing standard products requires long-term considerations.
Different selling prices and different variable costs result in different unit contribution margins. As a result, break-even points vary with the relative proportions of the products sold, called the sales mix. In break-even analysis, it is necessary to predetermine the sales mix and then compute a weighted average contribution margin. It is also necessary to assume that the sales mix does not change for a speciﬁed period. 31 = $60,000 Are You Breaking Even? 37 which will be split in the mix ratio of 3:6:1 to give us the following break-even points for the individual products A, B, and C: Product A: Product B: Product C: $60,000 × 30% $60,000 × 60% $60,000 × 10% = = = $18,000 $36,000 $ 6,000 $60,000 One important assumption in a multiproduct department is that the sales mix will not change during the planning period.