Cost Element

• Cost Element

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Cost accounting Classification of costs

1 By Time: Historical Costs and Predetermined costs. Historical costs

re costs incurred in the past. Predetermined costs are computed in advance on basis of factors affecting cost elements. Example: Standard

Costs.


General manager - Generic usage

1 Sometimes, most commonly, the term General Manager refers to any

executive who has overall responsibility for managing both the

revenue and cost elements of a company's income statement


Financial management for IT services - IT accounting

1 'Several cost elements can be used to control

your accounting:'


Daytona Prototype - Development

1 Combining the low cost elements with the speed and safety elements, the designs for Daytona Prototypes were laid down, with constructors having freedom to develop a car however they wished so long as it fit

within the smaller dimensions of a Daytona Prototype over a Le Mans Prototype.

These smaller dimensions, especially in length, helped to create a more blunt front

end to the car that would slow the cars down, regardless of how much a

constructor put into sculpting the design.


IT cost transparency

1 In addition to tracking cost elements, IT Cost Transparency

tracks utilization, usage and operational performance metrics in order to provide a measure of value

or ROI


Activity-based costing - Aims of model

1 With ABC, a company can soundly estimate the cost elements of entire products ACTIVITIES and services. That may help inform a company's

decision to either:


Privatisation of British Rail - Changes to the structure since the Railways Act 1993

1 The most recent rounds of franchising have considered the

planned improvements and previous good service delivery of bidders as

well as the cost element


Profit model

1 Starting with, profit equals sales minus costs, it provides a structure for modeling cost elements such as

materials, losses, multi-products, learning, depreciation etc


Profit model - Variable-cost elements

1 Moving on to other extensions of the basic model, the cost elements such as direct materials, direct labour and variable overheads can be included. If a non-linear function is available and thought useful such functions

can be substituted for the functions used here.


ISO/IEC 19788 - Purpose

1 In the LOM, the Cost element can only

have a “yes” or “no” values


Cost management - Classification of costs

1 # By Time: Historical Costs and Predetermined costs. Historical costs

are costs incurred in the past. Predetermined costs are computed in advance on basis of factors affecting cost elements. Example: Standard

Costs.


Activity based costing - Aims of model

1 With ABC, a company can soundly estimate the cost elements of entire

products, activities and services. That may help inform a company's

decision to either:


General manager (sports) - Generic usage

1 A general manager is any executive who has overall responsibility for

managing both the revenue and cost elements of a company's income

statement, known as profit loss (PL) responsibility


General management

1 A 'general manager' is any executive who has overall responsibility for

managing both the revenue and cost elements of a company's income

statement, known as profit loss (PL) responsibility


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Cost Element