Tax is a mandatory financial charge, Property taxes, Excise taxes, Income taxes. Capital-gains tax is levied on profits made from the sale of capital assets. Self-insurance is a risk management method
Job order costing tracks costs for individual jobs or orders, while process costing tracks costs for an entire production process. There are three valuation methods for measuring product costs: actual costing uses actual costs incurred, normal costing uses standard costs for overhead, and standard costing uses predetermined standard costs for materials, labor, and overhead. The job order cost sheet accumulates all costs for an individual job, including direct materials and labor costs from requisition forms and time sheets, applied overhead, and budgeted versus actual cost comparisons.
Process costing explained with examples free of cost .It is for students of managerial accounting ,read this to quickly go through process costing.
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The document discusses job costing, which is a product costing method used for unique products made to customer specifications. It describes job costing systems, different costing methods (actual, normal, standard), and reasons why normal and standard costing are preferable to actual costing. The document also provides examples of job costing sheets and case studies calculating costs for different job orders.
The document discusses materials costing and control. It defines direct and indirect materials and explains how materials are accounted for as they move through the production process. It also covers determining the optimal purchase quantity to minimize total inventory costs, identifying stock losses through periodic stocktaking, and accounting for discrepancies between physical and book stock values.
The document discusses several time value of money concepts:
1) The future worth method calculates the equivalent value of an investment at the end of its period. For example, building a nuclear power plant requires calculating its worth at commercialization.
2) Using the future worth method, investments are accepted if their future worth is positive, rejected if negative, and indifference if zero.
3) The formula for computing future worth considers cash inflows and outflows over the investment period.
4) Bond valuation determines a bond's fair value by calculating the present value of future interest payments and face value at maturity. This yields the required rate of return.
This document defines and describes six types of costing: uniform costing, marginal costing, standard costing, historical costing, direct costing, and absorption costing. Uniform costing involves using the same costing method across firms in an industry. Marginal costing focuses on variable costs and writes off fixed costs each period. Standard costing substitutes expected costs for actual costs. Historical costing uses actual incurred costs. Direct costing only uses variable costs for decisions. Absorption costing includes all manufacturing costs in the cost of inventory.
Job order costing tracks costs for individual jobs or orders, while process costing tracks costs for an entire production process. There are three valuation methods for measuring product costs: actual costing uses actual costs incurred, normal costing uses standard costs for overhead, and standard costing uses predetermined standard costs for materials, labor, and overhead. The job order cost sheet accumulates all costs for an individual job, including direct materials and labor costs from requisition forms and time sheets, applied overhead, and budgeted versus actual cost comparisons.
Process costing explained with examples free of cost .It is for students of managerial accounting ,read this to quickly go through process costing.
http://www.brightscholarships.com
Twitter @scholarshipskys
The document discusses job costing, which is a product costing method used for unique products made to customer specifications. It describes job costing systems, different costing methods (actual, normal, standard), and reasons why normal and standard costing are preferable to actual costing. The document also provides examples of job costing sheets and case studies calculating costs for different job orders.
The document discusses materials costing and control. It defines direct and indirect materials and explains how materials are accounted for as they move through the production process. It also covers determining the optimal purchase quantity to minimize total inventory costs, identifying stock losses through periodic stocktaking, and accounting for discrepancies between physical and book stock values.
The document discusses several time value of money concepts:
1) The future worth method calculates the equivalent value of an investment at the end of its period. For example, building a nuclear power plant requires calculating its worth at commercialization.
2) Using the future worth method, investments are accepted if their future worth is positive, rejected if negative, and indifference if zero.
3) The formula for computing future worth considers cash inflows and outflows over the investment period.
4) Bond valuation determines a bond's fair value by calculating the present value of future interest payments and face value at maturity. This yields the required rate of return.
This document defines and describes six types of costing: uniform costing, marginal costing, standard costing, historical costing, direct costing, and absorption costing. Uniform costing involves using the same costing method across firms in an industry. Marginal costing focuses on variable costs and writes off fixed costs each period. Standard costing substitutes expected costs for actual costs. Historical costing uses actual incurred costs. Direct costing only uses variable costs for decisions. Absorption costing includes all manufacturing costs in the cost of inventory.
The document discusses standard costing, which involves setting standards for costs and revenues for controlling costs through variance analysis. It describes establishing standards for different cost elements like direct materials, direct labor, and overheads. Variances between actual and standard costs are analyzed to identify causes. Variance analysis helps reduce costs, measure efficiency, and control prices. The document outlines the standard costing process and advantages like effective cost control and developing cost consciousness.
This document provides an overview of engineering economics and elementary economic analysis concepts. It discusses the definition and goals of economics, including the production and distribution of goods and services for human welfare. Key points covered include the law of supply and demand, factors that influence supply and demand, costs and revenues, break-even analysis, and the profit-volume ratio. Elementary economic analysis is introduced as a way to make economic decisions by considering factors like price, transportation costs, availability, and quality when evaluating alternatives. Examples are also provided to illustrate basic economic analysis concepts.
This document discusses cost accounting and its classification. It defines cost as a monetary valuation of efforts, materials, resources, time, utilities consumed, and risks incurred in business. Cost accounting provides detailed cost information to help management control operations and plan for the future. Costs are classified according to elements like materials, labor, and overheads, and according to behavior as fixed costs, variable costs, or semi-variable costs. Fixed costs remain unchanged with production volume while variable costs change directly with units produced and semi-variable costs have both fixed and variable components.
The document discusses job costing and batch costing. It defines job costing as a method where cost is compiled for specific jobs or work orders, rather than for stock. Cost is charged directly to jobs for materials, labor, and expenses. Overhead is apportioned to jobs based on department rates. Batch costing determines cost per unit by dividing total batch costs by the number of units in a batch. The document also discusses determining economic batch quantity to minimize setup and carrying costs, and provides examples of job and batch costing applications.
This document discusses operating costing, which is used to ascertain and control costs for service industries. It provides examples of cost units like passenger-kilometers and room-days that are used in industries like transport, hospitals, lodging houses, and cinemas. For transport specifically, operating costs are expressed in terms of running kilometers, passenger kilometers, or ton-kilometers carried. The document outlines the costing process and types of problems encountered in transport costing.
Direct costs are costs that can be traced to a specific department or object, such as the cost of a medical procedure. Indirect costs cannot be traced to a specific department or object, like administrative costs. The document provides examples of direct and indirect costs in healthcare and reviews the difference between the two types of costs. It aims to help the reader understand and identify direct and indirect costs.
COST OF GOODS MANUFACTURED & MIXED COST & Contribution Margin Income Statemen...Zahid Gondal
The document discusses various accounting concepts related to costing, including:
- The cost of goods manufactured, which includes direct materials, direct labor, and allocated overhead for units completed or in process at the end of a period. It differs from cost of goods sold.
- Mixed costs, which have both fixed and variable components. The total cost is calculated as the fixed costs plus variable costs that increase with activity levels.
- The contribution margin income statement, which separates revenues, variable costs, and fixed costs to show contribution margin.
- The high-low method, which uses the highest and lowest data points to estimate variable and fixed costs and calculate costs at different production levels graphically.
Contract costing is a method of accounting for construction or manufacturing projects that take longer than one accounting period to complete. It involves opening a separate account for each contract to track direct costs like materials, labor, and overhead. As work is completed and certified, the contract account is credited for the corresponding portion of the contract price to calculate the profit or loss on that portion. For incomplete contracts at the end of an accounting period, only a portion of the estimated total profit is recognized depending on how much of the work has been certified complete. This method aims to match revenues and expenses across accounting periods for long-term contracts.
This document discusses various methods for allocating overhead costs, including:
1. The production unit method, which allocates overhead costs based on the number of units produced.
2. Percentage methods, which allocate overhead based on a percentage of direct material costs, direct labor costs, or prime costs.
3. Hourly rate methods, including direct labor hour rates, machine hour rates, and dual hour rates, which allocate overhead based on direct labor hours, machine hours, or a combination.
The document also notes that overhead rates can be predetermined or actual, and that overhead can be allocated using a single rate for an entire factory or different rates for different divisions and departments.
This document discusses cost analysis and various cost concepts. It begins by defining cost analysis and its importance in business decision making. It then outlines several types of costs including: opportunity cost, economic cost, accounting cost, private and social costs, incremental and sunk costs, direct and indirect costs, average, marginal and total costs. It also discusses cost-output relationships in the short-run and long-run, factors determining costs, and break-even analysis. The key purpose is to provide an overview of different cost concepts and cost-output relationships that are important for business analysis and decision making.
Overhead costs are indirect expenses that are incurred in addition to direct material and direct labor costs. They include indirect materials, indirect labor, and indirect expenses. Overheads must be classified, collected, allocated to cost centers, and then absorbed or charged to production units. They are classified as factory, office/administrative, or selling/distribution overheads. Overhead allocation involves allotting whole costs to cost centers, while apportionment involves allotting proportionate shares of common costs between cost centers. Absorption of overheads involves charging production with an equitable share of overhead costs using an absorption rate.
This document provides an overview of a job order cost system. It describes job order costing as a method used when production is done according to customer orders rather than for stock. Each job has a unique cost that is tracked from start to finish using a job cost sheet. The objectives are to determine the accurate cost of each job and identify profitable versus unprofitable jobs to aid future estimates. The key aspects of job order costing include distinct work orders for each job, tracking direct and overhead costs accumulated to each job, and comparing estimated versus actual costs for process improvement and pricing future jobs.
This document provides an overview of absorption costing and variable costing. It discusses the key components of product costs and period costs under each method. It also presents the format for an income statement under absorption costing, including the calculation and treatment of over/under absorption of fixed manufacturing overhead. When there is over/under absorption, an adjustment is made to gross profit on the income statement.
Standard costing is a technique that uses predetermined standards for costs and revenues to control performance through variance analysis. Standards are established for inputs and outputs and are used to assess performance, control costs, motivate staff, and provide guidance to improve performance. Variances measure the difference between actual and standard costs and revenues and are classified into material, labor, overhead, and sales categories to identify reasons for non-standard performance. Material variances include price, usage, mix, and yield components.
The document discusses product costs and period costs. Product costs refer to the costs to produce a product, including direct materials, labor, and overhead. Product costs are estimated using a bill of materials and labor routings. Period costs cannot be included in inventory and are expenses that vary with the passage of time, not production, such as selling, advertising, and administrative expenses. The key difference between the two is that product costs are variable costs associated with production, while period costs are fixed costs associated with operating the business.
Ppt on joint and by product by Hilal Mir ktb.HILAL AHMAD MIR
This document discusses the concepts of joint products and by-products. It defines joint products as two or more products produced from the same process, where both products are important but the main product typically has a higher cost. By-products are produced incidentally along with the main product and have lower value. Several methods are presented for allocating joint costs between joint products, such as average unit cost, physical unit, and market value methods. The differences between joint products, main products, and by-products are also outlined. Accounting methods for joint products and by-products include allocating costs and treating by-product sales as income.
This document provides an overview of engineering economics. It discusses how engineers apply economic principles to make cost-effective decisions when developing solutions to practical problems. Engineering economics involves analyzing cash flows, costs, benefits, and other factors over time to evaluate alternative projects and designs. The concepts of time value of money, interest, cash flows, and economic analysis allow engineers to maximize the efficient use of resources in their decision making.
A power point presentation describing some basic definitions, father of cost accounting, Indian aspect of cost accounting and Various Methods and Techniques of costing.
Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
at the Bhopal School of Social Sciences(BSSS) on 6 September, 2017
The Net Income (NI) approach proposes that a firm's value increases as it takes on more debt financing due to debt generally being a cheaper source of capital than equity. According to the NI approach, the costs of debt and equity remain constant regardless of capital structure, so the overall cost of capital declines as debt levels rise. However, the NI approach assumes unrealistic conditions like taxes being ignored and that more debt does not affect investor risk perceptions. It implies the maximum firm value occurs with 100% debt financing.
This document discusses foreign exchange rates and currency management. It defines exchange rates as the rate at which one country's currency can be exchanged for another's. Exchange rates can be floating, fixed, or a mixed system. It also discusses forward rates, discounts, premiums, and methods for managing exchange rate risk such as hedging and forward contracts. Causes of short-term exchange rate changes include investment and trade flows, while long-term factors include purchasing power parity and interest rate parity theories.
Consequential loss policy in relation with fire insuranceANMOL GULATI
This document discusses consequential loss insurance policies. It begins by explaining that standard insurance policies only cover direct physical damage, not financial losses from business interruptions. A consequential loss policy covers losses like reduced profits during periods where business operations are interrupted due to insured events like fire. The document defines key terms like indemnity period and gross profits. It also outlines what types of losses are covered, how claims are calculated, advantages and disadvantages of these policies. Major insurance companies offering consequential loss policies in India are also listed.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
The document discusses standard costing, which involves setting standards for costs and revenues for controlling costs through variance analysis. It describes establishing standards for different cost elements like direct materials, direct labor, and overheads. Variances between actual and standard costs are analyzed to identify causes. Variance analysis helps reduce costs, measure efficiency, and control prices. The document outlines the standard costing process and advantages like effective cost control and developing cost consciousness.
This document provides an overview of engineering economics and elementary economic analysis concepts. It discusses the definition and goals of economics, including the production and distribution of goods and services for human welfare. Key points covered include the law of supply and demand, factors that influence supply and demand, costs and revenues, break-even analysis, and the profit-volume ratio. Elementary economic analysis is introduced as a way to make economic decisions by considering factors like price, transportation costs, availability, and quality when evaluating alternatives. Examples are also provided to illustrate basic economic analysis concepts.
This document discusses cost accounting and its classification. It defines cost as a monetary valuation of efforts, materials, resources, time, utilities consumed, and risks incurred in business. Cost accounting provides detailed cost information to help management control operations and plan for the future. Costs are classified according to elements like materials, labor, and overheads, and according to behavior as fixed costs, variable costs, or semi-variable costs. Fixed costs remain unchanged with production volume while variable costs change directly with units produced and semi-variable costs have both fixed and variable components.
The document discusses job costing and batch costing. It defines job costing as a method where cost is compiled for specific jobs or work orders, rather than for stock. Cost is charged directly to jobs for materials, labor, and expenses. Overhead is apportioned to jobs based on department rates. Batch costing determines cost per unit by dividing total batch costs by the number of units in a batch. The document also discusses determining economic batch quantity to minimize setup and carrying costs, and provides examples of job and batch costing applications.
This document discusses operating costing, which is used to ascertain and control costs for service industries. It provides examples of cost units like passenger-kilometers and room-days that are used in industries like transport, hospitals, lodging houses, and cinemas. For transport specifically, operating costs are expressed in terms of running kilometers, passenger kilometers, or ton-kilometers carried. The document outlines the costing process and types of problems encountered in transport costing.
Direct costs are costs that can be traced to a specific department or object, such as the cost of a medical procedure. Indirect costs cannot be traced to a specific department or object, like administrative costs. The document provides examples of direct and indirect costs in healthcare and reviews the difference between the two types of costs. It aims to help the reader understand and identify direct and indirect costs.
COST OF GOODS MANUFACTURED & MIXED COST & Contribution Margin Income Statemen...Zahid Gondal
The document discusses various accounting concepts related to costing, including:
- The cost of goods manufactured, which includes direct materials, direct labor, and allocated overhead for units completed or in process at the end of a period. It differs from cost of goods sold.
- Mixed costs, which have both fixed and variable components. The total cost is calculated as the fixed costs plus variable costs that increase with activity levels.
- The contribution margin income statement, which separates revenues, variable costs, and fixed costs to show contribution margin.
- The high-low method, which uses the highest and lowest data points to estimate variable and fixed costs and calculate costs at different production levels graphically.
Contract costing is a method of accounting for construction or manufacturing projects that take longer than one accounting period to complete. It involves opening a separate account for each contract to track direct costs like materials, labor, and overhead. As work is completed and certified, the contract account is credited for the corresponding portion of the contract price to calculate the profit or loss on that portion. For incomplete contracts at the end of an accounting period, only a portion of the estimated total profit is recognized depending on how much of the work has been certified complete. This method aims to match revenues and expenses across accounting periods for long-term contracts.
This document discusses various methods for allocating overhead costs, including:
1. The production unit method, which allocates overhead costs based on the number of units produced.
2. Percentage methods, which allocate overhead based on a percentage of direct material costs, direct labor costs, or prime costs.
3. Hourly rate methods, including direct labor hour rates, machine hour rates, and dual hour rates, which allocate overhead based on direct labor hours, machine hours, or a combination.
The document also notes that overhead rates can be predetermined or actual, and that overhead can be allocated using a single rate for an entire factory or different rates for different divisions and departments.
This document discusses cost analysis and various cost concepts. It begins by defining cost analysis and its importance in business decision making. It then outlines several types of costs including: opportunity cost, economic cost, accounting cost, private and social costs, incremental and sunk costs, direct and indirect costs, average, marginal and total costs. It also discusses cost-output relationships in the short-run and long-run, factors determining costs, and break-even analysis. The key purpose is to provide an overview of different cost concepts and cost-output relationships that are important for business analysis and decision making.
Overhead costs are indirect expenses that are incurred in addition to direct material and direct labor costs. They include indirect materials, indirect labor, and indirect expenses. Overheads must be classified, collected, allocated to cost centers, and then absorbed or charged to production units. They are classified as factory, office/administrative, or selling/distribution overheads. Overhead allocation involves allotting whole costs to cost centers, while apportionment involves allotting proportionate shares of common costs between cost centers. Absorption of overheads involves charging production with an equitable share of overhead costs using an absorption rate.
This document provides an overview of a job order cost system. It describes job order costing as a method used when production is done according to customer orders rather than for stock. Each job has a unique cost that is tracked from start to finish using a job cost sheet. The objectives are to determine the accurate cost of each job and identify profitable versus unprofitable jobs to aid future estimates. The key aspects of job order costing include distinct work orders for each job, tracking direct and overhead costs accumulated to each job, and comparing estimated versus actual costs for process improvement and pricing future jobs.
This document provides an overview of absorption costing and variable costing. It discusses the key components of product costs and period costs under each method. It also presents the format for an income statement under absorption costing, including the calculation and treatment of over/under absorption of fixed manufacturing overhead. When there is over/under absorption, an adjustment is made to gross profit on the income statement.
Standard costing is a technique that uses predetermined standards for costs and revenues to control performance through variance analysis. Standards are established for inputs and outputs and are used to assess performance, control costs, motivate staff, and provide guidance to improve performance. Variances measure the difference between actual and standard costs and revenues and are classified into material, labor, overhead, and sales categories to identify reasons for non-standard performance. Material variances include price, usage, mix, and yield components.
The document discusses product costs and period costs. Product costs refer to the costs to produce a product, including direct materials, labor, and overhead. Product costs are estimated using a bill of materials and labor routings. Period costs cannot be included in inventory and are expenses that vary with the passage of time, not production, such as selling, advertising, and administrative expenses. The key difference between the two is that product costs are variable costs associated with production, while period costs are fixed costs associated with operating the business.
Ppt on joint and by product by Hilal Mir ktb.HILAL AHMAD MIR
This document discusses the concepts of joint products and by-products. It defines joint products as two or more products produced from the same process, where both products are important but the main product typically has a higher cost. By-products are produced incidentally along with the main product and have lower value. Several methods are presented for allocating joint costs between joint products, such as average unit cost, physical unit, and market value methods. The differences between joint products, main products, and by-products are also outlined. Accounting methods for joint products and by-products include allocating costs and treating by-product sales as income.
This document provides an overview of engineering economics. It discusses how engineers apply economic principles to make cost-effective decisions when developing solutions to practical problems. Engineering economics involves analyzing cash flows, costs, benefits, and other factors over time to evaluate alternative projects and designs. The concepts of time value of money, interest, cash flows, and economic analysis allow engineers to maximize the efficient use of resources in their decision making.
A power point presentation describing some basic definitions, father of cost accounting, Indian aspect of cost accounting and Various Methods and Techniques of costing.
Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
at the Bhopal School of Social Sciences(BSSS) on 6 September, 2017
The Net Income (NI) approach proposes that a firm's value increases as it takes on more debt financing due to debt generally being a cheaper source of capital than equity. According to the NI approach, the costs of debt and equity remain constant regardless of capital structure, so the overall cost of capital declines as debt levels rise. However, the NI approach assumes unrealistic conditions like taxes being ignored and that more debt does not affect investor risk perceptions. It implies the maximum firm value occurs with 100% debt financing.
This document discusses foreign exchange rates and currency management. It defines exchange rates as the rate at which one country's currency can be exchanged for another's. Exchange rates can be floating, fixed, or a mixed system. It also discusses forward rates, discounts, premiums, and methods for managing exchange rate risk such as hedging and forward contracts. Causes of short-term exchange rate changes include investment and trade flows, while long-term factors include purchasing power parity and interest rate parity theories.
Consequential loss policy in relation with fire insuranceANMOL GULATI
This document discusses consequential loss insurance policies. It begins by explaining that standard insurance policies only cover direct physical damage, not financial losses from business interruptions. A consequential loss policy covers losses like reduced profits during periods where business operations are interrupted due to insured events like fire. The document defines key terms like indemnity period and gross profits. It also outlines what types of losses are covered, how claims are calculated, advantages and disadvantages of these policies. Major insurance companies offering consequential loss policies in India are also listed.
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados.
This document discusses depreciation and taxes. It defines depreciation as the decline in value of an asset due to factors like wear and tear. There are different methods of calculating depreciation like the straight line method. Taxes are financial charges imposed by governments to fund public expenditures. The main types of taxes discussed are income tax, charged on earnings; property tax, charged on land ownership; sales tax, charged on goods and services; excise duty, charged on manufactured goods; and custom duty, charged on imported/exported goods. The purpose of taxes is to generate revenue for government activities.
Covid 19 small business insurance program proposalJasonSchupp1
1) The document describes a proposed COVID-19 Small Business Insurance Program that would provide benefits to small businesses impacted by lockdown orders. 2) It would be voluntary for insurers and policyholders and leverage the insurance industry's claims processing to administer benefits for things like payroll continuation and operating expenses. 3) The program would be funded after the crisis by surcharges on all policyholders to spread costs broadly across industries.
Fire insurance provides crucial financial protection against losses from fire and other named perils. It covers damages to insured properties like buildings, inventory, and equipment. Fire insurance benefits various entities like homeowners, businesses, property owners, construction projects, and financial institutions. It ensures properties can be rebuilt if damaged. Non-profit organizations prepare income and expenditure accounts instead of profit and loss accounts. Receipts and payments accounts record cash receipts and payments, while income and expenditure accounts record revenues and expenses on an accrual basis to determine surplus or deficit. Balance sheets provide a snapshot of assets, liabilities, and equity.
Fire insurance provides crucial financial protection against losses from fire and other named perils. It covers damages to insured properties like buildings, inventory, and equipment. Fire insurance benefits various entities like homeowners, businesses, property owners, construction projects, and financial institutions. It ensures properties can be rebuilt if damaged. Non-profit organizations maintain accounts using double-entry bookkeeping. At year-end, they prepare an income and expenditure account in place of a profit and loss account to show surplus/deficit. A receipts and payments account records all cash amounts received and paid.
The document defines insurance as having both a functional and contractual definition. Functionally, insurance spreads risk from a particular event over many individuals. Contractually, insurance is an agreement where an insurer takes on the risk of a potential large loss in exchange for a premium. There are two main types of insurance - life insurance which provides payment on death, and general insurance which covers losses from other financial events. General insurance includes policies for health, business, automobiles, fire and other risks. The document then provides examples of different insurance products and marketing considerations for insurance companies.
This document provides an introduction and overview of key concepts related to measuring national income, including:
- National income is a measure of the money value of all final goods and services produced in a country in a given period. It is generated through the production of goods and services using factors of production.
- There are three main methods to calculate national income - the product, income, and expenditure methods. The product method sums the value added by all producing units. The income method sums factor incomes. The expenditure method sums final expenditures on goods and services.
- Key concepts defined include normal residents, domestic territory, gross domestic product, gross national product, national disposable income, private income, and personal income.
This document provides information about Business Insurance offered by Vero Insurance, including:
- An introduction to Vero Insurance and Steadfast Group Limited.
- Details of the different coverage sections available, including Property Damage, Theft, Glass, Machinery Breakdown, Money, General Property, Management Liability, Business Interruption, Public and Products Liability, Goods in Transit, and Commercial Motor.
- Your responsibilities in terms of duty of disclosure and following the terms and conditions of the policy.
- How to make complaints and contact Vero Insurance.
This document provides information about Business Insurance offered by Vero Insurance, including:
- An introduction to Vero Insurance and Steadfast Group Limited.
- Details of the different coverage sections available, including Property Damage, Theft, Glass, Machinery Breakdown, Money, General Property, Management Liability, Business Interruption, Public and Products Liability, Goods in Transit, and Commercial Motor.
- Your responsibilities in terms of duty of disclosure and following the terms and conditions of the policy.
- How to make complaints and contact Vero Insurance.
Direct taxes include income tax, capital gains tax, corporate tax, and wealth taxes. Income tax is imposed on net profits, gains, and other income, and may be progressive, flat, or regressive. Capital gains tax treats profits from selling assets as taxable income. Corporate tax differs from individual income tax with separate tax rates and bases. Wealth taxes require declaration of a taxpayer's net worth to tax assets minus liabilities.
Taxes are financial charges imposed by governments on taxpayers that are punishable by law if not paid. They include direct taxes like income tax and indirect taxes like value added tax. Governments also obtain resources through activities like borrowing, money creation, and confiscating wealth. Common taxes are on income, corporate profits, capital gains, property, payroll, goods and services, wealth, and various financial transactions. Taxes can be proportional, progressive, or regressive based on how the tax rate changes relative to the amount being taxed.
General insurance companies provide financial protection against losses from events like fire, floods or theft. They earn income from premiums paid by policyholders and investment returns. Premiums cover costs like claims payments, expenses and dividends. Investment returns depend on market conditions and vary yearly. Reliance General Insurance offers over 80 insurance products across categories like personal accident, fire, marine, motor, health and travel. It aims to make insurance accessible through branches across India and online services. The company follows quality standards and received ISO 9001:2000 certification.
The document provides information on recent tax law developments in Indonesia, including:
1) The government is proposing an omnibus law to reform the tax system to boost investment and economic growth. Key reforms include gradually lowering the corporate tax rate and eliminating dividend tax.
2) Current rules impose a maximum debt-to-equity ratio of 4:1 for tax purposes. Interest expenses above this ratio are not tax deductible.
3) KIB Consulting, a tax advisory firm, summarizes these tax law changes and notes its involvement in discussions with government on investment issues and the omnibus law.
The document provides information on recent tax law developments in Indonesia, including:
1) New debt-to-equity ratio rules that limit interest deductibility for corporate taxpayers to a 4:1 ratio.
2) Proposed omnibus law that aims to simplify business regulations, reduce corporate income tax rates, exempt some dividends, and tax the digital economy.
3) KIB Consulting's involvement in tax discussions with the Indonesian tax authority and business groups on investment issues and solutions.
The document provides an overview of corporate taxes. It defines a corporation as a separate legal entity that can be incorporated through legislation or registration. Corporations have legal personhood and can be responsible for crimes. They provide benefits like liability protection and raising funds through stock sales. The document then discusses taxes in general and how they are imposed by governments. It outlines different types of taxes including corporate taxes. Corporate tax rates vary globally from around 15-35% in different countries. The document provides details on India's corporate tax rates and regulations. It concludes with discussing tax planning strategies that corporations can use like accounting methods, inventory valuation, equipment purchases and benefits plans.
International taxation and transfer pricing for transfer pricing ssuser47f0be
This document discusses international taxation and transfer pricing. It provides an overview of key concepts in international taxation such as double taxation, foreign tax credits, and tax treaties. It also discusses transfer pricing regulations and guidelines from the OECD and IRS that require transactions between related parties to be conducted at arm's length prices comparable to third party transactions. The document outlines methods used to determine appropriate transfer prices such as cost-plus and resale price methods.
Capital gains tax was introduced in Kenya effective January 2015. The rate is 5% which is lower than neighboring countries. Services for goods in transit are now VAT exempt. Meal benefits for employees are expanded to be non-taxable up to 48,000 KSH per year. A new excise act separates excise from customs and is effective in 2015. Real estate investment trusts (REITs) are proposed to be exempt from corporate and income tax with the exception of withholding tax on interest.
Similar to Taxes and InsuranceEngineering point of view (20)
Taxes imposed on the earnings of organizations and individuals are income taxes. Marginal tax rate and flat tax rate. Marginal tax rates are harmful to the economy.
The money returned to the owners of capital for use of their capital.
Compound interest is the result of reinvesting interest, rather than paying it out.
Quotation of interest rates
This document discusses various methods for evaluating project profitability and investment decisions. It describes quantitative measures like return on investment, return on average investment, payback period, net present worth, and internal rate of return. It also discusses qualitative, intangible factors like employee morale, safety, corporate image, and management goals. The document provides definitions and limitations of different profitability measures. It categorizes project types and notes profitability is difficult to define but important for decision making and maximizing returns on investment.
Operating labour, allow one extra man on days. It is unlikely
that one extra man per shift would be needed to operate
this small plant, and one extra per shift would give
a disproportionately high labour cost.
The document outlines various indirect costs associated with purchasing miscellaneous equipment, including design and engineering costs estimated at 20-30% of direct capital costs, contractor's fees of 5-10% of direct capital costs, and a contingency allowance of 5-10% for issues like labor disputes or weather. The total physical plant cost is the sum of direct costs and these indirect costs.
The document summarizes the components and cost factors involved in purchasing plate and packed towers for mass transfer equipment. The purchased cost can be divided into the shell cost, internals cost like trays and packing, and auxiliary costs. The purchased cost is calculated as the bare cost from figures multiplied by a material factor and pressure factor. Figures are provided showing examples of tray types and cross-sectional views of plate and packed towers.
basic information that should be supplied to a fabricator in order to obtain a price estimate or firm quotation on a proposed heat exchanger (Process Information, Mechanical Information)
Manufacturing costs per capital investment.Manufacturing costs are: Variable production costs, fixed charges, and plant-overhead.
Direct and indirect production cost. Plant overhead costs. Administrative costs. Distribution and marketing costs. Research and development costs
Capital cost estimate classifications, Chemical industry. Turnover ratio.
Total product are manufacturing cost and general expenses. product costs are calculated on:
daily basis, unit-of-product basis, or, annual basis
Cost Indices, change in cost over time. Cost indexes are maintained in areas such as construction, chemical and mechanical industries. Lang’s method , Hand method.
Capital needed to supply the necessary manufacturing and
plant facilities. Estimation of capital investment.
Order-of-magnitude estimates, 6-10th's rule, Price indices,
Cash flow, cash flow diagram and industry. Cost estimation is required to provide reliable decisions.Price fluctuations, company policies, governmental regulations
Time value of money is measured by interest rates. Money has time value because it can earn more over time through interest (earning power) and its purchasing power changes with inflation. The present value of a future amount can be calculated using the present value formula, which takes into account the discount rate and number of periods until receipt. As time passes, the value of assets invested in a project will change. Assets are items owned that have future economic benefit and are divided into tangible assets with physical form and intangible assets without physical form.
The document discusses engineering economics and its importance for chemical engineers. It provides three key objectives of engineering economics: 1) to assess the appropriateness of a given project, 2) to estimate its value, and 3) to justify it from an engineering standpoint. The document then analyzes several potential reaction processes for producing vinyl chloride and calculates the gross profit that could be made from each based on raw material and product prices. Reaction 3, which converts ethylene and chlorine into vinyl chloride and hydrogen chloride, is identified as the most profitable option.
The scientific method is a set of procedures used to develop explanations of natural phenomena and possibly to predict additional phenomena. For example,
The average temperature of seawater increases, the seawater will become less dense, its volume will increase, and sea level will rise even if no continental ice melts.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
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2. A tax is a mandatory financial charge or a levy imposed by a governmental organization
in order to fund various public expenditures.
A failure to pay, or evasion of or resistance to taxation, is punishable by law because it is
a serious crime.
Expenses for taxes and insurance play an important part in determining the economic
situation (profitability) for any industrial process
These taxes may be levied by the Federal government, state governments, or local
governments. The type of taxes are:
(1) Property taxes
(2) Excise taxes
(3) Income taxes
3. Property taxes
A property tax is a levy on property that the owner is required to pay.
• In addition to these, individual cities and towns may have special
property taxes for industrial concerns located within the city limits.
• Property taxes vary widely from one locality to another.
• Taxes of this type are referred to as direct tax.
• is often assessed by local or municipal governments.
4. Excise Taxes
Excise taxes include charges for import customs duties, transfer of stocks and bonds, and
a large number of similar items.
• Taxes of this type are often referred to as indirect.
• Excise taxes are levied by Federal and state governments
Income Taxes
• Income taxes are based on gross earnings.
• Revenue from income taxes is an important source of capital for both Federal and
Provincial (stae) governments.
• Depending on the particular state and the existing laws, state income taxes may range
from 0 to 5 percent or more of gross earnings
5. Federal Income Taxes
The Federal government has set up an extremely complex system for determining
income taxes for business establishments.
• New laws are added and old laws are changed each year.
Normal Tax
A so-called normal tax has been levied by the Federal government on the earnings of
corporations.
• This tax was at a rate set by the national lawmakers.
Surtax
In addition to the normal tax, corporations have had to pay a second Federal income tax
on gross earnings above a certain base limit. This additional tax is known as a surtax.
6. Capital-Gains Tax
A capital-gains tax is levied on profits made from the sale of capital assets, such as land,
buildings, or equipment.
The profit is known as long-term capital gain if the asset was held for more than one year
7. Insurance
The annual insurance cost for ordinary industrial concerns
is approximately 1 percent of the capital investment.
• A concern can obtain insurance to protect itself against loss of property
owing to any of a number of different causes.
• In case a property loss occurs and the loss is covered by insurance, payment will be
made for the damage even though the loss was caused by the owner’s negligence.
8. 5. Workmen’s-compensation insurance.
6. Marine and transportation insurance on all property in transit.
7. Comprehensive crime coverage.
8. Employee-benefit insurance, including life, hospitalization, accident, health, personal
property, and pension plans.
Types of Insurance
1. Fire insurance
2. Public-liability insurance
3. Business-interruption insurance
4. Power-plant, machinery, and special operations hazards.
9. Fire insurance
Fire insurance and similar emergency coverage on buildings, equipment, and all other
owned, used, or stored property. Included in this category would be losses caused by
lightning, wind- or hailstorms, floods, automobile accidents, explosions, earthquakes, and
similar occurrences.
Public-liability insurance
Public-liability insurance, including bodily injury and property loss or damage, on all
operations such as those involving automobiles, elevators, attractive nuisances, bailee’s
charges, aviation products, or any company function carried on at a location away from
the plant premises
Business-interruption insurance
The loss of income due to a business interruption caused by a fire or other emergency may
far exceed any loss in property. Consequently, insurance against a business interruption of
this type should be given careful consideration
10. • Self-insurance
• Self-insurance is a risk management method in which a calculated amount of money is
set aside to compensate for the potential future loss.
• If self-insurance is approached as a serious risk management technique, money is set
aside using insurance information and the law of large numbers so that the amount set
aside (similar to an insurance premium) is enough to cover the future uncertain loss.
• Self-insurance is possible for any insurable risk, meaning a risk that is predictable
and measurable enough in the aggregate to be able to estimate the amount that needs
to be set aside to pay for future uncertain losses.
• For a risk to be insurable, it must represent a future, uncertain event over which the
insured has no control.
11. Following books were used in preparation of notes
Blank, L., Tarquin. A. 2005. Engineering Economy. 6th Edition, McGraw-Hill.
Eschenbach, T. G. 2003. Engineering Economy”, 2nd Edition, Oxford University Press
Riggs, J. L., Bedworth, D. D., Randhawa, S. U. 1996. Engineering Economics”, 4th Edition, Tata McGraw-Hill.
Riggs, J. L., West. T. M. 1986. Essentials of Engineering Economics”, 2nd Edition, McGraw-Hill.
Peter, M. S., Timmerhaus, K. D. 1991. Plant Design and Economics for Chemical Engineers. 4th Edition,
McGraw-Hill.