What are four major categories of costs? Provide descriptions for each category
What will be an ideal response?
Some of the more common project costs include labor, materials, subcontractors, equipment and facilities, and travel. Labor costs are those associated with hiring and paying the various personnel involved in developing the project. Material costs apply to the specific equipment and supplies the project team will require in order to complete the project tasks. Subcontractors may provide resources (and in the case of consultants, expertise) for the project, their costs must be factored into the preliminary cost estimate and be reflected in the budget. Firms commonly include rental of equipment and facilities as a charge against the cost of the project when the project is developed away from the firm's home office. If necessary, expenses that are related to business travel can be applied to the project as an up-front charge.
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Smith Company had retained earnings of $60,000 at the end of the current year. For the current year, income was $30,000 and dividends $10,000 . What was the balance in retained earnings at the end of the prior year?
a. $30,000 b. $40,000 c. $60,000 d. $30,000 e. $70,000
Iglesias, Inc. completed Job 12 on November 30. The details of Job 12 are given below:
What is the total cost of Job 12?
A) $2470
B) $1990
C) $1370
D) $1580
A(n) mutating tableis one that is referenced via a foreign key constraint on the table that a trigger is modifying.
Answer the following statement true (T) or false (F)
Bugos Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed Element per MonthVariable Element per Customer ServedRevenue $4,200Employee salaries and wages$58,800 $900Travel expenses $700Other expenses$33,300 When the company prepared its planning budget at the beginning of March, it assumed that 40 customers would have been served.The amount shown for "Employee salaries and wages" in the planning budget for March would have been closest to:
A. $94,800 B. $102,889 C. $91,200 D. $92,600