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Lecture 4 a practice economics

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PRACTICE ECONOMICS…1 Ms Rosmin Bt Iqbal Hussain BOptom (UKM), CMBA (UNIMAS)
Introduction ,[object Object],[object Object]
Entrepreneur ,[object Object],I saw my friend Cole walking down the street. “How are you today?”, I asked Cole.
What is an entrepreneur ? ,[object Object],[object Object]
Specialization ,[object Object],[object Object],[object Object],[object Object],[object Object]
Specialization…cont ,[object Object],Specialization is when an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts
Profits ,[object Object],[object Object],[object Object]
Revenue ,[object Object],[object Object],[object Object],[object Object],[object Object]
Costs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Opportunity Costs ,[object Object],[object Object],[object Object],[object Object],Opportunity Costs Rm170 Rm240: color CL Purchases Rm240
Questions ,[object Object],[object Object],[object Object],[object Object]
Opportunity Cost & Comparative Advantage ,[object Object],[object Object],[object Object],[object Object]
Question ,[object Object],[object Object],[object Object]
Profit & Loss Accts
Product Costs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Product Costs…cont ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Product Costs…cont ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Product Costs…cont Direct Cost A Direct Cost B Indirect Cost C Product A Product B
Traditional Costing System
Fixed & Variable Costs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Period Costs ,[object Object],[object Object]
Relationships of Types of Costs Direct Indirect Variable Fixed
Total Cost ,[object Object]
Unit Cost ,[object Object]
Break-Even Analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
ACCOUNTS ,[object Object],[object Object]
TRADING PROFIT & LOSS ACCOUNTS
Purpose of Accounts
Purpose of Accounts ,[object Object],[object Object],[object Object],[object Object],[object Object]
Profit / Loss ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
T Profit & Loss Accts
T Profit & Loss Account
Tr Profit & Loss Account ,[object Object],[object Object],[object Object],[object Object]
Profit and Loss Account - Flow
Profit and Loss Account ,[object Object],[object Object],[object Object]
Trading Profit & Loss Account For the Year Ended (date) Debit Credit Sales Less Sales Return / Return Inward Less Cost of Goods Sold X X X = Gross Profit x Add Other Revenue / Income X Less Expenses / Overheads x = Net Profit / Loss x
Calculating Cost Of Goods Sold (Purchases + Opening Stock) - Closing Stock of goods left - Purchase Return = CoGS (the goods that were actually sold) Purchases (Product costs: cash/cdt) X + Opening Stock (Goods oredi a/v for sale; finished goods) X ,[object Object],[object Object],X - Closing Stock (finished goods) X = Cost of Goods Sold X
Other Revenues / Incomes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Income (Sales) Sources For Optometric Practice ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Expenses / Overheads / Operational Expenses ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Also known as Normal Product Costs. A sum of all these: Accrual = amt pending
Profit & Loss Account Debit Credit Sales Revenue 70,000 ,[object Object],20,000 = Gross Profit 50,000 - Expenses: Wages 30,000 Marketing 5,000 Accountant 1,000 Loan Interest 4,000 = Total Expenses 40,000 = Net Profit 10,000
BREAK
EXTRA NOTES ,[object Object],[object Object],[object Object],[object Object]
Direct Material Costs... ,[object Object]
Direct Labor Costs... ,[object Object]
Indirect Manufacturing Costs... ,[object Object],[object Object]
Product Costs... ,[object Object],[object Object],[object Object],[object Object]
Period Costs... ,[object Object]

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Lecture 4 a practice economics

Notes de l'éditeur

  1. *underlined is fixed cost