- Two types of costs exist: variable costs and fixed costs. When the total cost is equal to the revenue, a break-even takes place.
- Examples of budget variance: Quantity variance, and Volume variance
- Managing controllable costs. Controllable costs: payroll, materials and supplies, office supplies, fuel, and employee benefits such as bonuses
- Four common cost determination methods: cost-to-charge ratio (CCR), volume-based measures, per-diem approach, and balanced scorecard and activity based costing
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