What do you mean? Not the famous lyrics from the popular chart buster but a common question from an accounts student struggling to understand cost drivers in accounts. If we check the comments or queries on cost drivers homework, they are the same. Few even states that the text do not have enough illustrated examples of the chapter and the Google searches are even more confusing.
What are cost drivers?
In simple words, cost drivers are the aspects of a business which contributes the expenses to rise beyond the expected estimation. A few common examples of cost drivers found in every category of business.
- Labor involved-
It is one of the integral part of the business. No business can run without it, yet small scale setup or a giant business house is constantly trying to cut down the expenses incurred from it.
- Equipment-
Generally we only take into account the cost of the required equipment but the hidden costs like maintenance, import taxes or any other aspects is ignored.
- Working hours-
A lot of expense depends on the working hours. The electricity consumed, labor wages, food and canteen expenses all are a part of cost drivers.
- Specific demands of customers-
In order to establish a business, a strong client base is must, and to earn a goodwill customers’ demands are supposed to be met.
- Handling and storage-
Rough weather, fragile nature of the products used or manufactured needs special storage and handling.
Different types of business have different sorts of costs drivers. An accounts student needs to know the different types of accounts and the required entries placed in proper account. This is what creates the confusion.
The need for cost drivers homework help:
Sometimes students come across such problems where it is sure that every student will have a different answer. Here an expert advice is mandatory to proceed. The reasoning being the entries made and logic used needs proper evaluation. In school or universities the teachers are there to help but while practicing or doing home task, the cost drivers homework needs guidance.
The cost allocation problems are sometimes so complicated that they need to be broken into parts and then can be analyzed. Here the expert need is essential to clear the idea.
Illustrated help and solved examples provided by the site proves helpful. One gets an idea how to prepare for the syllabus. Handling the complex examples in the simplest way is the main purpose of the help.
Since targeted topics help can be availed, the cost of engaging into a cost drivers homework help or tutorial is relatively less compared to buying the whole program. So instead of shunning the idea and struggle alone, enrolling to such programs is good.
Why struggle alone; engage for some help
As we all know it is always advisable to get assistance or aid. It not only reduces the burden but also keeps the mind engaged with the topic. Generally when a student gets stuck to any problem the number of trial and errors are always lower when alone. The concentration gets lower and they focus is lost. However it is seen that by engaging a tutor or a help, the motivation is uplifted and prompt answer keeps the interest alive.
Importance of accounts as a subject
With globalization, industries are expanding universally. They need to maintain the accounts by experts and avoid losses. No wonder the students of accounts are expected to have bright job prospects in future. Good grades scored in universities and colleges are appreciated by the hiring team. So no stone should be left unturned and the student should work really hard to score high grades.
With regular practice in cost drivers homework, the nuances of the topic along with other topic should be clarified. Companies wants to hire trained employees, additional cost of training is not a good idea for them.
Not only employees, small scale industries and startups too want to maintain their books and records by themselves. Not only a reduction in cost occurs but one understand his business better. It’s a good way to know the weak spots and USP of the company. Those people too can engage cost drivers homework and train themselves.
Plan and execute wisely for better results
With technology offering so much in affordable prices then it is a wise decision to make use of it. Multitasking is a must to be successful in life. Instead of giving your precious time to one issue solve it quickly and proceed to the next.
With so much cut throat competition around us let’s begin right away. Increase your confidence and grades with proper analysis of yourself. Time is everything; don’t waste it. Get proper help if required and save your time for the next topic.
Get answers to all your queries now in a jiffy!