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Cost Benefit Approach - Terms Used in Cost Accounting
Is the primary criterion for selecting with alternative accounting approaches? There is a direct relationship in a company between the funds management is willing to spend on cost analysis and the amount of time and the degree of reliability needed. If a company needs detailed records along with a high degree of accuracy, managers must given additional money and time for maintaining and compiling cost information. Managers must only use cost analysis and control techniques while anticipated advantages in helping to achieve management goals exceed the cost.
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm’s output is $25. The cost of other va
COST CONCEPTS / CLASSIFICATION OF COSTS 1. According to functions Administration cost / office cost Selling cost Production cost / factory cost / manufacturing c
Accrued income is an amount earned although not in reality received during the accounting period or till the date of preparation of last accounts for the period concerned. The firs
Marginal Cost (MC): The marginal cost of an additional unit of output is the cost of the additional inputs required to make that output. More formally, the marginal cost is the
Tracking Direct Materials Jack keeps full records of the material released to each job. When Donnie gathered up light bulbs, tape, breakers, wire, and wire nuts on the morning
what is overhead cost classfication of cost overhead
what is lean accounting
You work for a firm of accountants as a junior accounts assistant and part of your role is to prepare clients' ledgers accounts from incomplete records. A client of the firm you
Standard Cost Card It is a card record of the Standard or expected costs in producing a specified output. This gives the physical quantities of inputs and also their monetary
Direct Cost as a Relevant Cost Direct costs may be directly chargeable to a cost center or a product. They may be fixed costs or variable costs whereas it comes to decision-ma
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