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Cost Classifications and Estimation
Cost classification may be defined like 'the arrangement of cost items in a logical sequence having concern to their nature and reason to be fulfilled'. The term cost should be qualified while in use in order to its precise meaning is established in a particular condition; conversely, cost refers to the amount of resources such have been diverted from other sacrificed or uses so like to achieve the needed objective. Although the term is utilized to refer to various aspects of cost, depending upon the base of argument such one is approaching the matter from. Various bases are utilized in classifying costs, hence giving us several types of costs.
a partial income statement
1. when using the internal rate of return method to evaluate capital spending on a new project, the project will be accepted if the internal rate of return is equal to or greater t
Image Is Everything, Inc. (IIE) is located in an emerging market. It specializes in lithographic duplication, catering to demands from the nouveau riche for reproductions of paint
Target Income Calculations Breaking even is not the bad thing, but surely not a satisfactory outcome for most businesses. In its place, a manager might be more interested in le
A company wishes to devise a fair means of allocating funds to its four main departments, namely Accounts, Production, Sales and Transport. The total allocation is to be £100,000.
Your company completed the site work for the South Pointe office complex. The costs are shown in Figure 11-3. The site concrete labor and landscaping were done by subcontractors. T
concept of cost accounting in an enterprise
PROFIT VARIANCES Sales variances are important as they have a direct bearing on profits earned by the organization. thus, they can be used as the basis of determining profit
Over And Under Absorption of Production Overhead Costs This may be analyzed beneath a) Activity This is level of the business or cost center. Expenditure on several item
A foreign company plans to clear several dozen acres of ecologically valuable mangrove swamp in Vietnam for the creation of a shrimp aquaculture facility. This decision will create
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