Cost - terms used in cost accounting, Cost Accounting

Cost - Terms Used in Cost Accounting

It measures the economic sacrifice created to achieve an organizations aims. For a product, cost represents the monetary measurement of resources employed as like materials, labour and overheads.

To a service, cost is the monetary sacrifice made to give the service. Generally Accountants use cost along with other descriptive terms, as an example: historical, prime, product, labour or material. All of these terms define some characteristic of the cost measurement procedure or an aspect of the object to be measured.

Posted Date: 2/4/2013 8:31:49 AM | Location : United States







Related Discussions:- Cost - terms used in cost accounting, Assignment Help, Ask Question on Cost - terms used in cost accounting, Get Answer, Expert's Help, Cost - terms used in cost accounting Discussions

Write discussion on Cost - terms used in cost accounting
Your posts are moderated
Related Questions
introduction on proess costing

OVERHEAD VARIANCES Unlike labour and direct material, the manufacturing overhead is not completely variable with the level of production.   So, standard costs for factory overh

Classic Coolers manufactures portable coolers adorned with college logos. During the first quarter of the year, the company had the following costs: Direct materials used $55,500 D

Campground Inc. is considering the production and sale of propane lamps. Annual fixed costs associated with the project are expected to total $60,000. In addition, each lamp would

critically explain cost accounting as 1. a service activity 2. a descriptive/analytical discipline 3. an information system

Functional Classification of Costs Beneath this classification, costs are classified according to the function they execute in an organization.  Costs can functionally be clas

You want to have $2,000,000 in your retirement account (IRA) at the end of 30 years. You hope to earn 6% per year. How much must you save each year?

a company has the budget for manufacturing overhead based on direct labor hours. budgeting at 10,000 direct labor hours are as follows. Variable costs= 160000 Fixed Costs

Explanations on the correct fixation of selling price

Specific Order Costing This is a broad costing system that is applicable where work jobs consist of separate jobs, batches or contracts.  Every job or contract or batch is a c