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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.
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.
Single Limiting Factor Where a single limiting factor exists for the decision making sequence may be implemented given as:- - Compute the contribution per unit of limiting
allocate the overheads to the three departments and do the secondary allocation of service departments
Variance Analysis This section describes how labour, material and overhead variances are calculated and what causes every of those variances. A chart is given also to describe
How would I calculate the debt amortization for a bond issued at discount with a maturity of 12 years, market interest rate at issue 10% annually, 5% semi annually, and has a state
First of all, look at the balance sheet and income statement as a whole and spot the problem with it. Answer all questions given in the question + dig into each element of the bala
1. Why are marginal costs increasing? Why are they not always constant? You may give examples in some industries or just state two reasons at least.
Define cost behavior and Describe types of costs.
Eagle Company is considering the purchase of an asset for $100,000. It is expected to produce the following net cash flows. The cash flows occur evenly throughout each year. Comput
On January 1, 2012, a machine was purchased for $197,100. The machine has an estimated salvage value of $13,140 and an estimated useful life of 5 years. The machine can operate for
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