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Link between Financial and Cost Books
The link among the two sets of books is achieved via operating a cost ledger control account and a financial ledger control account. Cost Ledger Contra Account such in the financial and cost books respectively. All the items that affect the costs accounts are recorded in the cost ledger control account, the similar items are recorded in the financial ledger control accounts, however on the opposite side of the account thus the account completes the double entry. The Cost Ledger Control Account is only a memorandum entry and is hence made in addition to the common entries in the financial books of account.
Time Analysis - Cost Accumulation This is generally achieved via having the employee complete a daily or weekly timesheet or via contain job cards or piecework tickets. As whe
importance of classifying cost accounting
1. Shares were certified at a premium of Rs. 1.50' per share. 2. Throughout the year Taxation liability regarding of 2002 was Rs, 20,000 and paid. 3. Throughout the year, Rs.
reasons for standard costing card
Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h
importance of marginal costing &standing costing
Support Department Cost Allocations. Riverside Furniture Company manufactures unfinished furniture for sale to retailers. Riverside has two support departments, Maintenance and Hu
Reasons for Cost Allocation 1. To provide comparison along with externally provided services: It helps in assessing where to continue the contact or service outsiders. 2.
Business Management Business Management includes planning and staffing, organizing, directing and controlling an organization's activities so like to meet a specified objectiv
Break-Even Analysis Break-even point is the volume of sales at that there is no loss or. Break-even charts graphically show the relationship of cost to profits and volume and
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