Requirements of uniform costing, Cost Accounting

Requirements of Uniform Costing

1. Uniform costing systems must process the given features as:

2. Cost reports and statements should be organized and laid out in a same format hence each element of revenue and cost can be compared quite easily.

3. Accounting periods must be the similar in every firm in the industry.

4. The methods of valuing stocks and work in progress should be the similar.

5. The basis of valuing fixed assets should be the similar.

6. The method and real rates of depreciation for every type of asset must be the similar.

7. The basis of cost or overhead absorption and apportionment must be similar.

8. Cost classification systems must be the similar in all the firms in the industry hence same items are classified in the similar names.

Posted Date: 2/7/2013 3:03:29 AM | Location : United States







Related Discussions:- Requirements of uniform costing, Assignment Help, Ask Question on Requirements of uniform costing, Get Answer, Expert's Help, Requirements of uniform costing Discussions

Write discussion on Requirements of uniform costing
Your posts are moderated
Related Questions
NSC Ltd. has a 31 May fiscal year-end. NSC disposed of its Information Systems Group (ISG) on 31 January 20X3. ISG had a net loss (after taxes) of $37,700,000 in 20X3, to the date


The follow data relates ot year 20XX for Plano Manufacturing Company: Units produced - 2,000 Units sold - 1,800 Selling price - $200 / per unit Direct material costs - $80,000 Dir

hml analysis , sde analysis,sos analysis, golf analysis , xyz analysis

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

Surplus Stores Ltd is a company which frequently buy goods in large quantities and makes alterations to the goods before selling. At 31 Dec 2000 the following items were included i

sir i want to know the whole procress of costing

A company adds overhead costs to jobs at the rate of $8 per direct labor hour. It accumulates overhead costs in a seperate manufacturing overhead account and uses normal costing to

what is the equivalent unit for materials? if the cost of normal lots units are absorbed by the units transferred out to the next department the work in process- beginning (60% com

A job order cost sheet for Lowery Company is shown below Date Direct Materials Direct Labor Manufacturing overhead Beg Bal Jan 1 5,000 6,000 5,100 8 6,000 12 8,000 6,400 25 2,000 2