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
Calculate Remuneration of Employee of an Organisation Based on the data underneath that you are necessary to calculate the remuneration of all employee like determined with ea

the following information relates to process 3 of a three stage production process for the month of january 2014. opening inventury 300 units comlete as to; material from proces

Why is it important for financial statements and other external reports to be based on generally accepted accounting principles?

Purposes of Overhead Cost Analysis There are a number of situations whether the analysis of overhead costs will assist in the satisfactory evaluation of the relevant cost data


7. The Isabelle Corporation rents prom dresses in its stores across the southern United States. It has just issued a five-year, zero-coupon corporate bond at a price of $74. You ha

Activity Based Costing or ABC Absorption costing shows to be relatively straightforward way of adding overhead costs to units of production utilizing, more often than not, a v

A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $550,000; M


Greta Grantor made $1 million of taxable gifts in 2009, the only taxable gifts she made prior to this year.  Greta was married on January 2nd of this year to Gerard Gold digger. De