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Standard Cost
A predetermined cost is representing the ideal or norm achievable through an organization. Standard costs form the basis of a standard cost system used extensively in manufacturing industries. At the starting of each year neither the organization normally review standards for material price and usage, wage rate, labor efficiency and overhead rates based on budgets.
Asian Ltd makes three types of gold watch - the Diva (D), the Classic (C) and the Poser (P). A traditional product costing system is used at present; although an activity based cos
Each unit of a product requires four components. The average number of components is 4.25 due to component failure. Purchasing higher quality components can reduce the average numb
Reserves and surplus or retained earnings usually occur out of profitable operations. This is a surplus not distributed through the firm as dividends. Conversely, these are profits
What do you mean by differential costing ? How it differ from marginal costing ? explain its practical application with examples?
Capital We have seen previous in this section that the fundamental accounting equality states as: Assets = liabilities + owners equity. From the illustration of balanc
Marginal Costing and Marginal Cost Marginal Costing is an optionally method of costing to absorption costing , In marginal costing, merely variable costs are charged like a
Labour Costs and Overhead costs Labour Costs Labour costs can be indirect or direct labour costs. Direct labour cost refers to wages paid to workers who such are directly
a factory operates a small canteen but its annual operation has consistently shown a loss:
Job Costing This is a costing method that is applied when a job or cost unit is relatively of small size, is undertaken to fit the customer's specifications and is of compara
importance value index ivi
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