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Direct material yield variance (MYV) : It has been described by the ICMA, London, as 'the variation between the standard yield of the actual material input and the actual yi
Cost Estimation Cost estimation may be defined with 'a study that attempts to predict among costs and the activity level or cost driver that causes those costs. In practical
Where the liabilities are identified but the amounts cannot be precisely found, we estimate the liability and give for it as a liability. A common illustration is income tax payabl
Calculation of Deductions - Wages Department A range of deductions are complete from gross earnings when computing the net payment because of the employee, that deductions may
What are the reasons of preparing income statement?
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
Consider the following two mutually exclusive projects: Whichever project you choose, if any, you require a 15 percent return on your investment. a. If you apply the payb
Compute the predetermined overhead rate used during the year in the Preparation and Fabrication Departments.
F ixed Overhead Variance (FOV) Fixed overhead variance has been described by ICMA, London, as 'the variation between the standard cost of fixed overhead absorbed in the pro
Why is it important for financial statements and other external reports to be based on generally accepted accounting principles?
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