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Cost Book-Keeping
In cost account accounts, extensive employ is made of control accounts that are based in the similar principles as those utilized in financial accounts. Two main accounting systems are generally used as:
Interlocking Cost Accounting System:
Beneath this system, financial accounting and separate cost accounting books are maintained though both employ the similar basic accounting data. The financial accounting books contain the normal and credit entries inside themselves. In addition, a memorandum account identified also as Cost Ledger Control accounts is keep and all the items to be transferred in this account, to the cost accounts are posted.
Cost accounting books on another hand contain impersonal accounts essential for costing reasons in addition to a Financial Ledger Control Account, identified also as Cost Ledger Control Account that enables the financial and Cost Ledger to be interlocked. The interlocking cost accounting system, therefore costing and financial profit differ and contain to be reconciled at the ending of the financial year.
Example of Job Order Costing The given transactions were made by a company in the month of December. Direct Materials a) 8,000/- was bought on credit, out of these
Absorption Costing The process described in this section by that net overheads are absorbed into production naturally enough is identified as absorption costing. The absorpti
The costs that are fixed irrespective of manufacture are fixed costs. EX: Rent, Depreciation. Fix cost is those cost who not alter in any time whether the production done or not
conard transfered 10000 from her account to the business
This time of year we all here about football. For me it is the bad news of how poorly the Buffalo Bills are performing. Hopefully your favorite team is doing well. One thing we
Special order pricing - Shorewood Shoes Company makes and sells a variety of leather shoes for children. For its current mix of different models and seizes, the average selling pri
manufacturing costs will not include a. indirect material used b. sales salaries expense c. indirect labor costs d. depreciation of factory equipment
Direct Cost as a Relevant Cost Direct costs may be directly chargeable to a cost center or a product. They may be fixed costs or variable costs whereas it comes to decision-ma
XYZ Co. manufactures automation machinery according to customer specifications. The company is relatively new and has grown each year. XYZ Co. operated at about 75% of practical
concept of cost accounting in an enterprise
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