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Cost - Terms Used in Cost Accounting
It measures the economic sacrifice created to achieve an organizations aims. For a product, cost represents the monetary measurement of resources employed as like materials, labour and overheads.
To a service, cost is the monetary sacrifice made to give the service. Generally Accountants use cost along with other descriptive terms, as an example: historical, prime, product, labour or material. All of these terms define some characteristic of the cost measurement procedure or an aspect of the object to be measured.
Elements of Manufacturing costs Manufacturing costs are the costs incurred to create a product. Keep in mind for a product that refers to both services and goods. The ele
Decision Making Cycle Steps in decision-making cycle are as: a) Clearly define the objective that is to be the focus of the decision. This is significant in order that the
Traditional budgeting systems are incremental in nature and tend to focus on cost centres. Activity-based budgeting links business planning to the budgeting proces
Standard Costs Establish the Minimum Desirable Costs When actual costs incurred exceed or else are below the standard costs, we after that investigate the variances along with
limitations in cost plus pricing
Quantitative and Qualitative Information in Accounting Systems The availability of information is the lifeblood of any type of management and cost accounting system. It is vi
Purchase of office supplies.
First In First Out or FIFO Method - Work in Progress This method considers merely those costs incurred throughout the recent period. Equivalent units are calculated given a
L I M I T A T I O NS OF STANDARD COSTING 1. It may be very difficult to fix standards for all operations. 2. Incorrect standards may result in wastage of mo
Understanding the existing capital requirements and how these are financed will assist us in understanding the process of financing of business and the flow of funds inside the bus
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