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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.
full explanation on cost concept and classification
Definition of Variance Analysis Variance analysis can merely be defined like the process of analyzing the difference between the actual cost and the standard cost this variati
Expenses are usually recorded only while they are paid. The failure to record unpaid expenses in the accounts outcomes in an understatement of which expense and also an understatem
What are types of relevant costs
on the first day of the current fiscal year $2,000,000 of 10 year 7% bonds with interest payable annually, were sold for $2,125,000. Present enteries to record the following transa
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Frame-it Ltd is a manufacturer of metal picture frames. The firm's two product lines are designate S (small frames: 12 x18 cm) and L (large frames: 20 x 25 cm). The primary raw mat
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