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Distinction between Absorption and Marginal Costing
These are two approaches of arriving at the cost of production or total profit for a specified period. The major difference between marginal costing and absorption costing is on the treatment of the fixed cost.
In absorption costing both fixed and variable production costs are involved in the determination of the cost of a product. This implies such the fixed cost is treated like a product cost and not a period expense. It is significant for the student to note the term "fixed production costs" like they are the only costs that create the difference between the absorption and marginal in costs of production.
In marginal costing only variable costs are involved in the determination of the production cost. This implies such fixed costs are treated like period costs as:
Accounting for Labour costs We will contain an overview of accounting for labour costs as: a) Gross Earnings It is illustrated as item A that appears like a credit i
This is the income received but not earned throughout the accounting period. Conversely, this is the income for those services are to be rendered in future. Such income is deducted
Product Versus Period Costs Another way to look at manufacturing costs is to think of them as attaching to a product. In other words, goods result from the manufacturing proces
costing in respect of mathematical accounting a research project.
what is the concept
A 1- year Canadian bond with a face value of 5000 can be purchased at 4800. a) Calculate the nominal interest rate in Canada. b) if the Canadian dollar is expected to depreci
(a) Calculate the number of US imports with and without the tariff. (b) Calculate the dead weight loss of the tariff. (c) Calculate the loss in consumer surplus resulting fro
types
some clarificationon how to compute closing stock and openning stock using marginal costing technique and absorption.
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
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