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Elements of Cost
Nearly there are three elements of cost - labor, material, and expenses. These are additional divided into indirect and direct material, indirect and direct labor and direct and indirect expenses. All direct costs (labor, material, and expenses) are noticeable to the last product or service of the solid. All not direct costs (labor, material, and expenses) cannot be traced to the last product or service of the firm. They are called expenditure. These expenditures are additional classified into - factory expenditure, administration and office expenditure and selling & distribution expenditures.
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
Requirement for additional Funds A business would require additional capital for two purposes: 1. Financing additional fixed assets, and
ACRS is a system of depreciation started by the Economic Recovery Tax Act of 1981. ACRS depreciation relies on recovery periods in spite of useful life. These periods were preset b
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
question and answer: XYZ trading purchased 6,850 killos of material at a total cost of 21,920.00. The material price variance was 1,370.00 favorable. The standard price per killo w
WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS
Question PART A A company manufactures a single product and the data concerning the product is as follows: - Sales price of $10 - Marginal cost of $6. - Fixed
Period Costs Some terms are difficult to define. In one school of thought, period costs are the any costs that are not product costs. But, such a description is a stretch, beca
It is important to have performance measures to evaluate managers as they control resources and invest in assets for the company. Describe how you could use different variances (ac
Your client has asked you to provide guidance on the following potential accounting changes: (1) Change from straight-line method of depreciation to sum-of-the-years'-digits (2) Ch
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