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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.
critically explain cost accounting as 1. a service activity 2. a descriptive/analytical discipline 3. an information system
After you have studied this section, you should be capable to: know the idea of funds flowing by a business in a dynamic situation understand the role of working capital
importance of classifying cost accounting
Horton Co. was organized on January 2, 2010, with 500,000 authorized shares of $10 par value common stock. During 2010, Horton had the following capital transactions: January 5-iss
Draw the relevant diagrams for a typical farm, and for the market as a whole, when the market for wheat is in long run equilibrium. Assume the farm faces perfect completion. (hint,
TYPES OF VARIANCES Variances are computed for the entire three basic elements of cost - direct labour, direct material, and overhead variance 1. Direct labour variance 2.
Link between Financial and Cost Books The link among the two sets of books is achieved via operating a cost ledger control account and a financial ledger control account. Cos
Ed Mettway was concerned about his firm''s ability to acquire the necessary property, plant, and equipment to take advantage of steadily increasing sales. Touring Enterprises, esta
This question tested their knowledge of intended reporting but more importantly requisite them to apply their knowledge and consider the impact from the investors' perspective.
The Butchering Department of the Santa Fe Meat Packing Corporation (a process costing corporation, FIFO costing) had 1,500 units, 1/3 completed at the beginning of the period and 1
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