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The following are three independent situations where the reporting entity for which financial statements are being prepared are underlined. Every company has a December 31, 2012 ye
A sound foundation is necessary for success in any task from building a house to putting on make up. In terms of U.S Accounting standards it is necessary to have a sound foundatio
You are required to conduct a detailed analysis of all the prime cost and overhead variances. You must create a fictitious company (and a fictitious cost object) which has at least
is sale of salvage from capital project recorded as gain/loss or applied back to project costs
CONTRIBUTION : It is the variation between the marginal cost of sales and sales and it contributes towards fixed profit and expenses. It is differ from the profit which is the net
how to prepare separate accounts for each process given having been givent normal loss,output,overhead and output passes to next process
Workmen shoes accumulated the following production and cost data for the past 5 months. i) Using the high/low method calculate the variable cost per unit and the fixed cos
MARGINAL COSTING Vs DIRECT COSTING Direct costing is the method where only direct costs are measured while calculating the cost of the product. Indirect costs are met in opposi
Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May a. Encik Farid b
Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sa
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