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Explain Operating budgets
These budgets relate to the dissimilar activities or operation of a firm the number of such budgets depends upon the size and nature of business. The commonly used operating budget is:
Sales budget
Production budgets
Production cost budget
Purchase budget
Raw material budget
Labor budget
Plant utilization budget
Manufacturing expenses or works overhead budget
Administrative and selling expenses budget etc.
Objectives of the cost accounting The Objectives of the cost accounting are ascertain of costs, fixation of selling prices, proper recording and presentation of cost data to th
identify and explain cost classification for performance evaluation
How costs behave as the level of activity/volume changes. Why an understanding of cost behaviour is important ? Types Variable e.g. petrol, direct materials Fixed e.g.
Extensions to Linear Programming In many real situations the solutions to linear programming models make sense only if they have integer values. Rounding off the linear programmi
Standard costing in modern environment Standard costing has traditionally been associated with labor-intensive operations, but it can be applied to capital-intensive production
what is the computation procedure of accounting rate of return?
By electronic fund transfer the collection float can be completely removed the other benefit of electronic fund transfer is instant updating of accounts and reporting of balances a
INTERPRATATION OF VARIANCE Controllability, Materiality and Trend are the interpretation of variance. The point of comparing flexed budget and real figures is to see what corre
Account analysis (Inspection of accounts) method: This method requires that departmental managers and the accountant inspect each item of expenditure within the accounts for s
Benefit of product life cycle costing The benefits of product life cycle costing are summarized as follows: 1) The product life cycle costing results in earlier actions to g
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