Explain the costs terms, Accounting Basics

Assignment Help:

Question 1:

Briefly explain the following costs terms:

  • Variable costs and fixed costs
  • Semi- variable costs and semi-fixed costs
  • Past costs and future costs.

Best Resort Ltd grows pineapples. The budget for March 2010 is as follows:

                            Rs

Direct materials  12,000
Direct Labour     15,000

(i) Describe what is meant by the revaluation method of depreciation. Give two examples to illustrate your answer.

(ii) Give two limitations of this method of depreciation.


Related Discussions:- Explain the costs terms

Income statement, A company pays rates annually/yearly in advance on 1 Apri...

A company pays rates annually/yearly in advance on 1 April every year. $4000 is paid by them on 1 April 2009 and $4800 on 1 April year 2010. The company's accounting year end is 31

Fifo under periodic inventory procedure, Q. FIFO under periodic inventory p...

Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to

Standards and conventions of accounting, Investigate the principles, standa...

Investigate the principles, standards and conventions of accounting by:   assessing  the need for financial information, its purpose and limitations   analysing the role

Bank reconciliation statement, even after preparing BRS why does balance as...

even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?

DOUBLE ENTRY, HOW TO DO DOUBLE ENTRY QUESTIONS

HOW TO DO DOUBLE ENTRY QUESTIONS

How to create account for barter transactions?, How to create account for b...

How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.

Illustrate a sales cycle of company, Q. Illustrate a sales cycle of company...

Q. Illustrate a sales cycle of company? When exploratory a company's management, sales cycle and users of financial data must be aware of any seasonal changes that may affect i

Can you explain about balance sheet, Q. Can you explain about balance sheet...

Q. Can you explain about balance sheet? The balance sheet, sometimes called as the statement of financial position lists the liabilities, company's assets and stockholders' equ

Adjustments, 2 deprecation on equipment is calculated at 10% per annum on c...

2 deprecation on equipment is calculated at 10% per annum on cost price new equipment for R400 was purchased on 1 December 2012 and has been recorded

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd