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

A simple discount note for $6, a simple discount note for $6,600 at a ordin...

a simple discount note for $6,600 at a ordinary bank discount rate of 8.61% for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent

Illustrate a simple accounting system, Q. Illustrate a simple accounting sy...

Q. Illustrate a simple accounting system? James Stevens was captivating an accounting course at State University. as well he was helping companies find accounting systems that

Taxation law, Ken, a resident, is a handyman who contracts with people to d...

Ken, a resident, is a handyman who contracts with people to do a variety of jobs including repairing fences, fixing household items and small painting jobs. As part of this work, K

Adjusting entry, office supplies on hand at year-end amounted to 3000.

office supplies on hand at year-end amounted to 3000.

Explain about the payroll register, Explain about the payroll register ...

Explain about the payroll register This is a summary of gross earnings, deductions and net pay for all employees for a specific payroll period. Register illustrates all amounts

Replenishing the petty cash fund, Replenishing the Petty Cash Fund Debi...

Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.

Show accounting deception situations, Q. Show accounting deception situatio...

Q. Show accounting deception situations? In 2002 The Sarbanes-Oxley Act was approved. The Act was approved as one result of the large losses to the employees and investors from

Enumerate the fundamentals of financial accounting, Enumerate the fundament...

Enumerate the fundamentals of financial accounting information Frame works and principles which have been developed try to address fundamental questions like: ?Who are user

Determine the symbols of net sales for the period, Determine the symbols of...

Determine the symbols of Net Sales for the Period -    Cost of Goods Sold =    Gross Profit -    Operating Expenses +    Other Income -      Other Expenses =

What is intangible assets, Q. What is Intangible Assets? Intangible Ass...

Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha

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