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Labor Transactions
(i) Wages Paid in cash
(ii) Wages incurred like
a) Direct labor or else
b) Indirect labor
In the Financial Books
In the Costing Books
i. Wages Paid in Cash
Dr Wages a/c
Dr Wages Control a/c
Cr Cash a/c
Cr General Ledger Adjustment a/c
ii. Wages Incurred as direct labour
Not recorded in Financial Books
Dr. W.I.P a/c
Cr. Wages Control
Dr. Production Overheads Control a/c
Material Price Variance (MPV) This may be described as the difference amoung the actual price and the standard price of the materials consumed. MPV = Actual quantity used (S
UTILITY OF BREAK EVEN POINT IN MANAGERIAL DECISION MAKING 1. It assists in determination of sales mix 2. It assists in exploring new markets 3. It assists in deciding abo
Capability Maturity Model Integration (CMMI) is a process development approach that gives organizations with the essential elements of effective processes. It can be used to gui
1. Why are marginal costs increasing? Why are they not always constant? You may give examples in some industries or just state two reasons at least.
budget preparation
Q. A firm uses capital and labor to produce a single output good. The production function is given by F(K, L) = K 2 L where K is the amount of capital and L is the amount of labo
according to a factory cost ledger, job no 51 has incurred the following costs: direct material - 30
Fixed Overheads Variance This is defined like the difference between the fixed overheads attributed and the standard cost of fixed overheads absorbed in the production achieve
Accounting Treatment of Spoilage Costs 1) Normal Spoilage Costs: These costs are assigned to the good output utilizing two approaches as: (i) Omission Approach: Under th
Gomez incurred $350,000 of research and development costs to develop a product for which a patent was granted on January 2, 2008. Legal fees and other costs associated with the re
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