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LIMITATIONS OF COST ACCOUNTING
Cost Accounting similar to additional branches of accountancy is not an precise science although is an art which was developed throughout theories and accounting observe based on commonsense and reasoning. These practices are active and evolving. Therefore, it requires a uniform process applicable to all the industries crossways.
1. It is costly and as such may not be practical for small businesses.
2. It is based on evaluation.
3. It may not be appropriate to all sorts of industries.
4. Occasionally, the mistakes in financial statements may get reflected in cost accounts.
(a) (i) Conversion Value Conversion Value = Conversion Ratio * Stock Price = 22*$40 = $880 (ii) Market Conversion Price Market Conversion Price =
Methods Required To Allocate Joint Costs 1) Physical/Unit Measure 2) Constant gross margin rate 3) Net realizable value.
how variable cost help in decision making.with suitable example
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