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Link between Financial and Cost Books
The link among the two sets of books is achieved via operating a cost ledger control account and a financial ledger control account. Cost Ledger Contra Account such in the financial and cost books respectively. All the items that affect the costs accounts are recorded in the cost ledger control account, the similar items are recorded in the financial ledger control accounts, however on the opposite side of the account thus the account completes the double entry. The Cost Ledger Control Account is only a memorandum entry and is hence made in addition to the common entries in the financial books of account.
Example of Over and under absorption of production overhead costs By employing data from diagram assume such the production overhead absorption rate was computed where an acti
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Reasons for Cost Allocation 1. To provide comparison along with externally provided services: It helps in assessing where to continue the contact or service outsiders. 2.
how do you allocate the support department costs to production departments using the direct method when given percentages
Types of Overhead Absorption Rate NB: Overheads incurred are generally absorbed on the basis of budgeted or estimated figures. The given basis may be applied leading to the
value of which items are required to be put in a simple format of manufacturing 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
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