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OBJECTIVES OF COST ACCOUNTING
1)To help in the development of long range plans by provided that cost data that acts as a origin for projecting data for planning.
2)To make sure well-organized cost control by communicating necessary data costs at regular intervals and thus minimize the cost of manufacturing.
3)Find out cost of activities or products, which is helpful in the purpose of quotation or selling price.
4)To recognize profitability of each process, department ,product, etc, of the business.
5)To offer management with information in association with a variety of operational troubles by comparing the definite cost with standard cost, which discloses the variances or discrepancies.
Martinez Corporation engaged in the following cash transactions during 2012. Sale of land and building $186,710 Purchase of treasury stock 42,130 Purchase of land 39,130
Prepare Cash Budget of a Company The given information concerned to the proposed budget for a company for the months ending on 31 December 1996. Additional Information
Process Costing It is a costing method, which is applied wherever there are standard operations along with continuous production of homogeneous as identical units. Consequentl
Role of Cost Accounting in Business Management The system is a set of interdependent parts that together form a unitary whole such performs some functions. A number of sub sys
Campground Inc. is considering the production and sale of propane lamps. Annual fixed costs associated with the project are expected to total $60,000. In addition, each lamp would
Idea behind Activity-Based Costing The most important ideas behind activity-based costing are as given as: Activities cause costs; activities involve ordering, ma
Contract Costing It is a form of exact order costing, which is applied to relatively large cost units that normally get a considerable length of time to complete as an example
Purchase of office supplies.
Direct and Indirect costs Recall such direct costs are costs which can be traced particularly to the end product of the production procedure while indirect costs cannot be so
1) Presented below is a list of terms, followed by definitions or descriptions of those terms. a. Cost pool b. Actual cost system c. Cost driver d. Manufacturing diver
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