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Purpose of Cost Estimation
In estimating it assists the future expenditure as cost prediction like the expenditure will depend upon the cost of the respective activities
a) In determining it assists the total benefits anticipated in a exact activity based on the relationship between projected revenue and projected costs.
Cost estimation is helpful in business cost control, planning and decision making performance evaluation.
A college currently measures its performance by comparing the actual costs against its budgeted costs for the year.Now that the college is facing increased competition from Various
Example of Job Order Costing The given transactions were made by a company in the month of December. Direct Materials a) 8,000/- was bought on credit, out of these
Over And Under Absorption of Production Overhead Costs This may be analyzed beneath a) Activity This is level of the business or cost center. Expenditure on several item
Bakeson Bearings Ltd is preparing to submit a bid for a bearings order. Janet Lake, CEO of the Manufacturing Division, has asked Jason Docker, the management accountant, to prepa
(i) Describe the difference between the balance sheet and the income statement in financial statements of companies. (ii) Give two examples of intangible assets and two exampl
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Example of Labour Remuneration Beneath a premium bonus scheme, workers obtained a guaranteed basic hourly minimum rate of pay in addition of a bonus of 50 percent of the time
It takes about two to three years to fully execute FCA and get all employees comfortable with it. Even then, the process will still develop. In Greensboro, North Carolina, it took
Example of Process Cost Report Let suppose that the beginning work in progress in a Company in the month of November was 1,000 units that were 100 percent complete in terms of
Total costs include both variable costs and fixed costs. Variable costs are costs which can beeasily identified or related to a cost per unit or activity level of some kind for exa
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