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Relationship among management accounting and cost accounting
Referring to CIMA's definition for cost accounting, we can determine cost accounting is a part of management accounting.
CIMA defines here management accounting like "provision of information required via the management for such reasons like formulation of policies, and controlling and planning the activities of the enterprise, decision taking upon the alternative courses of disclosure, action to those external to the entity as like shareholders and others, disclosure to staff of employ and safeguarding assets. Management accounting and cost accounting contain basically the same functions.
STANDARD COSTING STANDARD COSTING is a method, which uses standards for costs and revenues for the idea of control by variance analysis. It can be used either through operation
Jp Rhodes started a bowling club called " bowl them over". The following transactions took place 4 March 2012. 1. Bowling LTD transferred R20 000 bank account of the club as an in
A machine originally had an estimated useful life of 5 years, but after 3 complete years, it was decided that the original estimate of useful life should have been 10 years. At tha
Elements of Cost Nearly there are three elements of cost - labor, material, and expenses. These are additional divided into indirect and direct material, indirect and direct la
The following information is for the third quarter of this year: Planned Actual Production 92,000 units 87,000 units Direct labor hours 506,800 DL hrs 380,000 DL hrs Fixed manuf
Cost sheet is a declaration of cost for a product for given period of time.
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. Cos
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Assume B, G and T are in real terms (and in billions of dollars). B t-1 = 1000 G t = 220 T t = 200 i t = .15 π t = . 10 a) Calculate th
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