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A sound foundation is necessary for success in any task from building a house to putting on make up. In terms of U.S Accounting standards it is necessary to have a sound foundation referred to as the conceptual framework. Let's discuss it step by step starting with the objective. What is the objective of accounting standards?
METHODS OF COSTING : 1. Job costing : Job costing is the essential costing technique appropriate to those industries somewhere the work consist of separate contracts, or batch
format of contractee account and an example
Determine the Absorption Rate of Overheads The budgeted production overheads and other budgeted data of compute are given as: Budget Overhead cost for the period = Ks
Relationship between Cost Accounting and Business Enterprise Cost accounting, like will be mentioned later to adopts a cost center approach to accounting for costs. A cost cen
NSC Ltd. has a 31 May fiscal year-end. NSC disposed of its Information Systems Group (ISG) on 31 January 20X3. ISG had a net loss (after taxes) of $37,700,000 in 20X3, to the date
What does the cost principle mean for a company's income statement?
L I M I T A T I O NS OF STANDARD COSTING 1. It may be very difficult to fix standards for all operations. 2. Incorrect standards may result in wastage of mo
Allocation of Service Department Costs Allocation of Service Department Costs to Production departments ,Service departments are those departments that provide support to prod
What is Labor Cost Control Management?
Average costing method has the following main advantages: 1.It is a realistic costing method useful to management in analyzing operating results and appraising future production
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