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This can be explained as the process of accumulating, calculating, analyzing, interpreting and reporting cost information that is both helpful and relevant to the internal and external stakeholders of a business entity. External stakeholders are those who have a vested financial interest in a business or organization. For example banks (loans), financial houses (mortgages), investors (investments), etc. Internal stakeholders are the business or organization directors, managers, division heads, etc.
One of the many advantages of cost accounting is that it turns data into information, knowledge and wisdom about a business entity's operations that is useful for: ? measuring performance ? Decreasing or managing costs ? determining the fees or prices for goods and services ? deciding to authorize, alter or discontinue a program or activity
A company produces three types of items. A single machine is used to produce the three items on a cyclical basis. The company has the policy that every item is produced once during
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As the Junior Bank Clerk of a business, one of your monthly tasks is to prepare the bank reconciliation statement. At the month ending 31 January 2012, the bank statement has be
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priple of accounting
Cost Components Companies which manufacture a product face an elaborated set of accounting issues. Additionally the usual accounting matters related with selling and administra
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