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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
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
Types of Standard Costs The standard cost set could be ideal, basic, attainable or current. i. Basic Standards: These are long term standards that would keep unchanged ov
Contract Accounts It is a separate account such is maintained and opened for every contract undertaken for the reasons of accumulating cots. Every contract is given a number
concepts of accounting
. Alice Company has received a special order from John. John wishes to buy 100 units of Alice's product at a price of $48. The regular price is $65. The unit cost informati
Cost Accounting advantage and features
tell me about debentures
On January 1, 2012, a machine was purchased for $197,100. The machine has an estimated salvage value of $13,140 and an estimated useful life of 5 years. The machine can operate for
Bebe, a manufacturer of sophisticated and fashionable women's clothing, is completing a new assembly plant in Malaysia. A final construction payment of 6,000,000 MY
ln an attempt to conceal a thefi of funds, Kaito Kid, controller of Shinichi Products, lnc. placed a bomb in the company s record vault. The ensuing explosion left only fragments o
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