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What is Cost unit
While the cost centres assists in ascertaining costs by location, person, equipment, operation or process, cost unit is a unit of product, service or a combination of them in relation to which costs are ascertained or expressed.
A cost unit is defined as by the CIMA, London as a "unit of product or service in relation to which the costs are ascertained". The selection of suitable cost unit depends upon several factors such as, nature of business, process of information, requirements of costing system, etc but are usually relates to the natural unit of the product or service. For example, in steel, the cost unit is Tonne while in transportation services the unit may be passenger Kilometre or Tonne Km. Etc. it may be noted that while the former is a single cost unit, the latter is a composite unit a combination of the tow units.
Accounting Method is the method by which income and expenses are accounted for taxation purposes. The Internal Revenue Service needs taxpayers to select an accounting method that p
Objectives of the cost accounting The Objectives of the cost accounting are ascertain of costs, fixation of selling prices, proper recording and presentation of cost data to th
Disadvantages of the cost accounting: 1. It is unnecessary: it is argued that maintenance of the cost records is not necessary and involves duplication of work. It is based o
UNCERTAINTY OF DEMAND Demand is the most troublesome variable to predict accurately. Actually, demand may fluctuate from day to day, from week to week or from month to month. T
do you make assignments on Advance Accounting subjects
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Yolande Tzar came to Northern Ireland from Poland five years ago to study at university. After graduating she worked as a sales manager for a local company and saved her wages to b
Break even analysis and target profit, taxes - Patterson Parkas Company's sales revenue is $30 per unit, variable costs are $19.50 per unit, and fixed costs are $147,000. a)Compute
Product life cycle costing It is an approach used to give a long term picture of product line profitability feedback on the effectiveness of life cycle planning and cost data t
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