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Explain the main purpose of cost centre
The main purpose of cost centre is two fields.
1. Recovery of cost: costs are collected, classified into two field in respect of a location, person or an item of equipment and then the costs are distributed over the products for recovery of incurred cost and
2. Cost control: cost centres assists in making a person responsible for the control of expenditure by the cost centre. Manager of each centre shall control costs incurred in his area of responsibility. The size of the cost centre depends on the activity and operation, and feasibility of the cost control. Sub cost centres are created if the sizes of the cost centres become too big from control point of view.
Explain the concepts of costs. A cost accountant is mainly concerned with the following cost concepts. 1. Concept of objectives: it is this concept that gives direction to
Define role of Management Accountant The main role of management accountant is defined below. Planner e.g. budgeting Information provider e.g. operating statement
I need help with a solution in the Cornerstones of Financial and Managerial Accounting textbook, Chapter 11, problem 11-51B on page 578. I need to create a statement of cash flows
implications of applying accounting concepts wrongly
The Role of Computers in Simulation Computers can be used to: 1) To generate the random numbers 2) To simulate thousands of trials. This is done extremely fast, accuratel
Elements of cost: 1. Material: the substance from which the product is made is known as material it may be in a raw or a manufactured state. It can be direct as well as indir
The Value Chain and Cost Analysis The behavior of a firm's costs and its relative cost position stem from the value activities the firm performs in competing in an industry. A me
2. Draw the network diagram for the following problem and indicate a sequence of plans that the company should want to consider in making a time-cost tradeoff. The company is not
Answer each of the following independent questions in the space provided on page 11. Round all computations to the nearest dollar. a) Company A deposited $15,000 in a savings ac
JIT purchasing On the other hand is a purchasing system in which material purchased are contracted so as that the receipt and usage of materials to the maximum extent possible,
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