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Approach in Cost Accounting
Cost accounting is based on the framework or concept of cost centers that is all the costs incurred throughout the production process contain to be identified and accumulated around specific points of the production process, referred to like cost centers.
A cost center may be defined like 'any point at those costs are gathered in order to control cost, fix responsibility and enable costs being recharged on an equitable basis. We will employ a cost flow diagram to demonstrate the principles of a cost center framework. The entire rectangular box represents a cost center. Each one cost will be the responsibility of one management member and will contain costs charged to it and costs recharged also from it if that costs are incurred for reasons of offering a service for other cost centers.
Given diagram displayed Cost flow of a typical manufacturing concern to organization:
Following figures are taken from annual budget of ABC manufacturers for the year 2013: Fixed factory overhead Rs. 4,000,000 Factory overhead absorption rate Rs. 70 per direct labor
If the net income under marginal costing is #100,000, calculate absorption costing, if opening and closing inventories are #20,000 and #15,000
Problem: A satellite is launched into Earth orbit by a Delta II launch vehicle (LV). The Delta LV's engines do not perform as expected, and at upper-stage burnout the satellite
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Definition of Variance Analysis Variance analysis can merely be defined like the process of analyzing the difference between the actual cost and the standard cost this variati
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