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Bases of Cost Classification
These various bases of cost classification are summarized in the diagram underneath as:
Here, we will usually refer to either of these terminologies every at present and then, in various cost accounting conditions. You will meet them extensively also in Management Accounting in the advanced stages of your course, whereas you will employ their distinction to create suitable profit maximizing management decisions as like budgetary control and planning.
Keep in mind, a cost is basically a measurement or quantification of the economic sacrifice made to get a given objective. Therefore it is a measurement of the amount of resources sacrificed in attaining a particular goal.
The Zooline Company (Pty) Ltd is an American based company that focuses on the LSM 8 -10 markets. They do vehicle interiors, raise or lower suspensions and install top end sound sy
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using relevant examples discuss the meaning and scope of cost accounting
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Objectives of Budgetary Planning 1) Coordination The budgetary process needs that visible detailed budgets are developed to cover every activity, function or department
Tracking Direct Materials Jack keeps full records of the material released to each job. When Donnie gathered up light bulbs, tape, breakers, wire, and wire nuts on the morning
Example of Process Cost Report Let suppose that the beginning work in progress in a Company in the month of November was 1,000 units that were 100 percent complete in terms of
Functional Classification of Costs Beneath this classification, costs are classified according to the function they execute in an organization. Costs can functionally be clas
What do you mean by differential costing ? How it differ from marginal costing ? explain its practical application with examples?
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