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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.
Semi Variable Costs Are costs along with both a fixed and variable cost component? The fixed component is such portion that is constant irrespective of the level of activity.
are exploration cost treated as an asset or expense or both?
Reserves and surplus or retained earnings usually occur out of profitable operations. This is a surplus not distributed through the firm as dividends. Conversely, these are profits
Cost Book-Keeping In cost account accounts, extensive employ is made of control accounts that are based in the similar principles as those utilized in financial accounts. Two
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how do we prepare an overhead analysis sheet when the data given is already apportioned
GZ Inc. manufactures two products that require both machine processing and labor operations. Although there is unlimited demand for both products, GZ could devote all its capacitie
What is bad debt expense, using the aging method (also called the "percentage of receivables" method), given the following set of facts? A firm has $80 of gross accounts recei
Current assets 180.00 232.00 Less: Current Liabilities 80.00 105.00 Working Capital
conard transfered 10000 from her account to the business
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