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Cost - Terms Used in Cost Accounting
It measures the economic sacrifice created to achieve an organizations aims. For a product, cost represents the monetary measurement of resources employed as like materials, labour and overheads.
To a service, cost is the monetary sacrifice made to give the service. Generally Accountants use cost along with other descriptive terms, as an example: historical, prime, product, labour or material. All of these terms define some characteristic of the cost measurement procedure or an aspect of the object to be measured.
Vorticella can first be seen by the naked eye, b.ut to study it place a prepared slide under the microscope. Focus it under low power, and observe it. You can see a large number of
Your company completed the site work for the South Pointe office complex. The costs are shown in Figure 11-3. The site concrete labor and landscaping were done by subcontractors. T
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Daisy Ltd has a net profit after tax of $3 400 000 for the year ending 30 June 2012. For the entire financial year Daisy Ltd had two million $1.00 cumulative preference shares on
To begin with, we require two successive balance sheets and the operating statement or loss and profit account relating the two balance sheets. There are two ways wherein this s
What are the importance of cost classification
Methods of Allocating Service Costs Direct Method The service costs are merely allocated to the production department according to the usage of the services given. St
How to fix price in times of competition
In an application of a hand-held clinical thermometer for the National Health Service it is required to use disposable temperature sensors and digital read out of temperature betwe
Engineering Method of Cost Estimation This method is based on a detailed study of each operation whereas careful requirement is made for materials, labour and equipment essent
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