Describe the principles of cost accounting, Managerial Accounting

Assignment Help:

Describe the Principles of cost accounting

Principles of cost accounting: The fundamental principles of costing are identical and are given below:

 

1. Cost is related to its cause

 

2. Cost is charged after it is incurred

 

3. Abnormal costs are excluded from costing

 

4. Past costs are not charged to future periods

 

5. The concept of conservation has no place in costing

 

6. Accounting for cost is based on double entry principal:

 


Related Discussions:- Describe the principles of cost accounting

Constructing the model, Constructing the Model Steps: 1) Identif...

Constructing the Model Steps: 1) Identify the objectives of the simulation (A detailed listing of the results expected will help to clarify the output variables. 2) R

Determine the nature of accounting, The Nature of Accounting Accounti...

The Nature of Accounting Accounting is process of recording, analyzing, summarizing, and interpreting financial (money-related) activities to allow individuals as well as org

Transfer pricing, Transfer pricing sometimes entails using different transf...

Transfer pricing sometimes entails using different transfer pricing systems: one for tax purposes, and one for internal decision making, even though maintaining two systems can be

#, Describe the important role that the corporate level strategy has in rel...

Describe the important role that the corporate level strategy has in relation to the development of the business and functional strategy in a multi -business organization

What is replacement cost, Replacement cost It is the cost of replacing ...

Replacement cost It is the cost of replacing a material or asset, by purchase from the current market. If an X material was originally purchased @ Rs. 250 per Kg. And know i

Classification of ratio according to significance, Classification of ratio ...

Classification of ratio according to significance   The ratios have also been classified according to their significance. Some ratios are more important than other and the fir

Q, Granger products had the following transactions for the just completed m...

Granger products had the following transactions for the just completed month. The company had no beginning inventories. a)$75,000 in raw materials were purchased for cash. b) $7

Breakeven analysis, I am part of a marketing group, and we are working on a...

I am part of a marketing group, and we are working on a project for a local cable company,they currently serve 3,200 customers and sell 50 wireless boxes a month,what I need to do

How would you characterize the politics of food, Given the persistent probl...

Given the persistent problem with starvation in some parts of the world, and the anticipated population growth in developing nations, do we need genetically modified foods? Is it r

Impact of Cost Structure., You are required to provide a report of approx 5...

You are required to provide a report of approx 500 words or less (excluding attachments and references), accompanied by relevant calculations, in MS Word, MS Excel and/or PDF forma

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd