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LIMITATIONS OF COST ACCOUNTING Cost Accounting similar to additional branches of accountancy is not an precise science although is an art which was developed throughout theorie
Methods of Work in Progress The two main methods used for purposes of valuing the opening work in progress: 1. Weighted Average Method 2. FIFO or First In First out Meth
Labour Variances From our basic data, we can calculate the labour variances as given as: i. Labour Rate Variance = (AH x AR) - (AH x SR)
Elements of Cost Nearly there are three elements of cost - labor, material, and expenses. These are additional divided into indirect and direct material, indirect and direct la
Match each of the six following terms with the phrase that most closely describes it. Each answer may be used only once. _____ 1. Direct costs _____ 2. Fixed costs _____ 3
I need an explanation of how a bin card is done
Suppose that you are the chief financial officer at Porter Memorial Hospital. The CEO has asked you to analyze two proposed capital investment-Project X and Project Y. Every proj
Process of Setting Standards in Standard Costing Establishing correct a standard is extremely important due to the accuracy of the standards usually finds out the success of t
ADVANTAGES OF STANDARD COSTING 1. It offers a yardstick for measurement of performance. 2. It helps 'Management by Exception'. 3. It allows the management to
ANALYSIS OF VARIANCE When the actual are not similar from the standards, variance exists. Variance may be unfavorable or favorable. When the actual cost is more than the standa
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