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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 theories and accounting observe based on commonsense and reasoning. These practices are active and evolving. Therefore, it requires a uniform process applicable to all the industries crossways.
1. It is costly and as such may not be practical for small businesses.
2. It is based on evaluation.
3. It may not be appropriate to all sorts of industries.
4. Occasionally, the mistakes in financial statements may get reflected in cost accounts.
Vince's Pizza delivers pizzas to dormitories and apartments near a major state university. The company's annual fixed costs are $48,000. The sales price averages $9, and it costs t
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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
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Prime Essentials Limited is a small private corporation. The owner plans to approach the bank for an additional loan or a line of credit to facilitate expansion. The company bookke
Expenses are usually recorded only while they are paid. The failure to record unpaid expenses in the accounts outcomes in an understatement of which expense and also an understatem
The following facts have been extracted from the standard cost card for product X:
Shirley and Ken are in partnership, trading in the construction industry. The year end for the partnership business is 30 June. You are the Assistant Accountant and have been as
Now assume that it is possible to distinguish consumer types one and two and there are no consumers of type three and the firm can charge a two part tariff. What would the optimal
Me ole cock spaniel plc. makes 3 products, details as follows: Apples (£) Pears (£) Cockneys (£) Selling price 60 80
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