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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.
Reconciliation of Profits Reconciliation of profits disclosed by Financial Accounts and Costing Accounts in an interlocking system, While interlocking cost accounting system
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A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed c
#question.discuss the importance of cost classification to a business organisation?
Igor and Angela were married in 2005, separated in 2011, and divorced recently. At the time of marriage, each had some investments and personal assets. They both worked during the
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