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Material Cost Control
Therefore Materials form an important cost of output units and that should be controlled. Material Control is more than merely recording the accounting transactions relating to such material cost. Control must be implemented to ensure which material is available
Control may be exercised on a number of points in the business cycle as given:
The material control system should attempt to ensure about the company does not incur costs in excess of an approved efficient level of expenditure. Require of adequate control routines will result in the incidence of costs in excess of an acceptable level, reduced profitability of production and increased operational costs.
A retail dealer in garments is currently selling 24000 shirts annually. He supplies the following details for the year ended 31st December,2007. Rs Selling Price per shirt
What are the importance of cost classification
The Smiths have a long-term capital loss carryover of $10,000 from 2010. On May 9, 2007, David's uncle, Joe, gave him the family antique gun collection. Based on family records
Explain and illustrate with your own example the operating cycle of a merchandiser. Explain and illustrate the differences between a multiple-step income statement and a single
1. Provide at least three characteristics of a corporation (in your own words). 2. The date on which a cash dividend becomes a binding legal obligation is known
information for the year ended December 31, 2010: Direct labor $16,840 Direct material used 16,300 General and administrative expenses 14,240 Indirect production costs 16,780 Selli
This is the income received but not earned throughout the accounting period. Conversely, this is the income for those services are to be rendered in future. Such income is deducted
SD manufactures and sells a small range of timber based products. The main differences b/w the products are their size and the type of timber they used. SD prepares annual budgets
You are the CFO of a Hospital. Suppose that your projected average daily reimbursement is $100, 000 and your average collection day is 40 days. What is your hospital's annual cost
Determine Profit by Using Absorption Costing Assuming the fixed overhead absorption rate was Ksh.3 per litre, then what would be the profit utilizing absorption costing? a)
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