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Advantages of historical cost accounting?
strength of historical cost accounting
What is cost objectives?
Cost objectives determines the cost allocation. It determines the product, service or department that will receive the allocation.
How does cost accounting connect with financial accounting and management accounting?
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
What are the methods for accounting inflation?
Discuss the various methods of inflation accounting.
Why accounting profit is higher than economic profit?
First of all, we need to understand what is explicit cost and implicit cost. Explicit cost mean real expenses, while implicit cost mean opportunity cost. In accounting profit, we only minus explicit cost, while in economic profit we minus explicit cost and implicit cost. therefore accounting profit is higher than economic profit.
What is the Cost and cost accounting also give out objectives of cost accounting?
answer
What are the various objective of cost accounting?
Important objectives of cost accounting:The primary objectives of cost accounting is to determine the cost of each product, process, job, operation or service rendered.Cost accounting determines the profitability of each product, process, job, operation or service rendered.Cost accounting classifies cost into different elements such as materials, laborer and overhead. It is further divided as direct and indirect cost for cost control and recording.Cost accounting aims at controlling cost by setting standards and comparing those with the actual, the deviation or variation between the two is identified and necessary steps are taken to control them.
What are the major objectives of a cost accounting system in a manufacturing company?
A) To determine unit manufacturing costs and B) to provide managers with useful information for planning and cost control functions
What are the objectives of cost accounting?
1.to ascertain the value of the product. 2.to minimize the cost of production. 3.to increase the profit volume 4.maximum utilization of productive resources. 5.to determine the selling price. 6.control of cost.
What are the objectives of cost control in an organization?
I don't cares
Objective of cost accounting?
The objectives of cost accounting are ascertained of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control. The aim is to know the methods by which expenditure on materials, wages and overheads is recorded, classified and allocated so that the cost of products and services may be accurately ascertained; these costs may be related to sales and profitability may be determined. Yet with the development of business and industry, its objectives are changing day by day.
How does management accounting differ from cost accounting?
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
What are the necessities of cost accounting?
Basically, cost accounting is an area of accounting that measures, records & reports the product cost. It is important or necessary generally for 2 purposes. 1. determine cost. 2. control cost.
What is management accounting and control system?
Management accounting is defined as "the process of identifying, measuring and communication economic information to permit informed judgments and decisions by users of the information" (Colin Drury, Management and cost accounting, sixth edition, page 5) Management control systems are "the process of ensuring that a firms activities conform to its plan and that its objectives are achieved. (Drury 7th ed> p387)
What is cost accounting and its nature and scope?
Cost accounting is the internal reporting system. It includes cost recording and reporting and cost measurement or estimation. In addition, it includes cost planning, cost control, and cost analysis.
What has the author A P Robson written?
A. P. Robson has written: 'Essential accounting for managers' -- subject(s): Accounting, Cost control, Managerial accounting
What does Standard cost card shows in cost accounting?
Standard Cost Card shows that how much standard cost of direct material, direct labour and manufacturing overheads and other costs are required to manufacture product or service and it is helpful in control stage and variance analysis.
