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Do job order and process cost accounting use equivalent units of production to determine costs?
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∙ 10y ago
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∙ 10y ago
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What is value chain analysis in management accounting?
Value chain analysis is the process to determine which process of production is increasing the value of product and which is not so that the product manufacturing cost can be reduced by eliminating that process from the production chain.
What is the Summary of lean production in managerial accounting?
lean production is a business process to reduce the cost only. lean production is a business process to reduce the cost only.
Why is Equivalent units of production used in Process Costing?
To ascertain the cost of production
What is cost accounting and its applications?
Cost Accounting is a method by which an accountant can determine the cost of production of a "widget". This is used in accurate reporting of Cost of Goods Sold and consequently the Gross Income of a company. A Cost Accountant will follow the "widget" througout the production process tracking any costs associated and breaking them down to a unit level. It gets more complicated than that but this is a good generic answer.
How often is the recording process in accounting?
How often is the recording process in accounting?
What is value chain analysis in management accounting?
Value chain analysis is the process to determine which process of production is increasing the value of product and which is not so that the product manufacturing cost can be reduced by eliminating that process from the production chain.
What is the Summary of lean production in managerial accounting?
lean production is a business process to reduce the cost only. lean production is a business process to reduce the cost only.
Why is Equivalent units of production used in Process Costing?
To ascertain the cost of production
What is cost accounting and its applications?
Cost Accounting is a method by which an accountant can determine the cost of production of a "widget". This is used in accurate reporting of Cost of Goods Sold and consequently the Gross Income of a company. A Cost Accountant will follow the "widget" througout the production process tracking any costs associated and breaking them down to a unit level. It gets more complicated than that but this is a good generic answer.
Cost Accountant?
The principal responsibility of a cost accountant is to track and analyze the factors that result in the total cost of a product. This field of cost accounting differs from most other accounting specialties in that the focus of the career is on cost analysis and price allocation. This accounting method takes in two major principals: fixed cost accounting is used when production method is not a factor and variable cost accounting which examines product production and quantity. Cost accounting is broken down into two major categories, job order cost accounting and process cost accounting. Job order cost accounting is the specialty that determines product or service cost by considering the total cost of production for an individual product. Job order cost accounting tracks every expense involved in a product’s production to determine the final price of an individual product. Process cost accounting differs from job order cost accounting in that product cost is evaluated by summing of the cost of each process which results in a final product. Process cost accountants determine the expense of each particular process and then add them together to determine the price of a group of products. The minimum requirements to become a cost accountant are to earn a bachelor’s degree in accounting or a related degree. Many companies prefer either experience in cost analysis or project management. Accountants who have work experience in industrial or engineering product management are looked upon favorably. Earning a degree in finances or pursing an MBA with a focus on financial management will make any applicant very competitive. The CMA public accounting license is not necessary for employment but some employers do prefer it for the security it provides and the financial management principles involved in earning the license. The average earnings for a cost accountant are in the areas of $55,000 to $60,000. Entry level cost accountant can expect to start out at $35,000 to $40,000. Initial earnings will quickly increase after a few years of experience and will vary by location.
How often is the recording process in accounting?
How often is the recording process in accounting?
What type of testing would be conducted to determine the effectiveness of the manufacturing process?
Production Qualification Testing (PQT).
What do you mean by cost accounting?
its the practice of calculating the resources incured in producing the final product
Which accounting principle directs the depreciation process?
Which accounting principle directs the depreciation process?
3 important activities in accounting process?
real accounting, nominal accounting,personal accounting
What is accounting cycle or process?
The sequence of activity which are followed in an organization,where accounting is pratise.the sequence of accounting procedure used to record classify and summarize accounting information is known as ACCOUNTING CYCLE/PROCESS.
What effect did the Industrial Revolution have on the development of accounting?
The Industrial Revolution resulted in increased volume in all areas of the production process. Accounting processes had to become streamlined to keep up with the flow of raw materials and finished goods.
