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Explain why overcosting and undercosting product occur with treditonal costing system?
Wiki User
∙ 9y ago
Over costing and under costing of products occurs because it uses a single cost pool for all of the indirect costs. Amounts are estimated because they are determined at the beginning of the accounting period before actual amounts are known.
Wiki User
∙ 9y ago
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Define process costing its types features applications?
Job Order Costing Operation Costing Normal Costing Actual Costing Standard Costing Kaizen Costing Target Cost
Is the marginal costing called direct costing?
Yes marginal costing is also sometimes called direct costing.
Meaning and nature of target costing?
definition of target costing
How do consumption and costing per Denim pant?
how i make a costing for a jeans pant
How do variable costing and absorption costing differ?
marginal costing is also known as contribution costing. its a costing method that's includes only a variable cost of a product no attempt is made to allocate or appropriate fixed costs to cost centers. the setting of prices is basically based on the variable costs of making a product. if the prices are set above this unit cost then each item sold will make a condition to fixed costs. on the other hand absorption costing or full costing is an approach to the costing of products that allocated all costs of production to cost centers. The aim is to ensure that all business costs are covered.
What is a cost concept?
Explain methods of costing
Define cost explain different costing methods and techniques?
It is important to have your costs and costing methods in order. This will ensure that your money is being well spent.
Explain the meaning of batch costing How does such a costing differ from job costing?
Batch processing means the production of units of products in continuous process where products units produced without any break and different process of making product continuously keep working and produce in mass quantities. It is different from job costing in this sense that in job costing, costs of separate jobs or projects are kept separate from each other and costing of each job is done separately which is not done in process or batch costing.
Explain the rules regarding ascertainment of price in a contract of sale?
Explain the Various Methods of Costing. Ans. The methods of costingrefer to the techniques and processes employed in the ascertainment of costs. Different ...
Define process costing its types features applications?
Job Order Costing Operation Costing Normal Costing Actual Costing Standard Costing Kaizen Costing Target Cost
Is direct costing the same as variable costing?
Variable costing is called marginal costing while direct costing is separate concept.
Is a hospital a job costing or process costing?
a job costing
What is the and purpose of Job Costing Process Costing?
outline the characteristics and purpose of: Job costing and process costing
What is the job costing and give you the example?
Labour costing. Material costing
Is the marginal costing called direct costing?
Yes marginal costing is also sometimes called direct costing.
If you were a candy manufacturer which costing system should you use full absorption costing or variable costing?
full absorption costing
Differences between costing method and costing techniques?
Methods of Costing The cost of products or services is determined using several methods. The use of a given method is dictated by such factors as: the nature of cost units, the production process, the mode of cost accumulation, the duration of work etc. The following are the well established methods of costing a. Job / Batch costing b. Contract costing c. Process costing d. Service costing Techniques of Costing Irrespective of the type of costing method being applied there are various approaches that could be adopted. These are:  Full Absorption costing  Marginal costing  standard costing using  absorption costing  marginal costing
