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What do you mean when we say that an accounting system needs to be cost effective?
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The first thing which needs to be done in cost accounting is to do?
The first thing which needs to be done in cost accounting is to Calculate the selling price.
A job order cost accounting system would best fit the needs of a company that makes?
Custom Machinery
What is integration cost accounting system and nonintegrated cost accounting system?
An integrated accounting system requires a cash book and general journal, where a set of books contains inventory and cost accounting information. In non-integrated cost accounting, only a purchase account is required to record purchases.
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
Benefits of cost accounting?
The main benefit of cost accounting is that it can be used to alert management on how to be more cost effective. It also helps companies plan for the future.
What factors hinder effective implementation of accounting information system in an organization?
Cost managment performance
How does cost accounting contribute effective and efficient management of an industrial establishment?
How does cost accounting contribute to the effective and efficient management of and industrial establishment
The first thing which needs to be done in cost accounting is to do?
The first thing which needs to be done in cost accounting is to Calculate the selling price.
What is the Difference between integrated and interlocking accounting system?
Integrated system is one which combines the cost accounting and financial accounting functions in one system of ledger accounts while an interlocking system has a cost ledger for the cost accounting function and a financial ledger for the financial accounting function.
A job order cost accounting system would best fit the needs of a company that makes?
Custom Machinery
What is integration cost accounting system and nonintegrated cost accounting system?
An integrated accounting system requires a cash book and general journal, where a set of books contains inventory and cost accounting information. In non-integrated cost accounting, only a purchase account is required to record purchases.
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
What is the relationship between the contractor's cost estimating and cost accounting systems?
An accurate cost accounting system is the basic building block for a good cost estimating system.
Benefits of cost accounting?
The main benefit of cost accounting is that it can be used to alert management on how to be more cost effective. It also helps companies plan for the future.
What is the criticisms of current cost accounting method?
Itemise and evaluate the criticism of traditional cost of accounting system?
What are the steps involved in developing accounting information systems?
The system of collecting and processing transaction data and disseminating financial information to interested parties is known as the accounting information system. It includes each of the steps in the accounting cycle that you have studied in earlier chapters, the documents that provide evidence of the transactions and events, and the records, trial balances, work sheets, and financial statements that result. An accounting information system may be either manual or electronic. To have an efficient and effective accounting information system (hereafter referred to simply as the accounting system), certain basic principles must be followed. These principles are: 1. Cost awareness. The system must be cost effective: the benefits obtained from the information disseminated must outweigh the cost of providing it. For example, the value of each accounting report should be at least equal to the cost of producing it. 2. Useful output. To be useful, information must be understandable, relevant, reliable, timely, and accurate. Designers of accounting systems must consider the needs and knowledge of various users so that the system's output (reports and statements) will be useful to them. For example, sales managers may need weekly reports of sales, and factory supervisors may need daily reports of production. Others with differing responsibilities (such as vice-presidents) may need such reports only monthly or quarterly. 3. Flexibility. The accounting system should be able to accommodate a variety of users and changing information needs. The business environment changes as a result of technological advances, organizational growth, increased competition, government regulation, or changes in accounting principles, when it does, the accounting system should be sufficiently flexible to meet the resulting changes in the demands made upon it. If the accounting system is cost effective, provides useful output, and has the flexibility to meet future needs, it can provide a valuable service and make a major contribution to both individual and organizational goals.
What is a cost accounting system?
A cost accounting system is used to analyze various types of cost,. It is used to help people and companies determine what their future financial goals should be.
