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a costing system that does not divide cost by function or allocation or een by each part of the manufacturing process. it takes a total cost and divides it by each part of the process. so essentially each part of the manufacturing process is assigned an equal estimated cost.
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.
A labor costing system, Halsey Weir scheme = 1/3 of time saved x rate per hour.
A Payroll Management Software is used to calculate salary of employees and calculate deductions such as PF, PT, ESIC and Income tax. Payroll software takes attendance of the month and calculates salary as per the defined values and formula set. Arrears, Bonus, Reimbursement. winhrmpayroll.com
A clinical definition of mercantilism would be, with a lot of truth to it, that it is the system that every country denounces and that every country practices. The most effective (and easiest to get away with) form of trade mercantilism is now used by the PRC, and it is based on manipulating the foreign exchange rate.
needs of product costing system
Full costing system
full absorption costing
designing of accounting system
responsibility costing is a costing which enable us to know which department is responsible for what
actual is the actual cost, normal is estimating
features of standard costing
Job order costing is more appropriate than process costing when the product being produced is a custom product
A job order costing system would be more appropriate than a process costing system for manufacturers who use different types of goods throughout the manufacturing process. Process costing is best to you when manufacturing a large amount of the same items.
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process costin and target costing
to undersrand