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Why do you think standard accounting practice focuses on historical cost rather than market value?
Wiki User
∙ 11y ago
because that is the actual cost paid
Wiki User
∙ 11y ago
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What are the classification of cost acounting according to time?
Cost accounting can be classified into three categories based on time: Historical cost accounting: Records and analyzes actual costs that have already been incurred. Standard cost accounting: Sets predetermined costs based on expected costs and actual performance. Lean accounting: Focuses on eliminating waste and increasing efficiency in real-time cost tracking.
What is solution 6 accounting software?
Its an accounting software that focuses on Statutory Accounting, Its been bought out by MYOB and is no longer being developed.http://www.computerworld.com.au/article/116270/myob_solution_6_merge
What is the socially constructing perspective in accounting history?
The socially constructing perspective in accounting history focuses on how accounting practices are shaped by the social, political, and cultural context in which they exist. It emphasizes that accounting is not a fixed or neutral practice, but rather is influenced by the values, ideologies, and power dynamics of society at any given time. This perspective highlights the importance of understanding the broader social forces that shape accounting practices and norms.
The book The Historian focuses on which historical figure?
Vlad the Impaler
Scope of managerial accounting?
The scope of managerial accounting focuses on the financial aspects of the organization. This will include proper record keeping, balancing records and so much more.
Cost accounting and financial accounting?
Financial accounting refers to the branch that prepared financial reports (known as financial statements) that are for general use. Primarily however, they are prepared for external users (owners, investors, government, suppliers, creditors). The goal of financial accounting is to provide financial statements that follow generally accepted accounting standards or GAAP. Cost accounting is the branch that focuses on manufacturing costs, i.e. direct materials, direct labor, and factory overhead. It is often considered part of management accounting, the branch that provides information for internal purposes and focuses on helping management make decisions instead of strictly complying with GAAP. Cost accounting deals with manufacturing concerns.
How is My Antonia a result of Willa Cathers historical context?
the novel focuses on the lives of immigranst of homesteaders
What college courses will help me to become an accountant?
The major course groups seem to be Accounting, which focuses on transaction and statement analysis, Auditing, which shows students how to audit company books, and courses on tax accounting.
Which profession is a specialized field of medical practice that focuses on medical and emotional dysfunction?
psychiatry
Describe the components and interrelationships of different categories of accounting?
The main categories of accounting include financial accounting, management accounting, and cost accounting. Financial accounting focuses on recording and reporting financial information for external users. Management accounting provides financial information to internal decision-makers and helps in budgeting, planning, and decision-making processes. Cost accounting analyzes the cost of manufacturing a product or providing a service. These categories are interrelated as the information produced in financial accounting is used by management accounting for decision-making, and cost accounting employs the techniques and information provided by both financial and management accounting.
Why is Cost accounting a subset of management accounting?
The main purpose of cost accounting is to provide management with financial information necessary to make business decisions. Cost accounting focuses mainly around cost variances, budget analysis, etc. Financial accounting on the other hand ensures that information being reported to outside investors/users is accurate and in compliance with a given financial reporting framework. Hope this helps...
What are some historical narratives in Mark's Gospel?
Mark's Gospel focuses on the life and mission of Jesus. It does not contain any historical narratives, in the sense of narratives of events that can be confirmed by other sources.
