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What is Cost value reconciliation?
Cost reconciliation is the part of a production report that shows what costs a department has to account for during a period and how those costs are accounted for.
Are freight costs period or product costs?
Period
Is fixed costs is a period costs?
Yes normally fixed costs are period costs because these costs have to be paid no matter production done or not.
Why would reclassifying period costs as product costs increase this period's reported earnings?
You will increase the period's earnings because as a product costs, they may not be reported in the same period. Changing period costs to product costs improves how a company looks on paper, but does nothing for their actual financial position.
What are the difference methods of allocating the overheads of service cost centre?
There are three methods of service department allocation are in general use . 1- Direct method Ther direct method is the simplest the direct method allocates service department costs directly to the producing departments without regard for services rendered by service departments to each other. service department costs are allocated to production departments based on an allocation base appropriate to each esrvice department's function. 2- The step or step-down method Allocates some of costs of services rendered by service dapartments of each other. The step method derives its name from the procedure involved : the service departments are allocated in order, from the one that provides the most service to other service department down to the one that provides the least . 3- the reciprocal method Is the most complex and the most theoretically sound of the three methods. it is also known as the simultaneous solution method, cross allocation method, matrix allocation method,or double distribution method. The reciprocal method recognizes services rendered by all service departments to each other. BY AMIR KAMAL MASSOUD
What is Cost value reconciliation?
Cost reconciliation is the part of a production report that shows what costs a department has to account for during a period and how those costs are accounted for.
What are the three basic methods to allocate service department costs to production departments or programs in a not-for-profit organization?
There are three basic methods to allocate service department costs to production departments or programs in a not-for-profit: (1) the direct method; (2) the step method; and (3) the reciprocal method.
What is the step down allocation method?
The step down allocation method is a way of distributing indirect costs to different departments or cost centers within an organization. It involves sequentially allocating service department costs to production departments based on a predetermined basis, such as usage or direct labor hours. This method recognizes that service departments also provide support to one another, allowing for a more accurate representation of total costs. However, it does not fully allocate all service department costs to each other, which can lead to some costs remaining unallocated.
Are freight costs period or product costs?
Period
What free fax services are available on the computer and are there any hidden costs associated with them?
If the service says that it is free, there aren't usually any hidden costs. If you have questions about their services then just contact their customer service department and they will be able to give you all of the details.
What is service department in an automobile industry?
it department that service your car
Is fixed costs is a period costs?
Yes normally fixed costs are period costs because these costs have to be paid no matter production done or not.
Do prior department costs behave similarly to direct materials cost?
Prior department costs behave the same as direct materials, which are typically added at the start of production. They are treated separately because they represent the accumulation of costs from previous departments rather than the receipt of materials from the stores area. It is helpful to separate prior department costs from other costs because the manager of the department receiving the transferred units has no control over the costs incurred in prior departments. Thus, the prior department costs are not useful for evaluating the performance of the manager of the department receiving the units.
What department manages the National Parks Service?
The National Park Service is under the U.S. Department of the Interior
Why would reclassifying period costs as product costs increase this period's reported earnings?
You will increase the period's earnings because as a product costs, they may not be reported in the same period. Changing period costs to product costs improves how a company looks on paper, but does nothing for their actual financial position.
Are selling and administrative expenses treated as product costs or as period costs under variable costing?
Period Costs.
Are selling and administrative expenses treated as product costs or period costs under variable costing?
Period Costs.
