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What is cost sheet and what purpose of use cost sheet?
Cost sheet is a statement, which shows various components of total cost of a product.It classifies and analyses the components of cost of a product. Previous periods data is given in the cost sheet for comparative study. It is a statement which shows per unit cost in addition to Total Cost. Selling price is ascertained with the help of cost sheet. The details of total cost presented in the form of a statement is termed as Cost sheet. Cost sheet is prepared on the basis of : 1. Historical Cost 2. Estimated Cost
What is the difference between cost sheet and cost statement?
cost sheet is preapred before the manufactring and cost statement is prepared after manufactring.
Explain cost center in the context of Cost Management Accounting?
Explain cost center in the context of cost accounting
Is Factory Overhead on income statement?
yes factory overhead is part of income statement and shown in cost of goods sold statement as a product cost.
Statement of cost of goods manufactured?
The statement of cost of goods manufactured (COGM) is part of the Profit and Loss or Income Statement and it determines the actual cost of the WIP Inventory (Work in Process) on hand in a manufacturing facility.
What is a basic cost statement?
A basic cost statement includes materials, labor and overhead expenses needed for a project. Its purpose is to help managers and owners track how much money is spent on certain activities.
What is cost sheet and what purpose of use cost sheet?
Cost sheet is a statement, which shows various components of total cost of a product.It classifies and analyses the components of cost of a product. Previous periods data is given in the cost sheet for comparative study. It is a statement which shows per unit cost in addition to Total Cost. Selling price is ascertained with the help of cost sheet. The details of total cost presented in the form of a statement is termed as Cost sheet. Cost sheet is prepared on the basis of : 1. Historical Cost 2. Estimated Cost
What is cost statement?
A cost statement refers to the breakdown of the cost for the final cost of the services to be analyzed for a particular period of time.
What was its opportunity cost?
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
What is the difference between cost sheet and cost statement?
cost sheet is preapred before the manufactring and cost statement is prepared after manufactring.
Explain cost center in the context of Cost Management Accounting?
Explain cost center in the context of cost accounting
Why is opportunity cost important?
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
What are two categories used to explain the basic cost of mobility?
mobility and non-mobility costs
Why is opportunity is important?
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
Define opportunity costs?
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
Is Factory Overhead on income statement?
yes factory overhead is part of income statement and shown in cost of goods sold statement as a product cost.
Considering tax incidence explain why some states do not charge sales tax for basic food items?
To reduce the cost of the necessary food to the consumers that have to purchase it.
