0
What else can I help you with?
What are the major objectives of a cost accounting system in a manufacturing company?
A) To determine unit manufacturing costs and B) to provide managers with useful information for planning and cost control functions
What is the major problem in cost accounting?
The major problem in cost accounting is allocation of common and joint costs to individual products.
Normal costing system?
A costing system that traces direct costs to a cost object by using the actual direct-cost rates times the actual quantities of the direct-cost inputs and that allocates indirect costs based on the budgeted indirect-cost rates times the actual quantities of the cost-allocation bases.
What is the Difference between prime cost and overhead cost?
Prime cost is the cost of materials and labor involved in production of a commodity, excluding fixed costs. Overhead cost is the cost of on-going expenses, such as rent, utilities, and insurance. Overhead costs are one of the major factors in determining how a company charges for its service or product.
What type of cost should not be assigned to products in an activity-based costing system?
Organization-sustaining costs, customer-level costs, and the costs of idle capacity should not be assigned to products. These costs represent resources that are not consumed by the products.
What are the major objectives of a cost accounting system in a manufacturing company?
A) To determine unit manufacturing costs and B) to provide managers with useful information for planning and cost control functions
What is the major problem in cost accounting?
The major problem in cost accounting is allocation of common and joint costs to individual products.
What Steps are involved in setting up a standard cost system?
Setting up a standard cost system involves defining the standard costs for materials, labor, and overhead based on historical data and forecasts. Then, implementing these standards into the accounting system and regularly monitoring actual costs against the standards to analyze variances. Adjustments may be made to the standards as needed to improve accuracy and effectiveness of the system.
Why are cost ascertainment and cost estimation important to a manufacturing firm?
Cost ascertainment as well as cost estimation both are inter-related and are immense use to the management. In case of concern has a sound costing system, the ascertained costs will greatly help the management in the process of estimation of rational accurate costs which are no necessary for a variety of purposes stated above. Moreover, the ascertained costs may be compared with the predetermined costs on a continuing basis and proper and timely steps be taken for controlling costs and maximizing profits.
What did the cost plus system do?
The cost plus system help out in the costs of thing during war. The cost plus system started in World War 2.
What is generally a merchandiser's major cost?
Generally, a merchandiser's major cost is the cost of purchasing inventory or products from suppliers. This cost includes the purchase price of the products, any shipping or transportation fees, and any additional costs associated with bringing the products into the store or warehouse. Other costs may include marketing and advertising expenses, labor costs, and overhead costs.
What is the explanation for the various costs involved in inventory?
carrying cost, ordering cost or setup cost are major cost involved in inventory
What is the singular and plural possessive of cost?
The singular possessive is cost's (e.g. The cost's increase was staggering.)The plural is costs. The plural possessive is costs' (apostrophe only).(e.g. As the prices of raw materials and energy rose, the costs' major impact was on small businesses.)
What are the two major cost of owning a home?
Property taxes and insurance are two major costs of owning a home.
What are two major cost of owning a home?
Property taxes and insurance are two major costs of owning a home.
How much does it cost to appeal a civil case in California?
It depends on the case. The major costs for appeal are attorney fees and the costs involved in re-producing the record. There is no set cost.
What is the cost of a VPN security system?
Using a VPN security system costs a very low price. The cost of VPN security system is in the related links section.
