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What is marginal costing and direct costing?
Marginal costing is a technique of costing where the variable expenses are charged to a product. It ignores the fixed expenses incurred by the business in fixing the price of a product on the assumption that the fixed expenses are not incurred in producing an additional unit.They are treated as period costs& charged directly to P& L A/C.Marginal cost is the cost of producing an additional unit of product.It takes the direct expenses & the variable portion of the overhead expenditure. But Direct costing takes into account only the direct expenses like direct mterials, direct labour & direct expenditure for finding out the cost of a product.
What costs is the most likely to be allocated to a product in a traditional job costing environment?
Direct labor
Direct costing as a technique of costing?
direct costing is a technique in which costs are classified as direct cost or indirect cost.
What is an absorption costing?
An absorption costing is an accounting method used to calculate the total cost of a product by factoring in both direct and indirect costs.
What does the term 'process costing' refer to?
The term "process costing" refers to the accounting method that takes into accounts all costs, either direct or indirect, during the manufacturing process of a product.
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.
What is marginal costing and direct costing?
Marginal costing is a technique of costing where the variable expenses are charged to a product. It ignores the fixed expenses incurred by the business in fixing the price of a product on the assumption that the fixed expenses are not incurred in producing an additional unit.They are treated as period costs& charged directly to P& L A/C.Marginal cost is the cost of producing an additional unit of product.It takes the direct expenses & the variable portion of the overhead expenditure. But Direct costing takes into account only the direct expenses like direct mterials, direct labour & direct expenditure for finding out the cost of a product.
What costs is the most likely to be allocated to a product in a traditional job costing environment?
Direct labor
Direct costing as a technique of costing?
direct costing is a technique in which costs are classified as direct cost or indirect cost.
What is an absorption costing?
An absorption costing is an accounting method used to calculate the total cost of a product by factoring in both direct and indirect costs.
Assuming that direct labor is a variable cost product costs under variable costing include only?
B. Direct materials, direct labor, and variable manufacturing overhead.
What does the term 'process costing' refer to?
The term "process costing" refers to the accounting method that takes into accounts all costs, either direct or indirect, during the manufacturing process of a product.
What are the stages of accounting for costs?
direct costs,indirect costs,sunk costs, Activity based costing.
What is absorption costing?
The Absorption Cost all manufacturing costs; this includes: - direct materials (those materials that become an integral part of a finished product and can be conveniently traced into it) - direct labor (those factory labor costs that can be easily traced to individual units of product. Also called touch labor) - both variable and fixed manufacturing overhead in the cost of a unit of product. As a result, under absorption costing, fixed overhead is a product cost until sold.
What are costs that are treated as assets until the product is sold?
product costs
What is by product costing costing?
Product cost accuracy is a term used in the accounting field. It essentially defines the amount of money it actually costs to produce a product.
