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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.
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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.
Why do you need product costing system?
needs of product costing system
The consistent application of an inventory costing method enhances?
accuracy
What costing method considers variable factory overhead a product cost?
variable costing
Distinction between standard costing and actual costing?
Standard costing is process of determining the standard price require to produce one unit of product while actual costing system uses the actual prices of manufacturing one unit of product.
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.
How would you describe activity based costing?
Activity-based costing is a form of cost refinement, designed to obtain greater accuracy than traditional allocations in cost assignments for product costing and decision-making purposes.
Why do you need product costing system?
needs of product costing system
The consistent application of an inventory costing method enhances?
accuracy
When is a job order costing system more appropriate than a process costing system?
Job order costing is more appropriate than process costing when the product being produced is a custom product
What costing method considers variable factory overhead a product cost?
variable costing
Distinction between standard costing and actual costing?
Standard costing is process of determining the standard price require to produce one unit of product while actual costing system uses the actual prices of manufacturing one unit of product.
What is meant by the phrase 'different costs for different purpose'?
they differ over range of costs included current and future costs assumed the frequently product costing information is required
Role of target costing?
Target costing refers to the design of a product and the processes used to produce it , so the ultimately the product can be manufactured at a cost that will enable the firm to make a profit when product is sold
What is meant by the phrase different cost figures for different purpose?
they differ over range of costs included current and future costs assumed the frequently product costing information is required
What is the difference between target costing and life cycle costing?
In Target costing system, comapnies tries to achieve target prices by reducing those parts of activity which are not increasing the value of product. Life cycle costing is a concept in which companies tries to read the overall process of development of product life cycle and tries to minimise the cost at area where it is not required or not increase the value of product.
What are the differences between activity-based absorption costing system and traditional absorption costing system?
An activity-based absorption costing system defines the cost by how many activities a product unit uses. A traditional absorption costing system defines the cost by how much money went into making the product unit.
