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COST OF PRODUCTION IN ACCOUNTING: is defined as the amount spent in the converting of raw material into finished goods. in the manufacturing account is calculated by Add:opening stock of ram material :purchase +carriage inward -return outward=cost of goods available-closing stock=cost of sales +prime cost+factory overhead+net work in progress=cost of production
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What is difference between management account and cost account?
Management accounting is use for internal accounting purpose of business management while cost accounting is use to find out the per unit cost of production.
What is cost accounting system?
Accounting in a manufacturing environment involving tracking, measuring, and recording costs from production and distribution.
What is the Summary of lean production in managerial accounting?
lean production is a business process to reduce the cost only. lean production is a business process to reduce the cost only.
Do job order and process cost accounting use equivalent units of production to determine costs?
false
What is the difference between cost accounting and advance accounting?
ADVANCED ACCOUNTING covers accounting operations, patterns, merger of public holding companies, foreign currency operations, changing financial statement ... Cost accounting: A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance Type your answer here...
What is difference between management account and cost account?
Management accounting is use for internal accounting purpose of business management while cost accounting is use to find out the per unit cost of production.
What is cost accounting system?
Accounting in a manufacturing environment involving tracking, measuring, and recording costs from production and distribution.
What is the Summary of lean production in managerial accounting?
lean production is a business process to reduce the cost only. lean production is a business process to reduce the cost only.
What are the new approaches used in cost accounting?
cost of production report lifo method fifo method
What has the author Carl William Larson written?
Carl William Larson has written: 'Milk production cost accounts' -- subject(s): Accounting, Dairying, Cost accounting, Milk
Do job order and process cost accounting use equivalent units of production to determine costs?
false
Why cost accounting is used instead of financial accounting?
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
What is the difference between cost accounting and advance accounting?
ADVANCED ACCOUNTING covers accounting operations, patterns, merger of public holding companies, foreign currency operations, changing financial statement ... Cost accounting: A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance Type your answer here...
How does management accounting differ from cost accounting?
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
What do you mean by cost accounting?
its the practice of calculating the resources incured in producing the final product
What is difference between advanced accounting and cost accounting?
ADVANCED ACCOUNTING covers accounting operations, patterns, merger of public holding companies, foreign currency operations, changing financial statement ...Cost accounting:A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance.
What is cost accounting and its applications?
Cost Accounting is a method by which an accountant can determine the cost of production of a "widget". This is used in accurate reporting of Cost of Goods Sold and consequently the Gross Income of a company. A Cost Accountant will follow the "widget" througout the production process tracking any costs associated and breaking them down to a unit level. It gets more complicated than that but this is a good generic answer.
