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What is a traditional costing system?
a costing system that does not divide cost by function or allocation or een by each part of the manufacturing process. it takes a total cost and divides it by each part of the process. so essentially each part of the manufacturing process is assigned an equal estimated cost.
Explain why overcosting and undercosting product occur with treditonal costing system?
Over costing and under costing of products occurs because it uses a single cost pool for all of the indirect costs. Amounts are estimated because they are determined at the beginning of the accounting period before actual amounts are known.
What is halsey-weir system?
A labor costing system, Halsey Weir scheme = 1/3 of time saved x rate per hour.
What is a payroll system?
A Payroll Management Software is used to calculate salary of employees and calculate deductions such as PF, PT, ESIC and Income tax. Payroll software takes attendance of the month and calculates salary as per the defined values and formula set. Arrears, Bonus, Reimbursement. winhrmpayroll.com
Can you provide an example of a mechanism design in action?
An example of mechanism design in action is the process of designing an auction system to sell goods or services. This involves creating rules and incentives to encourage participants to bid honestly and reveal their true preferences, ultimately leading to an efficient allocation of resources.
Why do you need product costing system?
needs of product costing system
What is another name for absorption costing?
Full costing system
If you were a candy manufacturer which costing system should you use full absorption costing or variable costing?
full absorption costing
What is a responsibility costing system?
responsibility costing is a costing which enable us to know which department is responsible for what
Who is responsible in designing the accounting system?
designing of accounting system
What are the main features of standard costing system?
features of standard costing
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
When job order costing system would be more appropriate than process costing system?
A job order costing system would be more appropriate than a process costing system for manufacturers who use different types of goods throughout the manufacturing process. Process costing is best to you when manufacturing a large amount of the same items.
What are the benefit's and limitations of job order costing and process costing system?
to undersrand
Which is the best costing system for Automobile Industry?
process costin and target costing
How do you calculate a traditional costing system?
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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.
