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Why marginal costing method not Suitable to be used by manufacturer for external financial reporting and tax purpose?
I think.....
In marginal costing method only variable cost is considered as product cost and fixed cost is not considered as product cost. But in reality product cost include fixed and variable, thus both variable and fixed costs should be considered while allocating cost. Marginal costing is used for inside reporting and absorption costing is used for outsider to clarify the real cost of product........
Am i right? Please confirm it
What else can I help you with?
External forces on the financial services industry?
are you doing your assignments?
Advantages of accounting standard?
Accounting Standards facilitate uniform preparation and repoting of general purpose financial statements published annually for the benefit of shareholders, creditors, employees and the public at large.The standards issued should be consistent with the provisions of law.Thus, they are very useful to the investors and other external groups in assessing the progress and prospects of alternative investments in different companies in different countries.Standards will help public accountant to deal with their clients by providing rules of authority to which the acoountants can appeal, in their task of preparing financial on a true and a fair basis.Accounting standards will rise the standards of audit itself in its task of reporting on the financial statements.
What is the difference between internal and external financing?
External financing is when a department helps another department meet their production numbers. External financing is when some entity external to the company helps the company meets their financial obligations. For a more definitive example, a corporation has the ability to sell shares of its own stock to current stockholders or to the public in general. This is money transfered into the company using its own internal finances. If the same corporation decides to sell bonds on the open market, that is an external source of funds and is external financing.
What are examples of external incentive?
External incentives are factors outside an individual that motivate behavior or actions. Examples include financial rewards like bonuses or raises, recognition programs such as employee of the month, and tangible benefits like gift cards or prizes. Additionally, social incentives, such as praise from peers or competition, can also serve as powerful external motivators.
What are the internal and external factors that affect pricing?
Internal factors affecting pricing include production costs, company objectives, marketing strategies, and overall financial goals. External factors encompass market demand, competition, economic conditions, and regulatory influences. These elements interact to shape a company's pricing strategy, ensuring it aligns with both internal capabilities and external market realities. Balancing these factors is crucial for achieving profitability and market competitiveness.
The primary private sector agency that overseas external financial reporting is?
The primary private sector agency that overseas external financial reporting is?
What is external financial reporting?
stockholders creditors suppliers and employees
Which module is used for external financial reporting?
The module commonly used for external financial reporting is the Financial Accounting (FI) module in ERP systems like SAP. This module facilitates the management of financial transactions, accounting records, and reporting requirements necessary for compliance with external standards and regulations. It allows organizations to generate financial statements, balance sheets, and profit and loss reports, ensuring accurate and timely reporting to stakeholders.
In what various ways can and should financial reporting be different from reporting from reporting to management?
Financial (external) reporting produces information used by external users, investors, regulatory authorities, etc. who are concerned with the overall financial situation of the company. External reporting should put a premium on accuracy and understandability. Cost Management (internal) reporting or accounting focuses on analyzing costs and their drivers--for internal purposes such as measuring efficiency or decision making processes. Although accuracy and understandability are still important, internal reporting focuses more on timeliness and relevance.
Internal and External Reporting Requirements?
differentiate between financial Accounting and management accounting
What is the cornerstone of external financial reporting for governmental units and non profit organizations?
accountability
The minimum requirements for general purpose external financial reporting include what?
Management's Discussion & Analysis (MD&A)
How often do publicly traded corporations typically prepare financial statements for external reporting purposes?
quartwly
What has the author Michael Renshall written?
Michael Renshall has written: 'Added value in external financial reporting'
What is an external auditors report?
external auditors focus primarily on controls that affect financial reporting. External auditors have a responsibility to report internal control weaknesses (as well as reportable conditions about internal control)
What is an example of the external financial reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
What is an example of the external financial reporting purpose of cost management system?
The amount of inventory that should appear on the balance sheet
