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Cost management accounts are considered to be an evolution rather than a revolution.

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11y ago

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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 are the subjects in bcom pass final year?

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Define wages control account?

Wages control account is an account used in a management or cost accounting system, to record both direct and indirect labour cost. Using the traditional T accounts, it obviously has two sides; debit and credit. Direct labour cost are creditted to the wages control account and has its corresponding entry in the work in progress control account(debitted). Indirect labour cost will also be creditted in the wages control account and the corresponding entry in the production overhead control account.


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Cost Management is critical to Project Management. A project cannot be initiated with Cost Management not in place, since cost management is about estimating, budgeting, monitoring, and analyzing the cost information.


How do you calculate holding cost for inventory management?

Holding cost for inventory management is calculated by considering factors such as storage expenses, insurance, depreciation, and opportunity cost of tying up capital in inventory. These costs are typically expressed as a percentage of the inventory value and can be calculated using a formula that takes into account these various components.


What is primary objective of cost management?

explain the primary objectives of cost management ?


What is the meaning of cost management ratios?

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Importance of cost control in project management?

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Significance of cost accounting to the management?

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