Cost Accounting Fundamentals Introduction to Cost Accounting Cost accounting is an internal reporting system for an organisation’s own management for decision making. It is the process of accounting for costs. It includes the accounting procedures relating to recording of all incomes and expenditures and the preparation of periodical statements and reports with the object of ascertaining and controlling costs. It is thus the formal mechanism by means of which cost of products or services are
Premium Management accounting Cost accounting
The question to ask is: ‘Why not use Standard English all the time?’ Language is a powerful communication tool the user holds to express their individual identity and ingroup solidarity. The use of Standard English helps to direct this‚ as it acts as the structure of communication‚ ingroup and between speech communities to effectively present a standard for mutual understanding. Outside of Standard English comes the use of slang‚ netspeak and textspeak‚ which helps to develop and enrich the language
Premium English language Dialect
Cost Accounting – Classification of costs Cost accounting refers to a process of accumulating‚ recording‚ classifying and analyzing all costs incurred at various levels of production. The purpose of cost accounting is manifold. It provides a final selling price‚ suggests the best possible course of action where maximum savings are possible and a strategy for future. Cost accounting is also constructive in comparing the input and output results that ultimately aids the management to arrive at a financial
Premium Costs Cost
INTERNATIONAL B-SCHOOL SUBJECT: FINANCIAL & COST ACCOUNTING Total Marks: 80 N.B.: 1)Allquestionsarecompulsory 2) All questions carry equal marks. Q1) ABC Ltd. Produces room coolers. The company is considering whether it should continue to manufacture air circulating fans itself or purchase them from outside. Its annual requirement is 25000 units. An outsider vendor is prepared to supply fans for Rs 285 each. In addition‚ ABC Ltd will have to incur costs of Rs 1.50 per unit for freight and Rs 10‚000
Premium Costs Variable cost Cost
codified constitution now outweigh the disadvantages The evidence suggests that the advantages of a codified constitution do not now outweigh the disadvantages. In codified constitutions‚ laws are entrenched which makes it harder for them to evolve and adapt to modern requirements because it takes a long time for a response due to the required procedures‚ which might involve gaining two-thirds majority in the legislature or approval by referendum. As a result‚ one can argue that countries with
Premium United States Constitution Constitution Law
PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However‚
Premium Costs Variable cost Cost
Double Standard Women of our time are beginning to break into this male dominated news industry. A recent survey from Ball State University showed that 99% of all broadcast newsrooms have female employees and that now women make up more than 40% of the total broadcast workforce (Papper‚ 2005). That same survey unfortunately showed that only 10% of local sports reporters are women and that 7% of local sports anchors are women (Sheffer‚ 2007). These numbers show that women are breaking into the
Premium Gender Broadcasting Female
A Study on How Contents can be distributed through a MultiChannel Service Floribeth Q. Panay Introduction Mobile learning (m-learning) refers to any type of learning that takes place in learning environments and spaces that take account of the mobility of technology‚ mobility of learners and mobility of learning. (Attewell & Savill-Smith‚ 2005). M-learning is increasing immensely which is now considered as one of the most efficient ways of delivering higher education instruction. This is because
Premium HTML XML Mobile device
Standard 1: understand the principles and values essential for working with children and young people a. Think of a particular situation when you were able to treat children‚ young people‚ their families and their carers with respect. b. Now think of another situation when you were able to treat children‚ young people‚ their families and their carers as equals We had an occasion when a YP was asking me to take her to her grandparents’ house to collect some items that she had left there a couple of
Premium Young Youth Need to know
Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant‚ a firm‚ and an industry. Plant – establishments such as a factory‚ farm‚ mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of
Premium Economics Costs Perfect competition