Introduction of Standard costing 2. : CIMA { } 3. : Advantages of Standard costing 4. : Limitation of standard costing 5. : Types of standard costing 6. : Examples of standard costing 7. : Variance analysis 8. : Types of analysis 9. : Refferences 10. : Conclusion Standard Costing and Variance Analysis Introduction MEANING OF STANDARD COST AND STANDARD COSTING Standard Cost The
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Process Costing Characteristics of Process Manufacturing • Since each product within a product line passing through the processes would receive similar ‘‘doses’’ of materials‚ labor‚ and overhead‚ costs are accumulated by process. • Process costing works well whenever relatively homogeneous products pass through a series of processes and receive similar amounts of manufacturing costs Units are homogeneous and subjected to the same operations for a given process and each unit produced in a
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MARGINAL COSTING [pic] SUBMITTED TO: SUBMITTED BY: Dr. Shashi Srivastav ABHISHEK KUMAR RAI
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Definition of Operating System: An Operating system is a program that controls the execution of application programs and acts as an interface between the user of a computer and the computer hardware. Need of an operating system: When a program written in a high level language is executed by a computer‚ the following steps are followed… The compiler to translate the program is loaded in the memory. The source program is read and loaded in the memory. The source program is compiled into object program
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MARGINAL COSTING Introduction This paper explores the use of cost accounting information for decision-making purposes. DEFINITION OF KEY TERMS Marginal cost: This is the cost of a unit of a product or service‚ which would be avoided if that unit or service was not produced or provided Break-even point: This is the volume of sales where there is neither profit nor loss. 1 9 6 COST ACCOUNTING S T U D Y T E X T Margin of safety: This is the excess of sales over the break-even volume in
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Marginal Costing vs Absorption Costing Marginal Costing and Absorption Costing are methods which are often used to prepare profit statements‚ value inventory and assist in pricing decisions. The methods have some notable differences‚ which can be reconciled though. Absorption Costing absorbs all manufacturing/production costs into inventory valuation. These costs include direct material‚ direct labour‚ direct expenses‚variable production overheads‚ as well as fixed production overheads. On the
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job costing Definition (according to business dictionary) An order-specific costing technique‚ used in situations where each job is different and is performed to the customer’s specifications. Job costing involves keeping an account of direct and indirect costs. Since both types of costs are usually closely related (a job requiring high input of labor and material is likely to consume more power‚ machine time‚ supervision time‚ inspection time‚ etc.) indirect costs may be applied as an estimated
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Uniform Costing and Inter Firm Comparison UNIFORM COSTING Uniform Costing is not a distinct method of costing. In fact‚ when several undertakings start using the same costing principles and/or practices they are said to be following uniform costing. The basic idea behind uniform costing is that the different concerns in an industry should adopt a common method of costing and apply uniformly the same principles and techniques for better cost comparison and common good. The principles and methods
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ARBSORPTION COSTING STATEMENT DETAILS COST PER SYSTEM Systems Mist cooling Water mist OAR $1500/hrs Variable cost $ 1 450‚00 $ 1 254‚00 Fixed Overhead cost $ 4 500‚00 $ 5 400‚00 Total unit cost $ 5 950‚00 $ 6 654‚00 Traditional Absorption Costing Income Statement
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Kaizen Costing What is Kaizen costing? Kaizen is a Japanese term that means continuous improvement. Kaizen events can be defined as making improvements through a process that emphasize small incremental amounts rather than large or radical improvement. Therefore in order to achieve this kaizen costing not include only continuous cost reduction but also continuous improvement of performance by increase the efficiency throughout the process. Why we need Kaizen costing? Market prices of a product
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