Question 1 Product costs are costs that are associated with manufactured goods until the time period during which products are sold. It involved all costs in acquiring or making a product. These costs consist of direct materials‚ direct labour and manufacturing overhead. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold‚ the costs are released from inventory as expenses and matched against sales revenue. Since product costs are initially assigned
Premium Variable cost Costs Management accounting
ACCOUNTING FOR BUSINESS II CHAPTER 1 COST SHEET Meaning And Scope of Cost Accountancy The term cost accountancy is wider than the term cost accounting. According to the Terminology of Management and Financial Accountancy Published by the Chartered Institute of Management Accountants‚ London‚ cost accountancy means‚ “the application of costing and cost accounting principles‚ methods and techniques to the science‚ art and practice of cost control. It includes the presentation of information derived
Premium Management accounting Cost accounting Cost
1—Introduction to Cost Management LEARNING OBJECTIVES |LO 1 |What are the relationships among financial‚ management‚ and cost accounting? | |LO 2 |What are two common organizational strategies? | |LO 3 |What is a value chain‚ and what are the major value chain functions? | |LO 4 |How is a balanced
Premium
Earliest Methods used to solve Quadratic Equation 1. Babylonian mathematics (also known as Assyro-Babylonian mathematics) was any mathematics developed or practiced by the people of Mesopotamia‚ from the days of the early Sumerians to the fall of Babylon in 539 BC. Babylonian mathematical texts are plentiful and well edited.[7] In respect of time they fall in two distinct groups: one from the Old Babylonian period (1830-1531 BC)‚ the other mainly Seleucid from the last three or four centuries BC
Premium Quadratic equation Pythagorean theorem Triangle
houses in the world that is deeply rooted in modern Arabian opulence‚ uses some types of promotional methods to promote for their perfumes. These types are: 1- Gift with purchase: The “gift with purchase” is a very common promotional technique. It is also known as a “premium promotion” in that the customer gets something in addition to the main purchase. This type of promotion is widely used for luxury perfumes. 2- Magazines ads : The company promote for the newest product in the local
Premium Online shopping Retailing Electronic commerce
Difference between historical cost and fair value accounting In order to make the most profitable and rational decisions entity’s stakeholders have to evaluate organisation’s financial statements. Today’s world of rapidly changing prices has made it difficult to estimate what something is actually worth. Thus leading to debates at what price – historical costing price or market value – assets and liabilities should be reported. Therefore‚ before making any evaluations about reported transactions
Premium Balance sheet Generally Accepted Accounting Principles Asset
Meaning of cost ‘COST’ represents a sacrifice of values‚ a foregoing or a release of something of value. It is the price of economic resources used as a result of producing or doing the thing costed. It is the amount of expenditure incurred on a given thing. Cost has been defined as the amount measured in money or cash expended or other property transferred‚ capital stock issued‚ services performed or a liability incurred in consideration of goods or services received or to be received. CLASSIFICATION
Premium Costs Variable cost Cost
historical cost and $500‚000 stated at fair value. The difference was due to the increased value of buildings with a remaining life of 15 years. During 2007 and 2008 Stator reported net income of $25‚000 and $15‚000 and paid dividends of $10‚000 and $12‚000‚ respectively. Rotor uses the equity method. 1. Based on the preceding information‚ what amount of differential will be amortized annually? A. $0 B. $750 C. $1‚000 D. $2‚000 2. Based on the preceding information‚ what will be
Premium Generally Accepted Accounting Principles Balance sheet Asset
What methods of Index Number calculation is used to calculate Cost of Living Index (CLI). An index number measures the relative change in the price‚ quantity‚ value or some other item of interest from one time period to another. It is found by calculating the ratio of the current value to the value at another time point or at a different geographical location. The different types of simple index that are used are - Price Relative‚ Quantity Relative‚ Value Relative. A price index is a weighted
Premium
1. Describe a range of appropriate investigative methods that can be used to explore diversity in a community. Investigation methods that are often used to explore diverse communities are‚ Survey‚ Using a questionnaire is a good way of collecting information from large numbers of participants. You would use this method of investigation gathering when it is not possible to get numbers or the relevant information from text books or internet. Pros‚ • Surveys are cheap to do • Surveys are
Premium Scientific method Sociology Psychology