Define cost object and give three examples Cost object is defined as “Anything for which a separate measurement of cost is desired”. The term cost object and cost objective is synonymous. Cost object may refer to a process‚ a cost centre‚ and cost units. Cost unit is a quantitative unit of product or service in relation to which cost are ascertained. Cost centre is a location‚ function or item of equipment in respect of which cost are ascertained. 2. Define cost accumulation
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Study Material INTEGRATED PROFESSIONAL COMPETENCE COURSE Cost Accounting and Financial Management Part 1 : Cost Accounting Vol. I The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi PAPER 3 COST ACCOUNTING AND FINANCIAL MANAGEMENT Part – 1 : Cost Accounting VOLUME – I BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA This study material has been prepared by the faculty of the Board of Studies. The objective of the
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9:40 M Page 9 PART I Purpose of Cost Accounting 9 CH01_Bragg_36794 3/13/01 9:40 M Page 10 CH01_Bragg_36794 3/13/01 9:40 M Page 11 CHAPTER 1 Role of Cost Accounting When properly implemented‚ the cost accounting function can have a pervasive influence in the modern corporation. Unfortunately‚ it is not always properly implemented because management often is not completely aware of all the uses to which the cost accounting function can be put. This chapter describes
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What Does Historical Cost Mean? A measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when it was acquired by the company. The historical-cost method is used for assets in the United States under generally accepted accounting principles (GAAP). Cost concepts and terms 1. Cost The amount of expenditure (actual or notional) incurred on or attributable to a specified article‚ product or activity is referred to
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OVERHEAD COSTS ACCOUNTING Overheads are indirect costs which can not directly be traced to cost units. The task of the cost accountant is to charge these overhead costs to cost units/products. There are two approaches of charging overhead costs to cost units Viz i. Traditional/conventional absorption costing method and‚ ii. Activity Based Costing (ABC) Classification of overheads Overheads can be classified as production or non production overheads. Production overheads are those incurred
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Meaning of Cost Accounting Previously‚ cost accounting was considered to be a technique for the ascertainment of costs of products or services on the basis of historical data. In time‚ due to the competitive nature of the market‚ it was realized that ascertaining of cost is not as important as controlling costs. Cost accounting started to be considered more as a technique for cost control as compared to cost ascertainment. Due to the technological developments in all fields‚ cost reduction has
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Cost Accounting Manual 2013 STUDY NOTES FOR COST ACCOUNTING BY ATAUSH SHAFI Last Updated on: Tuesday‚ January 01 01‚ 2013 1 © For Suggestions & Feedbacks‚ contact: ATAUSH SHAFI (ataushshafi@gmail.com) Cost Accounting Manual 2013 Table of Contents CIMA OFFICIAL TERMINOLOGY .................................................................................... 3 COST OF GOODS SOLD FORMULE................................................................................ 13 COST CLASSIFICATION ...
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RESEARCH PROPOSAL TITLE: FINANCIAL REPORTING TOPIC: MEASUREMENT BASES FOR FINANCIAL ACCOUNTNG-MEASUREMENT ON INITIAL RECOGNITION. BY: NAME: MIR THASEEN ALI MBA INNOVATIVE MANAGEMENT GROUP: C STUDENT ID NO: 39231 PRESENTED TO: DR OMER MASOOD. Measurement Bases for Financial Accounting — Measurement on Initial Recognition Contents Pages Introduction Summary Title Background 2.1 Aim
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challenge the decisions of the majority. Can he succeed? 8. What new provisions have been made for the protection of interests of debenture holders? 9. Write a short note on Consumer Protection Councils. 10. Describe the powers of SEBI relating to the working of the depository system. Corporate Finance Mgmt 1. What are the advantages and disadvantages of changing the company organization from a sole proprietorship to an LLC? 2. What are the advantages and disadvantages of changing the company
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MANAGERIAL AND COST ACCOUNTING LARRY M. WALTHER & CHRISTOPHER J. SKOUSEN DOWNLOAD FREE TEXT BOOKS AT BOOKBOON.COM Managerial and Cost Accounting © 2009 Larry M. Walther‚ under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted‚ and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-491-5 Download free books at BookBooN.com 2 Managerial and Cost Accounting Contents
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