4 edition of Direct standard costs for decision making and control. found in the catalog.
|The Physical Object|
|Pagination||xvi, 133 p. :|
|Number of Pages||96|
nodata File Size: 9MB.
c Certain retirement benefits like pension, gratuity, leave with pay, provident fund and salary are linked with continuity of service of employees. The job cost sheets serve a control function.
When plant is purchased: The following two methods are in common use: i Charge new plant at cost to the contract. Capital and Revenue or Financial Accounting Classification 7. They are similar in principle although they differ in scope. The problem with this type of standard is that it does not try to improve on current levels of efficiency.
Loss arising out of normal wastage is absorbed in the cost of good units i. These are the costs ought to be incurred for a given volume of production. After all, standards are somewhat like goals. Normal cost is included in cost of production. Advantages of Integrated Accounting System: The following are the advantages of integral accounting system: a Duplication in accounting and analysis can easily be avoided.
Notes on Motor Transport Costing: In motor transport undertaking most of the data required for computation of cost and cost control purpose are obtained from Daily Log Book. The written down values of assets previously purchased are sunk costs.
Cost Accounting — Cost Classification : According to Element, Functions, Nature, Controllability, Normality, Time and a Few Others Classification of Cost — Classification by Nature, Functions, Variability, Controllability, Normality, Financial Accounting, Time, Planning and Managerial Decision Cost classification is the process of grouping costs according to their common characteristics. For Managerial Decisions : On this basis, costs may be classified into the following costs: i Marginal Cost: Marginal cost is the total of variable costs i.
Firstly, historical records can be used in order to estimate labour and material usage. Per unit variable cost will remain unchanged. These personnel should develop standards that are based on realistic information derived from careful study of business processes.
It is also known as manufacturing or factory cost incurred in converting raw material into finished product.
cost of materials used in production, labour charges paid to convert the material into production, salaries, depreciation, repairs and maintenance charges, selling and distribution charges etc.
Furthermore, because cost centers define clearly who is responsible for each center, it is easier to find out who is destined to be responsible.