Cost accounting systems are used to Accumulate period cost and assign them to products or services.
Cost accounting systems are useful in both manufacturing and service industries. This system is used to determine product costs, or the total cost of a product, which includes overhead, materials, and labour. According to a number of variables, including worker hours, machine hours, and other considerations, period costs are given to items.
Cost accounting, according to the Terminology of Cost Accounting, is the process of accounting for costs from the point at which expenditure is spent or committed through the development of its final relationship with cost centres and cost units (England).
<u>The purpose and role of cost accounting</u>
These are the primary goals or duties of cost accounting:
- Cost reduction and cost control
- Decision-making, control, and preparation
- Pricing fixation for sales
- Calculating the projected profit or loss for each activity.
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Answer:
27%
Explanation:
The actual rate being charge on these loans is the effective annual rate and the formula to calculate it is:
i=(1+(r/m))^m−1
i= effective annual rate
r= interest rate in decimal form=0.24
m=number of compounding periods per year= 52 (a year has 52 weeks).
i=(1+(0.24/52))^52-1
i=1.27-1
i=0.27
According to this, the answer is that the actual rate being charge on these loans is 27%.
Answer:
1. The GDP deflator for this year is calculated by dividing the <u>value of all goods and services produced in the economy this year</u> using <u>this year's prices </u>by the <u>value of all goods and services produced in the economy this year </u>using <u>the base year's prices</u> and multiplying by 100.
This is why the formula for the GDP deflator is = GDP by year n prices/ GDP by base year prices.
2. However, the CPI reflects only the prices of all goods and services<u> bought by consumers. </u>
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3. Which does an increase in the price of a Chinese-made car that is popular among U.S. consumers show up in? - <em><u>B) CPI</u></em>
The Chinese-made car is not made in the US and is included in the basket of goods consumers buy which is used to calculate calculate CPI.
4. Which does a decrease in the price of a Treewood Equipment feller buncher, which is a commercial forestry machine that cuts and stacks trees show up in? - <em><u>A) GDP Deflator</u></em>
This is not part of the goods in the basket and it is assumed to be made domestically so it is part of the GDP Deflator.
<u>Solution and Explanation:</u>
The implicit cost of capital
Implicit cost of capital is the opportunity cost of capital which is already incurred but not reported as a separate cost/expense, Implicit cost is the cost which results from using an existing asset instead of selling or renting it.
For example when a businessman uses his/her existing land which has implicit cost of say $1000 per month but bought it for say $100 many years ago, so $1000 is its implicit cost/current market rent per month which is equal to its oppo
Answer:
The correct answer is $132,664.89.
Explanation:
According to the scenario, the given data are as follows:
Present value (PV) = $50,000
Rate of interest (r) = 5%
Time period (n) = 20 Years
So, we can calculate future value by using following formula:
Future value = PV × (1 + r)^(n)
= $50000 × ( 1 + 5% )^20
= $50000 × (1 + 0.05)^20
= $132,664.89
Hence, After 20 years land will be worth $132,664.89.
