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:
$1.00
Explanation:
The equilibrium price is the prevailing market price represented by the intersection of the demand and supply curve. At the equilibrium price, the quantity demanded and quantity supplied match. It means that there are no shortages or excesses in demand or supply at the equilibrium price.
From the graph, $1 is the equilibrium price. It is the intersection of demand and supply curves.
Get a job, get money & bam you got money
Answer:
Gain recognized by Tom is $10000
So option (b) will be correct answer
Explanation :
We have given liability on bulding assumed by Paul Corp = $30,000
Tom's adjusted basis in the building = $20,000
Since the liability assumed by Paul Corp on the building is greater than Tom's adjusted basis, Tom must recognize gain equal to the difference between the liability on the building and his adjusted basis.
So gain recognized by Tom = $30,000 - $20,000 = $10,000
Answer:
$3,500 Unfavorable
Explanation:
The computation of variable overhead efficiency variance for Clan for November Year 2 is shown below:-
Variable overhead efficiency variance
= (Standard labor hours - actual labor hours) × (Standard variable overhead rate)
= (3,500 × 2 - 7,500) × $7
= (7,000 - 7,500) × $7
= $3,500 Unfavorable
Therefore for computing the Variable overhead efficiency variance we simply applied the above formula.
