Cost accounting
 
Category: Cost accounting
Having defined and discussed some of the more commonly used costing and accountancy terms, we are now in a position to investigate the major types of costing systems used in manufacturing industry.
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The aim of the seventh edition of this book is to provide an introduction to the theory and practice of cost and management accounting.
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They are present obligations a firm owes. They are claims against the assets the firm. Discharging the liability will result in the decline of the assets
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Among the existing fuels, diesel presents applications across a wide (if not widest) variety of uses in India. Energy obtained from burning of diesel is primarily utilised .
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Intense competition and pricing pressure will continue. In the end, cost leadership will be decisive in Indian automotive industry, even more than innovation thereof. Managers find themselves being pulled in many direction and struggling to do more with less.
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When shares are allotted to an applicant, it becomes a contract between the shareholder & the company.
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A banking system also referred as a system provided by the bank which offers cash management services for customers, reporting the transactions of their accounts and portfolios, through out the day.
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”Corporate Governance is the application of best management practices, compliance of law in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders
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In order to prepare revenue account for life insurance companies under Insurance Act 1938, a set Performa i.e. ‘Form D’ is used
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The users of the financial statements need an assurance that the entities preparing their financial statements follow the accepted standards while presenting their financial information in the financial statements.
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you have learnt the relationship between various items of the financial statements. You have also learnt various tools of analysis of financial statements such as comparative statements, common size statement, and trend analysis.
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As the Outback story shows, managers use accounting information for much more than preparing annual financial statements. They use managerial accounting (or management accounting) information to guide their actions and decisions, such as building a new restaurant.
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Cash is the most liquid of all assets, so many managers are particularly interested in how much cash is available to a business at any given time.
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Jamison must prepare an analysis of where the company is now, what it must do to regain its financial health, and what actions should be taken. Your assignment is to help her answer the following questions. Provide clear explanations, not yes or no answers.
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Capital Budgeting is a project selection exercise performed by the business enterprise. Capital budgeting uses the concept of present value to select the projects
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The line item instructions should be read in conjunction with the Glossary and other sections of these instructions. See the discussion of the Organization of the Instruction Book in the General Instructions.
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I have today presented the liquidation financial statements as of March 20, 2009 of Curalogic A/S in liquidation. The liquidation financial statements are presented in accordance with the Danish Financial Statements Act and the provisions of the Danish Public Companies Act on liquidation financial statements.
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To provide guidance on the accounting for operating lease expenses by the lessee, including fixed rental increases.
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Social accounting is concerned with the development of measurement system to monitor social performances.
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The Balance Sheet is like the X on a map that says “You are Here”. It tells you what your business owns, what it owes and what it is worth (book value). Items listed on the Balance Sheet have lasting value and they remain on the balance sheet until they are disposed of. Items that do not have lasting value are listed on the Income Statement.
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The sole proprietorship has its limitations such as limited capital, limited managerial ability and limited risk-bearing capacity. Hence, when a business expands or when it is to be set up on a scale, which needs more capital and involves more risk, two or more persons join hands to run it. They agree to share the capital, the management, the risk and profits of the business.
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A Company or a joint stock company is an enterprise established through a process law for undertaking a business venture.
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A court can order the dissolution of the partnership firm in the following cases
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there is clear distinction between the two. In an installment sale, the contract of sale is entered into the goods are delivered and the ownership is transferred to the buyer but the price is paid in specified installments over a period of time.
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l Omission of recording a business transaction in the Journal or Special purpose Books l Not posting the recorded transactions in various books of accounts to the respective accounts in ledger l Mistakes in totalling or in carrying forward the totals to the next page l Mistake in recording amount wrongly, writing it in a wrong account or on the wrong side of the account
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