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One can use FIFO, LIFO, or Average Costing as acceptable methods for accounting. Standard costing would be an unacceptable answer.
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Job Order Costing
Operation Costing
Normal Costing
Actual Costing
Standard Costing
Kaizen Costing
Target Cost
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Variable costing is called marginal costing while direct costing is separate concept.
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outline the characteristics and purpose of: Job costing and process costing
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Yes marginal costing is also sometimes called direct costing.
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full absorption costing
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what is the purpose of process costing?
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Methods of Costing
The cost of products or services is determined using several methods. The use of a given method is dictated by such factors as: the nature of cost units, the production process, the mode of cost accumulation, the duration of work etc.
The following are the well established methods of costing
a. Job / Batch costing
b. Contract costing
c. Process costing
d. Service costing
Techniques of Costing
Irrespective of the type of costing method being applied there are various approaches that could be adopted. These are:
Full Absorption costing
Marginal costing
standard costing using
absorption costing
marginal costing
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difference between conventional costing methodology ang activity costing
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it was $15 000, but then in 1985 in went up costing $55 000
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It is old costing technique & it is replaced by activity based costing
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responsibility costing is a costing which enable us to know which department is responsible for what
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Target costing is when you have a goal for the project and its costs. Absorption costing is when you need to fix the excess spending.
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for backflush costing and target costing?"
Refer this link
www.iugaza.edu.ps/users/shelles/Horngren/ch14.ppt
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The Sharper Image sells multiple different models of MP3 players. The prices for them vary widely, with some models costing as little as $50, and others costing $300 or more.
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What ARE the disadvantages of standard costing?
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direct costing is a technique in which costs are classified as direct cost or indirect cost.
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actual costing uses actual indirect-cost rates
normal costing uses budgeted indirect-cost rates
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no these are not synonymous terms
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job costing refers to very small work while contract costing refers to large work like building a bridge.
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Job costing or as some may know it, Job order costing is fundamental to managerial accounting. It differs from Process costing in that flow of cost is tracked by job but not a process. The main difference is that Job costing is in the nature of jobs/work and process costing in a process.
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The average rent in Hong Kong is one of the highest in the world, with a one-bedroom apartment typically costing around 2,000 to 3,000 per month.
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to calculate the profit easilly
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Job order costing is more appropriate than process costing when the product being produced is a custom product
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marginal costing is recommended by IAS and absorption costing is not recommended by IAS,marginal costing is used for internal purposes and absorption costing is ysed for external purposes,in marginal costing the fixed production overheads are not calculated as a product cost and in absorption costing the fixed prodution overheads are calculated as product cost.
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Job costing characteristics and purpose of it: its purpose is to is to calculate the cost of the materials found in the wastestream based on purchase price of materials. Please assist me with further characteristics and purpose of job costing and process costing to this extent.
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Over costing and under costing occurs because overhead cost is applied first using some ratio to find out the cost of product before the process of production done and actual cost found.
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http://www.futureaccountant.com/standard-costing-variance-analysis/ http://www.futureaccountant.com/standard-costing-variance-analysis/
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Marginal costing is the method of costing for evaluating the changes in total cost due to change in number of units produced.
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it is costing taxpayers $500,000 to send the president to india. it is costing a further $1000 for leisurely acitivities
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buying inventory at two different prices and then averaging the total cost over
these products bought.
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activity based costing does not promote TQM(total quality management) and continuous improvement but attribute based costing promotes the both.
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to undersrand
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