COST CONCEPTS AND COST ACCOUNTING By: Aman Jawahar Sarika Deepak Muneer CONTENTS Concept of Cost Cost Accounting Terms in Cost Accounting Elements of Cost Meaning of Overheads Classification of Costs Methods of Costing Types of Costing MEANING: Cost Concept: The term ‘cost’ means the amount of expenses [actual or notional] incurred on or attributable to specified thing or activity. Cost means ‘the price paid for something’. Cost Accounting: Cost Accounting is concerned with recording
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11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity?
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In the Pulitzer Prize winning novel Guns‚ Germs‚ and Steel: The Fates of Human Societies‚ author Jared Diamond offers many different scientific‚ as well as historic‚ reasons for why the events of history unfolded the way they did‚ mainly the question of was there anything specific that lead to Europe becoming the dominate power in the world? Like much of history‚ there is no specific causation that led to European dominance over‚ initially‚ the Americas‚ and then later Africa‚ Australia‚ and parts
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following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3‚067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is $11 per machine-hour. The total cost for the job on its job cost sheet would be: A. $4‚571 B. $3‚757 C. $3‚090 D. $3‚427 Applied manufacturing
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Cost Management or Cost Control In broad sense‚ both the terms have the same meaning. Yet cost management seems to connote broader perspective. Cost control to an un-initiated may mean cutting down the incurrence of cost or expenditure every time or in every situation. In reality it is not always so. In many specific situations‚ many times‚ one has to spend or incur cost in order to gain or make more money. It is in fact like an investment. Cost management sounds better then. Profits Making
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Misanthropy in “A Modest Proposal” by Jonathan Swift “The judgements that Swift’s satires ask us to make go well beyond straightforward condemnation of the work’s obvious target; rather‚ we are led to form a series of deeper judgements about language‚ religion‚ and politics‚ and about the operations of human vice and virtue that govern these activities in others and in ourselves.”1 Jonathan Swift’s “A Modest Proposal” is a satirical essay written in 1729 that suggests improvements for the Irish
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introduction of their book Benjamin Franklin‚ Jonathan Edwards‚ and the Representation of American Culture‚ “It is difficult‚ if not impossible to‚ think of two more widely studied colonial figures than Benjamin Franklin and Jonathan Edwards. As Franklin and Edwards have been studied individually over generations‚ so also have they been looked at together” (Oberg and Stout 3). Through their influential writing and critical evaluations of how to improve oneself‚ Jonathan Edwards and Benjamin Franklin both encompass
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“Liking Is for Cowards. Go for What Hurts” (The New York Times‚ 2011) is an essay written by Jonathan Franzen. The essay is basically about the effect of what technological progress is doing to the modern society. Jonathan Franzen is not against technology but he is against what it has done to the technology users. He thinks the progress has turned the youth into narcissists: “But if you consider this in human terms‚ and you imagine a person defined by a desperation to be liked‚ what do you see? In
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of questions to help develop a sociological consciousness. This consciousness allows us to become aware of all the social differences and inequalities in our culture‚ especially race. In our society‚ an individual’s race is indicative of his opportunities and life chances due to the ranking of race our society delegates. Typically‚ white individuals are seen as the elite and each race subsequently follows. Thus‚ the white individuals have the most opportunities while other races such as African American
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ineffective spending around the globe‚ lawmakers looking for cost-saving measures would do well to turn to prisons. Prison reform must attain the lowest economic costs‚ lowering actual taxpayer dollars spent without giving up the benefits of attaining important social goals‚ which represent another form of cost when lost. Undoubtedly‚ the current prison system is doing little to separate the US from its international counterparts in minimizing such cost‚ yet prison privatization has yielded hopeful results
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