Cost accounting mid term

  • Which cost accounting is used for short term planning?

    Direct cost accounting
    It does not include any fixed costs incurred by a company.
    However, this process is generally used for short-term decision-making.
    Using a direct cost accounting procedure for a long-term decision can be hazardous as it does not include all types of costs..

  • Direct cost accounting
    It does not include any fixed costs incurred by a company.
    However, this process is generally used for short-term decision-making.
    Using a direct cost accounting procedure for a long-term decision can be hazardous as it does not include all types of costs.
COST ACCOUNTING. I. THEORIES. Cost and management accounting a. Require an entirely separate group of accounts than financial accounting uses. b.

What are the key terms used in cost accounting?

This article defines the key terms that are used in Cost accounting.
The allocation base is used to measure and quantify activities, such as:

  • machine hours that are used
  • kilowatt hours that are consumed
  • or square footage that is occupied.
    It's used as basis for allocating costs to one or more cost objects .
    • ,

    What is cost and management accounting?

    Cost and Management Accounting 30 materials, issue of materials and the balance of materials on a particular day.
    This record is kept for each and every material and entries are made daily after every receipt and issue.
    Bin Card do not record the amount of receipt or issue, it records only the quantity.

    ,

    What is the difference between cost accounting and Intermediate Accounting?

    I think Cost Accounting is more challenging.
    It requires you to be very accurate and careful in calculating the cost.
    You play with numbers, and it could be very tricky at some points.
    That’s why for me it’s more challenging and fun in some way.
    On the other side, Intermediate Accounting elaborates the concept of the accounting itself.


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