Actual costing, A function of measuring and assigning production costs to determine the

Actual costing

A function of measuring and assigning production costs to determine the unit cost. Actual revenue assigns the real cost of materials, labor, and overhead to mass production. Compare with normal costing, which uses a predetermined rate to assign overhead to production costs. Actual costing is rarely used because actual overhead cost is not available in time to calculate the needed unit cost. Actual costing expands upon the functionality of the application components with the purpose of determining actual costs for externally procured materials and materials produced in-house. In addition, actual costing uses actual costs to valuate material inventories, such as raw material as well as quasi finished and finished product

View Complete Question

Related Questions in Managerial Accounting

Q : Management accounting According to

According to Martin and Steele (2010, p.13), “The two principal professional associations in Australia – CPA Australia (the CPA) and the Institute of Chartered Accountants in Australia (the Institute) have indicated their awareness of the significance of issues of sustainability reporting and develo

Q : What do you mean by the term SWOT

What do you mean by the term SWOT analysis? Explain in brief?

Q : Define Cost Accounting Cost Accounting

Cost Accounting: The Cost accounting is an approach to evaluate the overall costs which are related with conducting business. It is generally based on standard accounting practices, cost accounting is one of the tools which managers u

Q : Selecting strategic options and

Write a short note on selecting strategic options and formulating the plans?

Q : What is Corporate Tax Corporate Tax :

Corporate Tax: It is a levy placed on the gain of a firm, with different rates employed for various levels of gains. Corporate taxes are the taxes against profits earned by businesses throughout a given taxable period; they are usually applied to comp

Q : Main working areas of the Routing and

Write a short note on the main working areas of the Routing and personnel department?

Q : Performance evaluation and

Write down a short note on the Performance evaluation and control in decision making process?

Q : Budget surplus Select the right answer

Select the right answer of the question. If the economy has a standardized budget surplus, it means that: A) the public sector is exerting an expansionary impact on the economy. B) tax revenues would exceed government expenditures if full employment were achieved. C)

Q : Explain Process Value Analysis Process

Process Value Analysis: Tools and methods for studying processes via customer value analysis. Its objective is to recognize opportunities for lasting enhancement in the performance of an association. It offers an in-depth review of wo

Q : Fundamentals of Accounting Assignment

Assignment 1: A adjusted Trial balance table given below: Southwest Business School

Discover Q & A

Leading Solution Library

Avail More Than 1423881 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1952978
Asked

3,689

Active Tutors

1423881

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment