Define Cost Accounting
Give a brief introduction of the term ‘Cost Accounting’. And also write down the objectives?
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Cost Accounting is the procedure of recording and classifying of expenses incurred throughout the operations of the organization in an orderly way, in order to determine the cost of a cost center with the intention to control the cost. The essential three objectives of Cost Accounting are illustrated below: i) Ascertainment of Profitability and Cost ii) Cost Control iii) Presentation of information for managerial decision making.
Unfocused Books is a discount retail bookshop that has three departments: fiction, non-fiction and children's books. Sales and cost of sales for each department are shown below. In addition, each department has its own fixed costs for staffing and takes a one-third share of rental and management c
allocate the join cost using the costant gross margin percentage method
Write down the quality aspects of cost accounting?
allocated the joint cost using physical unit method
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