Management study
1. Assets: An asset is anything of value owned byan enterprise. They consist of tangible objects or intangible rights owned by an enterprise and carrying probable future benefits. Examples of tangible assets are cash,...
The methods to solve some specific kinds of problem of unit or output costing are as given below. (1) Scrap or residual- This is also known as wast-age. When material is used in the...
The most widely used system of determining the pro- duction cost of a commodity is known as unit costing or and services are found out in this system. This system isnoutput costing. The total...
Valuation of Inventory Movements It is necessary that all the possible movements ofmaterial are valued properly and are expressed in terms of money. We will consider this problem under the following heads. (1) Valuation...
To find out the unit cost of production, three sys-tems are mainly, used in cost accounting. These systems are as follows- 1.Cost Sheet2.Statement of Cost.3.Production Account. Cost Sheet Cost sheet is a tabular type...
Process Costing This system of cost determination is used in those firms and industries, where the raw material passes through various processes and stages before it is converted to a manufactured goods or finished...
In every process, the expenses associated with that process are written. There are some expenses that are not related to any process directly but are related to all processes. Such expenses are divided amongst...
By-products In the production process, by-products are got from many of the materials used in the work of production. For example, oil cakes from oil seeds, cotton seeds in the production of cotton. These...
When a certain work is done on contract then it may or may not be completed in the concerned or related financial year. If the contract is completed in the financial year, then there...
A decision about how much to order has great significance in inventory management. The quantity to be purchased should neither be small nor big because costs of buying and carrying materials are very high....