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Project Costing
What is the meaning of project costing? What are the elements of a standard project cost sheet.
kl_krupa
- Oct 3rd, 2010
Project costing is the identification and reporting of all costs generated by a single project. Elements of a standard project cost sheet would include all production orders, purchase orders and inventoried items are separated and pegged to the project in order to provide a total project cost
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ERS
What is meant by ERS. Explain in detail about ERS.
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What is the purpose of chargeback?
krishnahr13
- Jun 21st, 2010
Purpose of charging back is to assertain the accoutal cost / profit of the perticular unit (when one internal business unit is serving to other BUs like IS service or Consulting service etc.,) expenses incurred on shared basis to be charges back to other BUs..
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Break Even Analysis
How to calculate Break Even Analysis (BEP)?
bibhutigiri
- Jul 3rd, 2009
Contribution=Sale Price-Variable Cost Break Even Quantity= Fixed Cost/Contribution
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VAT Calculation
how calculate vat? computation of vat? procedure of vat in return filling? tentative date of vat return filling? also TDS. which form required?
c7831887
- May 21st, 2009
How to caluclate VAT?Basic price of selling product (Landed cost of purchased goods + Manufacturing cost & other costs + Margin = Basic price)Add: Excise duty (if applicable & rate of duty wil...
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What are the freight charges ?
c7831887
- May 21st, 2009
There are two types of freight charges one is Inward and the other one is Outward.Inward is grouped under Direct expenses and it may be taken into landed cost.? Outward is grouped under Indirect expense and it will be?incurred after production.
jajpur78
- Sep 2nd, 2008
Its a direct expense and it is basically the expenditure that is spent in production for transportation.
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Cash Flow Funds Flow
What is the difference between cash flow statement and funds flow statement
keshav_ramanuja
- Mar 2nd, 2009
Funds flow statement includes the transactions which are made on credit basis whereas Cash flow statement includes transactions recorded on current date basis.
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Gross and Net
The term Gross and Net are often heard in business.please give examples where these terms are used ?
keshav_ramanuja
- Mar 2nd, 2009
Gross amount is before deducting taxes and duties net amount is after deducting taxes and duties...In terms of expenses, net profit = gross profit -(minus) indirect expenses.
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I transfer 20 Kg of Raw Material to WIP, but there will be weight loss incurred during the production periods.Is this double entry correct?Dr : WIP (18 Kg)--------------------S$20Cr : Raw Material (20Kg)-----------S$20If yes what will the double entry to capture the 2Kg weight loss?Thanks,Denny
carajeshsingh
- Jun 13th, 2008
no.journal entry shall be passed to capture 2 k.g. weigt loss. finished product shaal automatically cover cost of 2 k.g. loss of material is normal wastage.
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Machine Hour Rate
How machine hour rate is calculated?
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Margin of Safety
What is margin of safety (MOS)?
Praseedha.vs
- Nov 13th, 2008
Margin of Safety refers the excess of actual sales over the Break even sales. This is usually indicated in percentage. Formula for MOS is (Actal Sales-Break even sales)*100/Break even sales
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HOW can one inflate its profits to show increased profits for any financial year ending
vasudeo007
- Aug 18th, 2008
One of the most significant aspects of expenses is Depreciation.By changing the method of depreciation one can inflate profits. From straight line to reducing balance method without retrospective effe...
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Explain Contribution Margin ?
What is the meaning Contribution Margin ? How is use ? etc
vasudeo007
- Aug 18th, 2008
In cost accounting the concept of Contribution exist. Costs are bifurcated into Fixed and Variable. Equation is simple: fixed cost + variable cost + profit = sale pricein short sale price - variable c...
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What is back flash costing? Target costing, Just in time costing and Activity based costing?
Definitions, Explanations, How the calculations are done and possibly worked examples.
amitchandpatra
- Aug 15th, 2008
Just-in-Time (JIT) manufacturing involves purchasing the raw materials and going ahead with the production process as and when the demand arises. JIT is an approach towards minimizing waste and maximi...
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What is marginal cost?
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Editorial / Best Answer
Answered by: T.Prasad
- Aug 10th, 2006
Marginal Cost is the cost with is incurred to produce one more extra unit.
Example to produce 100 units cost is Rs. 500/-
to produce the 101th unit the cost became Rs. 520/- (The cost to produce one more unit i.e, unit is Rs. 20/-) The Rs. 20/- is called Marginal Cost.
ngodza22
- Jun 29th, 2008
It is a costing rule technique that excludes fixed cost from influencing decisions because they are said to be irrelevent cost.... simply because they are bound to be incurred even if a firm produce or doesn't produce eg rent,
andy
- Dec 26th, 2006
Marginal Cost is variable cost AS LONG AS your fixed assets can handle the output. If that additional unit forces you to acquire more assets to handle it, your marginal cost can be way out of line with your average variable cost.
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Cost Accounting and Management Account
What is the difference between cost accounting and management account
ngodza22
- Jun 29th, 2008
Since fixed cost doesn't change whether you decide to produce or not to produce...eg rent, thus in marginal costing fixed cost element is removed so as to arrive at contribution... hence fixed cost is irrelevent cost in marginal costing
ngodza22
- Jun 29th, 2008
Cost accounting :is mainly concerned with data captive, recording, accumulation & interpretation of information cost of prodution so as enable management to focust & relevent decision.Manageme...
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What`s the difference between Marginal cost and Oppurtunity cost?
johnsembee
- May 29th, 2008
The derivative of total production costs with respect to the level of output is Marginal cost.The benefits you could have received by taking an alternative action is oppurtunity cost.
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What is limited liability clause
umairahmedpk
- Jun 12th, 2008
Limited liability caluse is mentioned in memorendum of association. Under this clause, it is mentioned that the liability of the members of the company i.e share holders have liability upto their amou...
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Purchasing
What is the basis of Purchasing?
CK Wong
- Jun 11th, 2008
Coming from a manufacturing environment, the key functions of purchasing are twofold - supply & cost:(1) Ensure production plans are always met - no downtime (of course no line down) because of&nb...
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What are variable costs?
sreekanthvsk
- Jun 11th, 2008
Variable cost or Marginal cost is the cost that is directly proportionate to the number of units being produced (unit being a Tangible item produced or an Intangible service that is provided). It incr...
chowdary.thakkella
- Nov 27th, 2006
Variable costs are dependeing upon production. u re increases production automatically variable cost is also increased.decrease in production means automatically variable cost decreased.
Cost Accounting Interview Questions
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