Calculations materials costing inc sot accounting is very important to manage all your raw materials inventories and cost. Material Costing Questions and Answers Following are the explained questions and answers for material costing: 1. Explain Material Control? Material control is the adoption of proper procedures in the procurement, storage, utilization, and … [Read more...] about Top 15 Material Costing Questions and Answers
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Overheads in Cost Accounting: 15 Questions Answers
Overheads are a very important part of cost accounting. Following is the Top Overheads Question Answer. Overheads in Cost Accounting - Explained 1. What is meant by overheads? The aggregate of indirect material cost, indirect wages, and indirect expenses is known as overhead. 2. What do you understand by fixed overhead? Fixed overhead remains unchanged up to a … [Read more...] about Overheads in Cost Accounting: 15 Questions Answers
What is Integrated and Non-Integrated Accounting System
Integrated and non-integrated accounting system is part of a good accounting system. Integrated and Non-Integrated Accounting Systems: Q&A 1. What do you understand by the integrated accounting system? The integrated accounting system is a method of accounting for financial and costing transactions in which self-integrated accounts are maintained. 2. Give any … [Read more...] about What is Integrated and Non-Integrated Accounting System
What are the Various Elements of Cost with Example?
There are so many elements included in the cost accounting system. Here is a detailed explanation of all elements of cost. Explain the Various Elements of Cost with Examples 1. What are the different elements of cost? There are three fundamental elements of cost - Material, Labour and Expenses pertaining to any product or service. 2. What is meant by Prime … [Read more...] about What are the Various Elements of Cost with Example?
Top 15 Common Cost Accounting Questions and Answers
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Cost accounting is a very important part of the accounting and financial systems to calculate all costs. There are some common questions and answers for you to understand cost accounting. Cost Accounting: Top 15 Question & Answers Following are the common Q&A of cost accounting: 1. What do you mean by Cost? Cost means the amount of expenditure incurred … [Read more...] about Top 15 Common Cost Accounting Questions and Answers