Process Cost Accounting

Oct 24, 2012

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Used for production of small, identical, low-cost items. Mass produced in automated continuous production process. Costs cannot be directly traced to each unit of product.. . Process Operations. C 1. Comparing Job Order and Process Operations. Job Order Systems Custom ordersHeter

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Process Cost Accounting

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Process Cost Accounting

Chapter 3. Process Cost Accounting. Keep your eye on the goal of Cost Accounting!. +. Direct Material. Direct Labor. What did the Finished Goods cost???. +. Manufacturing Overheads. =. Job order costing One (or more) work in process account. Costs are determined for each job.

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Cost Accounting. Dr. Baldwin University of Arkansas – Fort Smith Fall 2010. Chapter 10. Determining How Costs Behave. Why understand cost behavior?. Managers need to understand cost behavior in order to make decisions about strategy and about operations. For example Product decisions

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Cost accounting. Introduction. COST - MEANING. Cost means the amount of expenditure ( actual or notional) incurred on, or attributable to, a given thing. COST CLASSIFICATION – ON THE BASIS OF. Nature Function Relation to cost centre Variability Controllability Normality Inventory Time

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Cost accounting. Introduction. COST - MEANING. Cost means the amount of expenditure ( actual or notional) incurred on, or attributable to, a given thing. COST ACCOUNTING - MEANING.

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Cost Accounting. An Introduction. Introduction. Cost is a measurement, in monetary terms, of the amount of resources used for the purpose of production of goods or rendering services. Cost is the amount of actual or notional expenditure relating to a product, job, service, process or activity.

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Process Cost Accounting. Chapter. 20. Learning objectives. Process Operation Process Cost Accounting Equivalent Units of Production Process Costing Illustration – GenX Company Hybrid Costing System Process Costing Typical Accounting Entries. 1. Process Manufacturing Operations.

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Cost Accounting. Dr. Baldwin University of Arkansas – Fort Smith Fall 2010. CHAPTER 1. The Accountant’s Role in the Organization. Accounting Disciplines. Financial Accounting focus on external users and GAAP rules Managerial Accounting –

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Cost Accounting. Introduction of cost accounting Lecture-1 By Mian Ahmad Farhan (ACA). Accounting. It is a language about financial information (which is measurable in terms of money) commonly used in business. Branches Of Accounting. For external reporting. For internal

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The Islamic University of Gaza. Cost Accounting. Determining How Costs Behave Dr. Hisham Madi. Cost Estimation Methods. The industrial engineering method,

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The Islamic University of Gaza. Cost Accounting. CHAPTER 4 Activity-Based Costing and Activity-Based Management Dr. Hisham Madi. Background. Historically, firms produced a limited variety of goods and at the same time, their indirect costs were relatively small.

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The Islamic University of Gaza. Cost Accounting. CHAPTER 1 Introduction Dr. Hisham Madi. Main references Supporting the Course. Horngren , HT., Datar , S.M. and Rajan , M (2012). Cost Accounting A Managerial Emphasis (14 th ) Prentic Hall.

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The Islamic University of Gaza. Cost Accounting. CHAPTER 3 Job Costing Dr. Hisham Madi. Basic Costing Terminology. Because of the complexity of most manufacturing operations, companies need to establish a system to track costs so they can properly determine product costs

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Cost Accounting. Contents. Unit 1 : Introduction to Cost Accounting Unit 2 : Accounting for Material Unit 3: Machine per Hour Rate and preparation of Cost Sheet. UNIT – 1: Introduction To Cost Accounting. Meaning of Cost and Cost Accounting Objectives of Cost Accounting Cost Terminology

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The Islamic University of Gaza. Cost Accounting. Inventory Management Dr. Hisham Madi. Just-in-Time Purchasing. Just-in-time (JIT) purchasing is the purchase of materials (or goods) so that they are delivered just as needed for production (or sales). Example;

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The Islamic University of Gaza. Cost Accounting. CHAPTER 2 An Introduction to Cost Terms and Purposes Dr. Hisham Madi. Basic Cost Terminology. Cost—a sacrificed or forgone resource to achieve a specific objective. Actual cost—a cost that has occurred. Budgeted cost—a predicted cost.

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The Islamic University of Gaza. Cost Accounting. Activity-Based Costing and Activity-Based Management Dr. Hisham Madi. Activity-Based Costing Systems. Activity-based costing (ABC) refines a costing system by identifying individual activities as the fundamental cost objects .

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Cost accounting. Introduction. COST. COST - MEANING Cost means the amount of expenditure ( actual or notional) incurred on, or attributable to, a given thing. COST ACCOUNTING - MEANING.

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CHAPTER 3 PROCESS COST ACCOUNTING

CHAPTER 3 PROCESS COST ACCOUNTING. Understand who uses process cost systems. Explain the similarities and differences between job order and process cost systems. Explain the flow of costs in a process cost system.

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Cost Accounting. PRESENTED BY MISS.N.ASHA MARAN. Meaning of Cost Accounting. Cost accounting is the process of recording, classifying, analyzing, summarizing, and allocating costs associated with a process, and then developing various courses of action to control the costs.

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