COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Run preprocessor
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Complete cost roll-up
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Publish costs
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Create a new cost scenario
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Add standard costs to a cost scenario
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Detailed explanation-1: -Define cost types. Define activities and activity costs. Define material overhead defaults. Define item and item costs, and establish item cost controls.
Detailed explanation-2: -In any organization, there are three critical stages in the standard costing cycle: production, marketing, and accounting. Each stage has its own specific purpose and requirements. To complete the standard costing cycle for your organization, you must first understand the steps involved in each stage.
Detailed explanation-3: -The following elements are used to verify a standard cost per unit: Direct materials price standard. Direct materials quantity standard. Direct labour rate standard.
Detailed explanation-4: -(1) Determining the average of past performance of previous periods. ADVERTISEMENTS: (2) Using experimental test runs of the manufacturing operations under expected normal conditions. (3) Using time and motion studies of the various labour operations under expected normal conditions.