COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Review and Approve Item Cost Profiles
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Review Item Costs
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Create Receipt Accounting Distributions
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Manage Accrual Clearing Rules
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Create Accounting
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Detailed explanation-1: -Create period end uninvoiced receipt accruals. Create subledger accounting. Review accrual distributions and tax calculations.
Detailed explanation-2: -Receipts are an official record that represents proof of a financial transaction or purchase. Receipts are issued in business-to-business dealings as well as stock market transactions. Receipts are also necessary for tax purposes as proof of certain expenses.
Detailed explanation-3: -Receipt Accounting business processes which enable cost accountants to create accruals for purchase order receipts that are expensed or destined for inventory, reconcile the accrual balances against invoices from accounts payable, clear the accruals, and generate accounting distributions for accruals.