COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Receipt Accounting
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Cost Accounting
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Landed Cost Management
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Inventory Management
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Product Mode
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Detailed explanation-1: -The four main inventory valuation methods are FIFO or First-In, First-Out; LIFO or Last-In, First-Out; Specific Identification; and Weighted Average Cost.
Detailed explanation-2: -There are two kinds of costs, fixed and variable. Fixed and variable costs impact the business in different ways but both are important in making the business profitable.
Detailed explanation-3: -10 The cost of inventories shall comprise all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.
Detailed explanation-4: -Also referred to as the weighted average cost method, the average-cost method is an accounting formula used when calculating inventory value. This figure is reached by dividing the total cost of goods by the total number of goods over a specific accounting cycle.