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Assets should always be recorded at their cost, when the asset is new and also for the life of the asset. For instance, land purchased for $30,000 is appraised at the much higher value because the housing market has risen, but the reported value of the land will remain $30,000. [1] [2] [3]
[1] In the FIFO example above, the company (Foo Co.), using LIFO accounting, would expense the cost associated with the first 75 units at $59, 125 more units at $55, and the remaining 10 units at $50. Under LIFO, the total cost of sales for November would be $11,800. The ending inventory would be calculated the following way:
The total cost, total revenue, and fixed cost curves can each be constructed with simple formula. For example, the total revenue curve is simply the product of selling price times quantity for each output quantity. The data used in these formula come either from accounting records or from various estimation techniques such as regression analysis.
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
Fox, Stephen C, Income Tax in the USA chapter 23, 2013 edition ISBN 978-0-9851-8233-5, ASIN B00BCSNOGG. Horngren, Charles T., et al.: Cost Accounting: A Managerial Emphasis ISBN 978-0-1329-6064-9 ASIN B00B6F3AWI. Kieso, Donald E; Weygandt, Jerry J.; and Warfield, Terry D.: Intermediate Accounting, Chapters 8 and 9.
More than 1 million Americans live with human immunodeficiency virus, or HIV, with tens of thousands of new diagnoses each year. But with earlier diagnoses and advances in treatment, HIV, the ...
Activity-based costing records the costs that traditional cost accounting does not do. The overhead costs assigned to each activity comprise an activity cost pool. From a historical perspective the practices systematized by ABC were first demonstrated by Frederick W. Taylor in Principles of Scientific Management in 1911 (1911.