Search results
Results from the WOW.Com Content Network
Cost of ending inventory can be calculated by using the LIFO or FIFO inventory accounting methods, or other less common methods. The end of the accounting period is considered usually the end of each month because otherwise some taxes like the VAT (value added tax) cannot be charged. The monthly stock-taking is the main disadvantage of the ...
The bins usually have a removable card containing the product details and other relevant information, the classic kanban card. When the bin on the factory floor is empty (because the parts in it were used up in a manufacturing process), the empty bin and its kanban card are returned to the factory store (the inventory control point).
Standard Costing is a technique of Cost Accounting to compare the actual costs with standard costs (that are pre-defined) with the help of Variance Analysis. It is used to understand the variations of product costs in manufacturing. [6] Standard costing allocates fixed costs incurred in an accounting period to the goods produced during that period.
Organizations typically use purchasing cards to target low-value goods and services, as it offers a mechanism to do these transactions at a significantly lower cost than traditional methods. There are a variety of software solutions available to help manage purchasing card programs, in particular the electronic statements that are provided by ...
Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied primarily to the larger ones.
Throughput accounting, under the Theory of Constraints, under which only totally variable costs are included in cost of goods sold and inventory is treated as investment. Lean accounting, in which most traditional costing methods are ignored in favor of measuring weekly "value streams".
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
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.