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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).
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 ...
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.
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.
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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".
The term has often been translated as cost accounting, a term more commonly used for management approaches in a free market economy. It has also been conflated with other concepts: self-financing, cost-effectiveness (самоокупаемость; samookupaemost), and self-management (самоуправление; samoupravlenie) introduced in state-owned enterprises in the 1980s.