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What is prime cost in restaurant accounting?
Prime cost in restaurant accounting is the sum of labor+food costs
What are the difference between cost accounting and financial accounting?
Prime role of cost accounting is to calculate the cost per unit of product produce while financial accounting deals with financial reporting of company's performance.
What is prime cost as used in cost accounting?
Prime cost in cost accounting refers to the total direct costs incurred in the production of goods or services. It includes expenses directly tied to manufacturing or service delivery, like raw materials, labor wages, and direct production-related expenses. Prime cost excludes indirect costs such as rent, utilities, and administrative salaries. It's a fundamental concept for businesses to determine the core expenses associated with their primary activities, helping them calculate product or service pricing, analyze cost efficiency, and make informed decisions about production processes and resource allocation.
Why cost accounting is used instead of financial accounting?
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
How does management accounting differ from cost accounting?
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
What is the Cost and cost accounting also give out objectives of cost accounting?
answer
Cost accounting and management accounting?
Cost accounting is a subset of management accounting, although the two are used interchangeably.
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
What are the Classifications of cost accounting?
what are the various classification of cost accounting?
What has the author Nicholas Dopuch written?
Nicholas Dopuch has written: 'Solutions manual for Cost accounting' -- subject(s): Cost accounting 'Cost accounting' -- subject(s): Cost accounting
What are the function and responsibilty of Cost Accounting?
What are the function and responsiblity of Cost Accounting
What are the various classifications of cost accounting?
what are the various classification of cost accounting?
