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Write an equation to represent the situation if p is the price of the dinner in dollars. The cost of a dinner plus a 10 percent tip is 10.22?
The equation would be expressed as p + 0.1p = 10.22.
How cost accounting helps the firm in determining the selling price?
Cost accounting helps a company know how much an item cost a company. The company can then add the cost they need to make to the product, usually done as a percentage.
Choose the best answer The first thing which needs to be done in cost accounting is to A Make profit B Calculate selling price C Determine cost of making a product?
The first thing which needs to be done in cost accounting is to Calculate the selling price.
Choose the best answer 1 The first thing which needs to be done in cost accounting is to A Make profit B Calculate selling price C Determine cost of making a product?
The first thing which needs to be done in cost accounting is to Calculate the selling price.
How do you calculate unit cost as you increase production?
Increase in cost: take the first derivative with respect to the unit produced of a cost function. Total cost: sub-in the new quantity into the cost function.
What are the function and responsibilty of Cost Accounting?
What are the function and responsiblity of Cost Accounting
How does the cost accounting function assist in the management of a business?
the function of cost accounting is to provide management of differents acitivities in a business
What is the Difference between integrated and interlocking accounting system?
Integrated system is one which combines the cost accounting and financial accounting functions in one system of ledger accounts while an interlocking system has a cost ledger for the cost accounting function and a financial ledger for the financial accounting function.
Fundamental accounting equation?
One fundamental accounting equation is the same for business. Variable cost plus fixed costs equals total costs. This will help accountants when they are pricing products.
Equation for marginal cost and average cost?
Marginal cost - the derivative of the cost function with respect to quantity. Average cost - the cost function divided by quantity (q).
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
What is the accounting cost function if fixed costs are 50000 and variable costs are 500per unit?
50000 - 500=45000
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
Cost accounting and management accounting?
Cost accounting is a subset of management accounting, although the two are used interchangeably.
What are the different fields of accountung?
Accounting is a vast field that plays a crucial role in financial management. It is divided into several specialized branches, each serving a unique purpose. Here are the major fields of accounting: Financial Accounting 📊 Records, summarizes, and reports business transactions. Prepares financial statements like Balance Sheet, Income Statement, and Cash Flow Statement. Used by investors, regulators, and stakeholders. Management Accounting 📈 Focuses on internal decision-making. Helps businesses plan budgets, reduce costs, and increase profitability. Includes cost analysis, forecasting, and performance evaluation. Cost Accounting 💰 Analyzes the cost of production and operations. Helps in pricing decisions and cost control. Used mainly in manufacturing and production industries. Tax Accounting 🏛 Deals with income tax, GST, corporate tax, and other regulations. Ensures businesses and individuals comply with tax laws. Helps in tax planning and minimization. Auditing ✅ Verifies the accuracy of financial records. Can be internal (within the company) or external (done by independent auditors). Ensures transparency and compliance with laws. Forensic Accounting 🔍 Investigates financial fraud and legal disputes. Used in crime investigations, insurance claims, and corporate fraud detection. Government Accounting 🏦 Manages public funds, government budgets, and expenditures. Used in public sector organizations and government agencies. Fiduciary Accounting 🏛 Deals with financial management of trusts, estates, and guardianships. Ensures proper handling of inheritance and legal financial responsibilities. Each of these fields plays a vital role in financial systems worldwide. Whether you are a business owner, student, or professional, understanding accounting can help you make informed financial decisions! 📚 Want to master Tally and Accounting? Learn from experts at Excellent Infotech! 🚀
