Marginal Costing and Cost Volume Profit Analysis: Q&A Marginal costing is the ascertainment of marginal cost and its effect on profit of changes in volume or type of output by differentiating between fixed cost and variable cost. 1. What do you understand by marginal cost? It is the amount by which aggregate cost is changed if the volume of output is increased or … [Read more...] about Explained – Marginal Costing and Cost Volume Profit Analysis
Accounting
Reconciliation of Cost and Financial Accounts Problems and Solutions
Reconciliation of Cost and Financial Accounts: Q&A 1. Why cost and Financial Accounts are Reconciled? Cost and financial accounts are reconciled to verify the accuracy of both accounts. 2. What is the object of Reconciling cost and Financial accounts? 3. What are memorandum Reconciliation Accounts? A memorandum reconciliation account is basically a … [Read more...] about Reconciliation of Cost and Financial Accounts Problems and Solutions
Top 14 Operating Costing Problems and Solutions
Following are the operating cost questions and answers. Operating Costing Problems and Solutions 1. What is Operating Costing Method? Operating cost is a method to ascertain operating cost per unit where standardized services are provided for example an undertaking engaged in the hotel, cinema, transportation, etc. may use it. 2. What is the object of … [Read more...] about Top 14 Operating Costing Problems and Solutions
Top 13 Process Costing Problems and Solutions
Following are the problems and solutions of Process Costing in form of cost accounting. Process Costing: Problems and Solutions 1. What do mean by Process costing method? It is a method of cost determination and is used in manufacturing concerns where raw material passes through many processes up to finished goods. 2. Explain the objective of the Process Costing … [Read more...] about Top 13 Process Costing Problems and Solutions
Top 14 Contract Costing Problems and Solutions
Contract costing is an agreement between contractor and contractee that the contractor will complete work specified in the contract in a given period for a certain sum of amount. Contract Costing: Questions and Solutions 1. What do you mean by Contract? Under the contract, a specified work is performed in a stipulated period at a specific rate. 2. What is a … [Read more...] about Top 14 Contract Costing Problems and Solutions