Define Common Cost
Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.
Write down a short note on the Performance evaluation and control in decision making process?
Why most of the larger businesses are not managed as the single unit through one manager?
Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.
What do you mean by Service: It is an intangible product or task rendered directly to a client or customer.
describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making
Job Order Costing: A technique of cost accounting which accrued costs for individual jobs or lots. A job might be a service or manufactured item, like the repair of tools or the treatment of a patient in the hospital.
Briefly illustrate the general role of accounting?
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