--%>
Assignment Help - homework help

Define Process and Process Costing

Define Process and Process Costing:

Process: The organized process of transforming inputs (that is, people, equipment, techniques, materials, and atmosphere), to outputs (that is, products or services). The natural aggregation of work actions and tasks executed for the program delivery.

Process Costing: A technique of cost accounting which first collects costs by procedures and then assigns the net costs of each procedure equally to each unit of output flowing via it during an accounting period.

   Related Questions in Managerial Accounting

  • Q : Influence of managers

    Write down a short note on the influence of manager’s behavior in management accounting information?

    		•
  • Q : Accumulated adjustments account Normal

    Normal 0

  • Q : Cash flows from operating activities

    The first section of the statement of cash-flow. Cash flows from operating activities include transactions (involving cash) that relate to the normal busi- ness activities of the entity. Cash-flows in this section usually involve cash and other current asset or curren

    		•
  • Q : Define Differential Cost Differential

    Differential Cost: The cost difference predicted when one course of action is adopted rather than others.

    		•
  • Q : Define the term Strategic management

    Briefly define the term Strategic management and also state the reason why it is designed?

    		•
  • Q : Define Traceability Traceability : The

    Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.

    		•
  • Q : Break-even point The operating level at

    The operating level at which the total sales revenue equals the total cost. Total sale revenue is equal to the price per unit times the number of units sold. Total cost equals total variable cost, the number of units sold in time the variable cost per unit and the tot

    		•
  • Q : Benchmark test The process of testing a

    The process of testing a new software program using actual data and comparing the results to the alternative soft wares. The alternative can be new software or the organization's existing system. The test should be examined the software's accuracy and efficiency.

    		•
  • Q : Define Activity Activity : The real

    Activity: The real work task or step executed in generating and delivering products and services. The aggregation of actions executed within an organization which is helpful for the purpose of activity-based costing.

    		•
  • Q : Define Investor Relations Investor

    Investor Relations: A department, exist in most medium to big public companies, which gives investors with a precise account of the company's affairs. This aids investors to make informed sell or buy decisions. Inv

    		•