--%>

Pre-requisites for accomplishment of uniform cost

Write down the pre-requisites for triumphant accomplishment of uniform costing?

E

Expert

Verified

The pre-requisites for triumphant accomplishment of uniform costing are illustrated below:

-Firms in the industry must have communal faith and motivation to share relevant information.

-A spirit of cooperation must be there between the participating firms

-Free exchange of thoughts, techniques employed.

-superior firms must take the lead to distribute with smaller firms, their knowledge, accomplishments of effectiveness, improvements and know how to facilitate the later to get better their performance.

-No withholding or hiding of information.

-No challenge, competition between the competitors.

-Uniformity should be recognized with look upon to several subsequent points before introducing uniform costing in the industry:

i) Size of the units in the industry
ii) Production methods
iii) Accounting principles, methods employed

   Related Questions in Financial Accounting

  • Q : Find the expected dividend for each of

    Suppose a firm's common stock paid a dividend of $1.75 yesterday. You expect the dividend to grow at the rate of 8% per year for the next 3 years, if you buy the stock, you plan to hold it for 3 years and then sell it.

    Q : Merits of standard costing Write down

    Write down the merits of standard costing?

  • Q : Define uniform costing Give a short

    Give a short introduction about the term uniform costing?

  • Q : Define Intangible assets Intangible

    Intangible assets: It is the asset that is not visible however we can feel them. The main examples of these assets are goodwill, patent and trade marks.

  • Q : Capitalize earnings To transfer amounts

    To transfer amounts from retained earnings to contributed capital through stock dividends. The effect is to decrease retained earning and increase the stock account. Stock dividends also permanently retain the earnings in the corporation by moving it out of the retain

  • Q : Effects of foreigners portfolio

    Since early 1980s, foreign portfolio investors has purchased a considerable portion of the U.S. treasury bond issues.  Explain some short-term and long-term effects of the foreigners’ portfolio investment over the U.S. balance of payments.

  • Q : Bretton Woods’s system programmed to

    Comment over the below proposition: “One can say that Bretton Woods’s system was programmed to the eventual demise”. 

  • Q : Explain Return on Assets or ROA Return

    Return on Assets (ROA): It is an indicator of how gainful a company is associative to its net assets. ROA provides an idea as to how proficient management is at employing its assets to produce earnings. Computed by dividing a company's annual earnings

  • Q : Re-measurement and translation

    Explain the re-measurement and translation procedure in FASB 52 of translating to the reporting currency the books of the entirely owned affiliate which maintains its books in local currency of country in which it operates, that is different from its functional curren

  • Q : What is forfaiting transaction What is

    What is meant by the forfaiting transaction?