Nooroon - nooroon.com - Road to Accounting Profession
General Information:
Latest News:
Backflush Costing vs. Conventional Costing 29 May 2012 | 06:42 pm
Two major differences between the two systems are: Under conventional costing raw materials go to raw materials inventory, they are transferred to WIP. Under JIT/Backflush costing raw materials just ...
Backflush Costing vs. Variances 29 May 2012 | 06:39 pm
Variance between actual & budgeted standard cost is similar to conventional costing. Raw Materials Price variances are recognized at the time of purchase Efficiency variances calculated by physical...
Just-in-time 29 May 2012 | 06:21 pm
Just-in-time is a pull system of production in which each component in a production line is produced immediately as needed by the next step in the production line. Related Posts: Standard Costing T...
International Accounting Standards (IAS) 22 May 2012 | 10:43 pm
International Accounting Standards has developed a set of standards for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial item. From 19...
Backflush Costing 20 May 2012 | 07:48 pm
Backflush Costing is a product costing approach, used in a JIT operating environment, in which all product costs are first accumulated in the ‘Cost of Goods Sold’ account and then, at period end, flus...
Unavoidable Cost 20 May 2012 | 07:41 pm
Cost that can be continued even if some operation is changed or halted. Related Posts: Management Cost Traceable Cost Non-traceable Cost
Avoidable Cost 20 May 2012 | 07:40 pm
Any cost that can be eliminated if some economic activity is changed or deleted. Related Posts: Traceable Cost Non-traceable Cost Common Cost
Financial Cost 20 May 2012 | 07:38 pm
Costs that are related to obtaining funds for the operation of the company. Related Posts: Management Cost Period Cost Variable Cost
Separable Cost 20 May 2012 | 07:14 pm
Cost incurred beyond spilt off point that are assignable to individual products. Related Posts: Assignable Cost Total Cost Joint Cost
Joint Cost 20 May 2012 | 07:11 pm
Cost of a single process that yield multiple products simultaneously. Related Posts: Cost Accounting
