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COSTING METHODS - I
What is the primary objective of costing methods in banking and manufacturing firms?
The primary objective is to ascertain the cost of a product, service, or process accurately so that management can make informed decisions on pricing, profitability, and cost control.
What is the main purpose of a cost accounting system in an organisation?
To ascertain cost, control expenditure and aid pricing decisions.
What is Job Costing and when is it used?
Job Costing is a method of costing where costs are collected and accumulated for each specific job, order, or contract separately. It is used when production consists of distinct, identifiable jobs or batches made to customer specifications.
What is a Cost Centre in cost accounting?
A location, person or item for which costs are collected.
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