Cost Accounting Terms And Concepts Pdf
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- Thursday, June 10, 2021 12:27:11 AM
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This page contains essential cost accounting terms and definitions. Terms and definitions related to standard cost specifically and variance, are also included. Your email address will not be published.
It seems every industry has its own secret language. And knowing the lingo is an entry-point into the inner circle—an indicator that you truly belong. It's time to roll up those sleeves and start building your accounting vocabulary. To help you get started, we compiled an assortment of basic financial terms and acronyms and created this simple accounting glossary for beginners. Typically, this could be cash, inventory or accounts receivable. The three main asset classes are equities or stocks, fixed income or bonds, and cash equivalents or money market instruments. Working capital is calculated by taking your current assets subtracted from current liabilities—basically the money or assets an organization can put to work.
Cost Accounting Common Terms and Definitions
The definition of one word or phrase may depend on understanding another word or phrase defined elsewhere in the reference list. Words in bold indicate that such a definition is available. For ABC see also unit activity, product-sustaining activities, batch-related activities and cost drivers. Larger companies also provide information and pictures of the activities of the company. Back to the top B. Also called a participative budget.
Concepts and Standards for the Federal Government Activity-Based Costing - A cost accounting method that measures the cost and performance of process.
Cost Accounting Jobs
Financial accounting or financial accountancy is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. Stockholders , suppliers , banks , employees , government agencies , business owners , and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles GAAP is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements.
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Accounting — the process of recording, assessing, and communicating financial transactions — helps individuals and organizations understand their financial health.