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COSTS - Coggle Diagram
COSTS
ACCOUNTING CYCLE
RAW MATERIAL ACCOUNTING
The materials that are really part of the product finished are known by the name of raw materials s o
main materials
To keep an investment in stock properly
balanced, requires a work of planning and control.
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Responsibilities:
Receive only the merchandise authorized by the purchase order, one of whose copies
it is in their power.
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Functions:
Control and locate the items received, which will be used later in the
new production cycle
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Make deliveries, subject to the pertinent authorization
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THE ACCOUNTING CYCLE
Costs: consists of a series of events, changes or fluctuations that are repeated or that can be terminated and present new changes.
Accounting: system adopted to keep track and reason for the entries or exits of a public or private company.
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COSTING METHOD
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Absorbing Costing
. Variable manufacturing costs are the only costs that are incurred directly in the manufacture of a product
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Nature of Costing
The company makes an expense when it obtains a real consideration from abroad, that is, when it receives real consideration from abroad, that is, when it receives
Investment
The company, in its eagerness to enrich itself and maximize its assets, will place some of your resources in assets and rights
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Cost, Price, Utility
Within traditional cost accounting, all costs manufacturing costs are included in the cost of a product for inventory cost purposes, as well as all
non-manufacturing costs.