[Waec Answer] Waec 2018 Principles Of Cost Accounting Objective And Theory Questions And Answers Now Available
Principles Of Cost Accounting Obj and Theory Questions And Answers.
Cost Account Objective
– If the information is not reliable, then no investor can rely on it to make an investment decision.
Accounting information is reliable to the extent that users can depend on it to represent the economic conditions or events that it purports to represent.
– Accounting information that has been measured and reported in a similar manner for different enterprises is considered comparable.
Accounting information is consistent when an entity applies the same accounting treatment to similar accountable events from period to period.
(3a) Standard Costing: Standard costing is the practice of substituting an expected cost for an actual cost in the accounting records, and then periodically recording variances showing the difference between the expected and actual costs.
i). Fundamental standards:– which concern terminology, conventions, signs and symbols, etc.;
ii). Test methods and analysis standards:- which measure characteristicssuch as temperature and chemical composition;
iii). Specification standards:– which define characteristicsof a product (product standards), or a service (service activities standards) and their performance thresholds such as fitness for use, interface and interoperability, health and safety, environmental protection, etc.;
iv). Organization standards:– which describe the functions and relationships of a company, as well as elements such as quality management and assurance, maintenance, value analysis, logistics, project or system management, production management, etc.
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