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What are cost accounting standards?
Also known as CAS, cost accounting standards is a set of rules and standards (a total of 19) which is used for determining the costs on negotiated acquisitions.
Cost measurement procedure in current accounting system
Among the various procedures for measuring cost accounting, which are explained in details in our cost accounting standards homework help manual, some of the important ones are as follows:
- Measurement of cost in the present business scenario is based on generally accepted accounting principles (GAAP)
- Cost measurements are generally done by convention units of currency
- For reduction in cost and for decision making, administrative body of a company rely on accounting methodologies
Complex subtopics solved by 24x7assignmenthelp.com
Few of the complicated subtopics under CAS are:
- Titles and objectives of different cost accounting standards
- Application of CAS in different fields
- Contract aspects that has exemption of cost accounting standards
Compliance consideration with CAS
Via our cost accounting standards homework help manual you will easily find the various compliance considerations with respect to cost accounting standards. Few of the compliances are:
- List and standard titles of cost accounting standards
- Rule affecting cost accounting standards applicability
- Various coverage types of cost accounting standards
Basic functionality of CAS
- Standard qualities of material, labor time and machine time can be analyzed and calculated, and these info can be used for future market trends
- It helps in stock and work valuations which are in progress
- These standards assist in variance analysis
- It helps in measurement of actual costs
- A company can ascertain overhead, material and labor cost easily
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