This is the key objective of cost accounting to track and analyze the per unit cost of the product produced by the company. Cost statements or cost sheets are prepared under which the various items of expenses are classified and the total expenditure is divided by total quantity produced in order to arrive at per unit cost of production. They are to be paid remuneration on the basis of their qualification and experience. • Changing the rate of remuneration or wages. • The verification of overtime by authorized personnel. • Payment of wages to casual workers in the presence of the authorized personnel. • Showing the fake extra time. To calculate labour cost by using the time card, job and payroll. • Effective use of the job card, idle time card and piece work card. • Committing fraud while paying cash to the workers. Used car dealer cash accounting can be quite a challenge.

For a number of years, the accounting profession has considerably changed its recording and reportorial standards based on concepts and principles that can likely trigger confusing financial statement presentations. This method is applicable to road transport undertaking, airways, shipping companies’ electricity companies, hospitals, cinemas, hotels, canteens, and water works etc. the presentation of costing information is made in the form of a statement knows as “operating cost sheet”. Unless you have the income statement in front of you, your company cannot file income tax. Whether you have one page portfolio website, or several URLs of your work, your portfolio should always be fresh and up to date. Callable Bond – This term describes a type of investment bond that the issuer may redeem or pay off anytime prior to its maturity or redemption date at the agreed call price. B.Larger companies can afford to pay for complex accounting systems and the experts necessary to design and maintain them.

Where the products can be expressed in identical quantities units and where manufacture is continues, this type of costing is applied. The units manufactured and uniform and standardized. The units of output are identical. These undertakings are engaged in rendering services of unique nature to their customers. It helps the management to fix the selling price of products and services. Force management to make operational decisions that will improve the company’s financial performance. In decentralization, lower and middle level managers are assigned authority only for routine decisions. Decentralization needs qualified, competent and skilled managers at the middle and lower levels. If subordinate level managers are unskilled and incapable, they may take wrong decision, which may increase the risks and result in losses. In decentralization, decision making authority is delegated to the subordinate level. Cost accounting helps management in decision making such as make or buy decision, drop or continue decision, future expansion policies etc. It helps to make a choice out of two or more courses of action.

It provides necessary information and data to the top level management which are essential for framing marketing policies of the company. To collect all types of information about cost and reporting to management wit analysis. In this method, a separate account is opened for each process and costing information presented in the form of process account which is debited with the cost incurred thereon. The finished product, before completion, has to pass through various process or stages, each being separate and well defined. Accurate bookkeeping is the foundation of being able to pull reliable reports from your accounting software. Other optional modules can be purchased as add-ons to this core software. This accounting bookkeeping software is part of Microsoft’s Office Suite, Microsoft’s Excel, and it can perform the majority of tasks required for the bookkeeping of any business- especially small businesses. The accounting process is now quick and faster with the application software taking care of the commerce and the paper based method has become eliminated.