Cost Accounting Standards : The cost accounting standards are the standards set by a board which is called as the Cost Accounting Standard Board. These standards are made to achieve the uniformity and consistency in regard to the identification, assignment, and allocation of the costs. To explain: The role played by the cost accounting standards board when the companies contract with the government of U.S.

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Answer 1

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 15, Problem 15.11Q

To determine

Cost Accounting Standards:

The cost accounting standards are the standards set by a board which is called as the Cost Accounting Standard Board. These standards are made to achieve the uniformity and consistency in regard to the identification, assignment, and allocation of the costs.

To explain: The role played by the cost accounting standards board when the companies contract with the government of U.S.

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Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 15, Problem 15.11Q

To determine

Cost Accounting Standards:

The cost accounting standards are the standards set by a board which is called as the Cost Accounting Standard Board. These standards are made to achieve the uniformity and consistency in regard to the identification, assignment, and allocation of the costs.

To explain: The role played by the cost accounting standards board when the companies contract with the government of U.S.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 15, Problem 15.11Q

To determine

Cost Accounting Standards:

The cost accounting standards are the standards set by a board which is called as the Cost Accounting Standard Board. These standards are made to achieve the uniformity and consistency in regard to the identification, assignment, and allocation of the costs.

To explain: The role played by the cost accounting standards board when the companies contract with the government of U.S.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 15, Problem 15.11Q

To determine