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Cost Accounting by V. Rajasekaran, R. Lalitha

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7

Single Costing*

LEARNING OBJECTIVES

After studying this chapter you should be able to:

  1. Understand the meaning and features of output costing.

  2. Distinguish between the historical cost sheet and the estimated cost sheet.

  3. Understand the significance of cost sheet.

  4. Prepare a cost sheet and a production account.

  5. Comprehend the special treatment of stock.

  6. Differentiate between a cost sheet and a production account.

  7. Explain the meaning of certain key terms.

7.1 UNIT COSTING

Unit costing is a method of costing. This method is used:

  1. In industries producing identical products or a single article on a large scale
  2. Where manufacturing process (i.e. production) is uniform
  3. Where cost units are having identical costs

Ascertainment of cost per unit ...

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