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Essay / Research Paper Abstract
This is a 6 page paper which discusses cost accounting, benchmarking and merchandising for a new business.
The bibliography has 4 sources.
Page Count:
6 pages (~225 words per page)
File: D0_JHBusi.rtf
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Unformatted sample text from the term paper:
benchmarking to ensure financial success. To be continually successful, the business needs to careful balance all aspects of the business to ensure that they are all working together collaboratively
to a common goal. BASICS of A COST ACCOUNTING SYSTEM There are five parts to a cost accounting system. Those five parts include a manner in which to
measure input, a way to value the inventory, the manner in which cost accumulation is measured, a cost flow assumption and having the ability to record inventory cost flows at
different intervals (Martin, 2006). To create an efficient and effective cost accounting system that will implement both benchmarking and methods to measure income and invested capital, it is necessary
to fully understand and evaluate the end product, the user of the end product, the e-business component of the business unit and the parent organization. It should be noted that
there are many possible accounting systems that can be derived from putting together various combination of different alternatives, but at the same time it should be recognized that not all
alternatives are totally compatible (Martin, 2006). By thoroughly understanding the projected and anticipated business flow, it is easier to develop a specific cost accounting system (Martin, 2006). ALTERNATIVE TO
INVENTORY COSTING There are three alternatives to be considered when determining the type of costs that flow into and through the inventory portion of the business. These three alternatives
are known as historical costing, normal historical costing and standard costing (Martin, 2006). Simply defined, pure historical costing is bases on the actual costs of inventory which have been recorded
in the past (Martin, 2006). Sometimes you will hear the term actual cost which is often interchanged with historical costing. The term actual cost can be misleading because
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