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A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate.
e. Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing them ...
Job costing (known by some as job order costing) is fundamental to managerial accounting. It differs from Process costing in that the flow of costs is tracked by job or batch instead of by process. job cost is done for one single product The distinction between job costing and process costing hinges on the nature of the product and, therefore, on the type of production process:
The International Standard Classification of Occupations (ISCO) is an International Labour Organization (ILO) classification structure for organizing information on labour and jobs. It is part of the international family of economic and social classifications of the United Nations. [1] The current version, known as ISCO-08, was published in ...
A carpenter may be classified as a low scale occupation, but if there are none available the method will not account for that. In the EU, using a job evaluation scheme can provide a material factor defence for equal pay claims, but care must be taken to ensure that the scheme itself cannot be said to have a gender bias. [3]
Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. [a] As a subject of study, it is related to but distinct from economics, which is the study of the production, distribution, and consumption of goods and services. [b] Based on the scope of financial activities in financial systems ...
The Standard Occupational Classification (SOC) System is a United States government system for classifying occupations. It is used by U.S. federal government agencies collecting occupational data, enabling comparison of occupations across data sets. It is designed to cover all occupations in which work is performed for pay or profit, reflecting ...
e. A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts. Wages are part of the expenses that are involved in running a business.