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The stable measuring unit assumption (traditional Historical Cost Accounting) during annual inflation of 26% for 3 years in a row would erode 100% of the real value of all constant real value non-monetary items not maintained under the Historical Cost paradigm. B. Under Constant Purchasing Power Accounting the underlying assumptions in IFRS are:
The consumer price index (CPI) is the official measure of inflation in South Africa. One variant, the consumer price index excluding mortgage costs (CPIX), is officially targeted by the South African Reserve Bank [ 1 ] and a primary measure that determines national interest rates.
Cost price is also known as CP. cost price is the original price of an item. The cost is the total outlay required to produce a product or carry out a service. Cost price is used in establishing profitability in the following ways: Selling price (excluding tax) less cost results in the profit in money terms.
Some people argue that PCM is a synonym for target costing. [1] [2] [3] However, others argue that PCM is different, because target costing is a pricing method, whereas, PCM is focused on the maximum profit or minimum cost of a product, regardless of the price at which the product is sold to the end customer. [4]
In management accounting there are a number of techniques used as alternatives to historical cost accounting, including:- measuring profit on sale of inventory by reference to its replacement cost. If inventory with a historical cost of $100 is sold for $115 when it costs $110 to replace it, the profit recorded would be $5 only based on ...
See today's average mortgage rates for a 30-year fixed mortgage, 15-year fixed, jumbo loans, refinance rates and more — including up-to-date rate news.
Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the Industrial Revolution when the complexities of running large scale businesses led to the development of systems for recording and tracking costs to help business owners and managers make decisions. Various ...
South Africa – The Office of the Accountant General (OAG) issues a preparation guide on financial statements to be adopted by government departments per financial year. This guide prescribes the modified cash basis of accounting to be used by all departments.