Costing can be confusing. This is true for accountants as well as manufacturing managers. First, there are conflicting terms such as management accounting, cost accounting, product costing, managerial ...

On June 27, 2024, the Office of Federal Procurement Policy’s Cost Accounting Standards (CAS) Board issued an advanced notice of proposed rulemaking (ANPRM) seeking public comments on proposed changes ...

CAS 407 provides guidelines for using standard costs to estimate, accumulate, and report costs of direct material and direct labor. This standard ensures consistency and fairness in cost accounting ...

Discover how absorption costing is used in GAAP for external reporting. Learn its components and why it's essential for understanding manufacturing costs.

The purpose of this policy is to identify the principles used to determine whether costs incurred at Western Michigan University are allowable or unallowable as direct costs or as facilities and ...

Check with the Grants and Contracts Office first. While the Needed, Received and Used Policy logic may convince some of the need for the "needed, received, and used" concept others may disagree. If a ...

Federal regulations require that similar costs be treated consistently as either direct costs or indirect costs, in like circumstances. This regulation imposes a requirement on the University to ...

Section 820 of the National Defense Authorization Act for Fiscal Year 2017 (“NDAA”) establishes a new Defense Cost Accounting Standards Board (“D-CASB”) to oversee the application of the Cost ...

Standard costing is an accounting technique that breaks overspending and underspending on materials, labor and overhead cost into their price and quantity components. For example, a manager may notice ...

A full cost accounting system is designed to measure the complete, true costs of goods and services. While standard cash flow accounting practices focus on direct, current costs and expenditures, full ...