B Com Exam > B Com Videos > Cost Accounting > Machine Hour Rate - Overheads, Cost Accounting
Machine Hour Rate - Overheads, Cost Accounting Video Lecture | Cost Accounting - B Com
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106 videos|173 docs|18 tests
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FAQs on Machine Hour Rate - Overheads, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is a machine hour rate and how is it calculated? |  |
Ans. A machine hour rate is a cost accounting technique used to calculate the overhead cost per hour of machine usage. It is calculated by dividing the total overhead costs by the total number of machine hours.
| 2. What are overheads in cost accounting? | |
Ans. Overheads are indirect costs incurred by a business that cannot be directly attributed to a specific product or service. These costs include rent, utilities, depreciation, and administrative expenses. In cost accounting, overheads are allocated to products or services based on a predetermined cost allocation method.
| 3. Why is it important to calculate the machine hour rate? | |
Ans. Calculating the machine hour rate is important because it helps businesses determine the true cost of using a machine for production. By accurately allocating overhead costs, businesses can make informed decisions about pricing, resource allocation, and cost control measures.
| 4. How can businesses reduce their machine hour rate? | |
Ans. Businesses can reduce their machine hour rate by implementing various cost-saving measures. This can include improving machine efficiency, reducing downtime, optimizing production schedules, outsourcing non-core activities, and negotiating better deals with suppliers. By reducing overhead costs, the machine hour rate can be effectively lowered.
| 5. Can the machine hour rate be used for different types of machines? | |
Ans. Yes, the machine hour rate can be used for different types of machines. However, it is important to consider the specific characteristics and costs associated with each machine. Different machines may have varying levels of efficiency, maintenance requirements, and operating costs. Therefore, it is crucial to calculate and allocate overhead costs accurately for each type of machine to determine the machine hour rate effectively.
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Nov 16, 2024 Last updated |
Video Description: Machine Hour Rate - Overheads, Cost Accounting for B Com 2024 is part of Cost Accounting preparation.
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