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Quality control

CAS - 21 - Companies Law - CAS - 21 - CAS - 21 Cost Accounting Standard on The following is the Cost Accounting Standard (CAS -21) on "". In this standard, the standard portions have been set in bold Italic type. These are to be read in context of the background material which has been set in normal type. 1. Introduction The standard deals with the principles and methods of measurement and assignment of cost and the presentation and disclosure in cost statement. 2. Objective The object .....

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ly irregular and unexpected and/ or due to some abnormal situation of the production or operation.1 4.2 Cost Object: This includes a product, service, cost centre, activity, sub-activity, project, contract, customer or distribution channel or any other unit in relation to which costs are ascertained.2 4.3 Defectives: End Product and/or intermediate product units that do not meet quality standards. This may include reworks or rejects. 4.3.1 Reworks: Defectives which can be brought up to the stand .....

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term borrowings, amortisation of discounts or premium related to borrowings, amortisation of ancillary cost incurred in connection with the arrangements of borrowings, finance charges in respect of finance leases, other similar arrangements and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest costs3. The terms Finance costs and Borrowing costs are used interchangeably. 4.5 Imputed Costs: Hypothetical or notional costs .....

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e that the manufactured products or performed service adhere to a defined set of quality criterion or meets requirement of the client or the customer. 4.9 cost: This represents Cost of resources consumed towards procedures. 4.10 Scrap: Discarded material having some value in few cases and which is usually either disposed of without further treatment (other than reclamation and handling) or reintroduced into the production process in place of raw material6. 4.11 Waste and spoilage: 4.11.1 Waste: .....

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5. Principles of Measurement: 5.1 cost incurred in-house shall be the aggregate of the cost of resources consumed in the activities of the entity. The cost of resources procured from outside shall be determined at invoice or agreed price including duties and taxes, and other expenditure directly attributable thereto net of discounts (other than cash discounts), taxes and duties refundable or to be credited by the Tax Authorities. Such cost shall include: • Cost of conformance to quality: ( .....

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le with respect to any cost shall be reduced for ascertainment of the cost of the cost object to which such amounts are related. 5.7 Any abnormal portion of the cost where it is material and quantifiable shall not form part of the Cost of . 5.8 Penalties, damages paid to statutory authorities or other third parties shall not form part of the cost. 5.9 Any change in the cost accounting principles applied for the measurement of the cost shall be made only if, it is required by law or for complianc .....

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