What is CAS in accounting answer in one sentence?

What is CAS in accounting answer in one sentence?

CAS means Computerized Accountig System which helps business firms to implement accounting process and makes it user friendly with automation.

What is CAS exemption?

To direct charge, a CAS Exemption is required and will only be approved where the costs have been specifically budgeted for and/or justified as integral to the performance of the project or activity being funded, otherwise sponsor approval is required.

What is costing account?

Cost accounting is a method of managerial accounting which aims to capture the total production cost of a business by measuring the variable costs of each production phase as well as fixed costs, such as a lease expense. Cost accounting includes several forms of costs which are listed below.

What is modified cost accounting?

A modification of the historical-cost convention in which certain assets are included at revalued amounts rather than their original cost. Modified historical-cost accounting is permitted by the Companies Act. See alternative accounting rules.

What is a modified value?

Modified book value is a valuation metric for determining a company’s worth based on the current market value for its assets and liabilities. In other words, modified book value adjusts the value of a company’s assets and liabilities to reflect fair market value.

Why are accounts prepared on the basis of historical cost convention?

Most long-term assets are recorded at their historical cost on a company’s balance sheet. Historical cost is in line with conservative accounting, as it prevents overstating the value of an asset. Highly liquid assets may be recorded at fair market value, and impaired assets may be written down to fair market value.

Is historical cost useless?

Historical costs are useless in my business because everything changes so rapidly.” It refers to a total cost use to place the asset into intended use. Some examples of asset which are calculated at historical cost are plant and machinery, intangible asset.

Is historical cost the same as book value?

Book value and carrying value refer to the process of valuing an asset and both terms refer to the same calculation and are interchangeable. Historical cost is always used as opposed to the market value of an asset even if the value of the asset has changed since it was purchased.