Month: April 2020
- Cost Accounting
What Are the Limitations of Absorption Costing?
The term “absorption costing” refers to a method of inventory costing that treats all direct and indirect manufacturing costs as inventory costs. Th
- Cost Accounting
What is a Budget Manual? – Meaning and definition
A budget manual outlines the policies, procedures, timelines, and responsibilities related to the budgeting process within an organisation. It serves as a refer
- Cost Accounting
What Are Direct Material Cost Variances?
Direct material cost variance refers to the difference between direct materials’ actual and standard costs. It is calculated using actual output. Direct m
- Financial Accounting Concepts
What is the accounting process?
The accounting process is a series of steps that businesses follow to record, classify, summarize, and report their financial transactions. It is a cyclical pro
- Financial Accounting Concepts
What are accounting estimates in financial accounting?
We have learned how to measure a transaction that has already occurred or taken place and for which either some value /money has been paid, or some valuation pr
- Financial Management
Systematic and Unsystematic Risks
Risk is the probability of an individual or organization incurring a loss. Risk can be classified as market risk, credit risk, operational risk, liquidity risk,
- Cost Accounting
Basics of Cost and Costing in Management Accounting
Cost is a word used to describe the money spent on a particular thing. In our private lives, we talk about the cost of running a car or heating our home. In man