What is Idle Time in Cost Accounting
In cost accounting, idle time is when a production resource is available but not used. Idle time can occur for several reasons, such as when a production line is shut down for maintenance or when there is a shortage of raw materials. In many factories, idle time is a major source of inefficiency and wasted […]
What is Labour Turnover in Cost Accounting?
Labour turnover is a crucial metric in cost accounting that measures the rate at which employees leave a company and are replaced by new employees. A high rate of labour turnover can have significant financial implications for a company, including increased costs related to recruitment, training, and lost productivity. In this article, we will explore […]
What is Bin Card in Cost Accounting?
In cost accounting, bin cards are physical or electronic records used to track inventory levels in a stockroom, warehouse, or another storage facility. The card typically contains the item’s stock number, description, location, current inventory level, and minimum and maximum levels that should be maintained. Bin cards can be used to track inventory levels manually […]