Cost Accounting
Cost accounting is a system of collecting, recording, and analyzing financial data to help managers make a decision about resource allocation.
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What are Flexible Budget and Flexible Budget Variance?
A budget is a future-oriented strategy. Therefore, budgets are planning tools, and they are often produced prior to the beginning of the budgeted period. Howeve
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What are the Fixed Costs in Management Accounting?
Fixed costs are expenses that remain constant or unchanged regardless of changes in the level of production or sales within a relevant range. They are often tim
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What is Performance Budgeting?
The process of performance budgeting entails evaluating an organization’s performance within the context of the organization’s particular objectives
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What is Marginal Cost Equation | Practical Application
The marginal cost of an additional unit of output is often referred to as the “prime cost plus variable overhead.” It encompasses all costs that var
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Integrated Accounting System of Cost Accounting
Integrated accounting is defined by the Chartered Institute of Management Accountants (CIMA) as “a collection of accounting records that offers financial
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What is a Non-Integrated Accounting System?
The non-integrated accounting system is an accounting method whereby accountants keep separate ledgers for cost and financial accounts. In such a system, the co
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What is Job Costing? Advantages and Disadvantages
Job costing is a cost accounting system that allocates the costs of producing a good or service to the particular products and services of the company that crea
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Introduction to Operating Costing in Cost Accounting
Operating Costing in Cost Accounting Operating costing provides information about the cost of operating a company’s production facilities. It includes the
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Cost classification according to the accounting treatment
Cost classification in cost accounting is the process of categorizing costs into different groups based on specific characteristics or criteria. It involves cla
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Budgeting and Appraisal Techniques [Quiz]
Q1. Choose the best statement regarding non-financial performance indication: a. it is short-sighted to consider that human resources might factor in as an indi