Cost Accounting
Cost accounting is a system of collecting, recording, and analyzing financial data to help managers make a decision about resource allocation.
-
What is the Just-in-Time Inventory System
The just-in-time inventory system is a method of stock control that involves a systematic approach to keeping accurate records of all the stock and inventory. A
-
What Are Relevant Costs – Meaning and Types
Relevant costs are those costs that will be incurred as a result of a decision and thus should be considered when making that decision. In cost accounting, rele
-
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
-
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
-
What are non-manufacturing costs or period costs?
Period Costs Period costs, also referred to as nonmanufacturing costs, are expenses that a business incurs to maintain its operations but are not directly assoc
-
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
-
How to Calculate Profit or Loss on Incomplete Contracts?
The profit or loss on incomplete contracts in cost accounting can be calculated using the percentage of completion method. This method recognizes profit or loss
-
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
-
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
-
Fixed Overhead Variances in Cost Accounting
Fixed overhead variance refers to the difference between the actual fixed production overheads and the absorbed fixed production overheads over a period of time