Cost Accounting and Cost Management
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What is Marginal Cost and Marginal Cost Equation
The marginal cost of an additional unit of output is often referred to as the “prime cost plus variable overhead.” It encompasses all costs tha
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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 finan
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What is a Non-Integrated Accounting System?
Non-Integrated Accounting System In cost accounting the cost books are basically maintained under the following two systems: I. Non-integral or non-integra
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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
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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 include
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Cost classification according to the accounting treatment
Cost classification refers to how costs are treated in cost accounting. There are two types of costs per treatment. Product Costs Product costs comprise al
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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
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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,
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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
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What Are the Assumptions and Limitations of CVP Analysis?
Cost-Volume-Profit (CVP) analysis is a method for systematically assessing the links between selling prices, total sales revenue, and the volume of product
