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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Meaning and definition of target costing
The strategic cost management tool “target costing” incorporates customer-centric pricing principles instead of traditional firm-oriented pricing. A
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What are the Types of Cost Audit?
A cost audit is an independent examination of an organization’s cost accounting records and procedures. It is used to ensure that the organization is foll
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What is the Importance of Overhead Costs
Overhead costs are expenses incurred during the production of a product or the operation of a department but cannot be directly attributed to the product or dep
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What is a Cost Audit? – Meaning and Definition
A cost audit is designed to uncover and correct or prevent errors in the accounting of materials and services to customers. It is an ongoing process of checking
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What are the advantages of absorption costing?
Absorption costing is a method of accounting for production costs that assign all direct and indirect costs to the products being produced. This method is also
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What is Ratio Analysis? – Meaning and Types of Ratios
Ratio analysis is one of the most useful techniques for the analysis or interpretation of a financial statement. Ratio analysis is defined as a technique that a
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What is Direct Labour Cost Variance
Direct labour cost variance refers to the standard cost of direct labour for the actual number of units produced less the actual cost. A total variance might ha
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What are the Advantages of Cost Audit?
A cost Audit is an important part of a company’s financial and risk management. The main purpose of this cost audit is to help the company to save money by fixi
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What is Direct Labour in Costing?
Direct labour is the cost of the labour used to produce a product or service. It includes all wages, salaries, and other forms of employee compensation, such as
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Why do variances arise in costing
Variance in cost accounting is the difference between the actual cost of something and the expected cost of something. For example, a direct material cost varia