Regarding interest calculation, there are two types of interest: simple interest and compound interest. In this blog post, we’ll be discussing simple interest and how…
Compound interest (CI) is the interest that is earned on the initial principal and also on the accumulated interest of previous periods. The interest can…
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…
Labour turnover is the number of employees who leave a company over a period of time, divided by the average number of employees during that…
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…
Financial accounting and cost accounting are two different types of accounting that are used to track and report the financial performance of a business. While…
A cost centre is a department or function within an organisation for which costs are incurred. Cost centres are typically grouped together by function, such…
An abnormal loss is a cost accounting term that refers to a situation where the expected output of a production process is not achieved due…
