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Cost Accounting
Relevant Costs – Meaning and Pitfalls
Relevant costs are those expected future costs that vary under various alternatives. These are the costs that are affected due to decision-making. Non-recogniti
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Cost Accounting
Difference between Absorption Costing and Marginal Costing
Absorption costing and marginal costing are two costing approaches that determine what should be the cost of a product. Let’s understand their differences
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Financial Accounting Concepts
The main difference between fixed and variable costs?
In business finance and accounting, it is critical to know the distinction between fixed costs and variable costs to make effective budgets, pricing decisions,
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IFRS
IFRS 1 — First-time Adoption of IFRSs
IFRS 1 First time Adoption of International Financial Reporting Standards sets out the processes that a company must take when it adopts IFRSs for the first tim
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IFRS
IFRS 4 – Insurance Contracts, Scope and Applicability
Overview IFRS 4 is the IASB’s first advice on insurance contract accounting – but not the last. A detailed study of insurance contracts is now being
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IFRS
IFRS 7 – Financial Instruments: Disclosures
Overview IFRS 7 Financial Instruments: Disclosures require a business to disclose information on the financial instruments’ relevance to the entity and th
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Cost Accounting
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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Cost Accounting
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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Financial Management
What are different types of annuities
Annuities are financial instruments that guarantee a regular income stream, normally utilized for retirement planning. They are provided by insurance firms and
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Cost Accounting
Basics of Cost and Costing in Management Accounting
Cost and costing are basic principles of management accounting, enabling companies to monitor expenses, determine prices, and optimize profitability. Cost is th