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Financial Accounting
What is Marginal Cost and Marginal Cost Equation
What is Marginal Cost The marginal cost of an additional unit of output is often referred to as the “prime…
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Financial Accounting
Integrated Accounting System of Cost Accounting
Integrated Accounting Integrated accounting is defined by the Chartered Institute of Management Accountants (CIMA) as “a collection of accounting records…
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Cost Accounting
Non Integrated Accounting System
In cost accounting the cost books are basically maintained under the following two systems: I. Non-integral or non-integrated cost accounting.…
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Financial Accounting
Introduction to Contract Costing
What is a Contract? The contract is the agreement between the two or more parties. The business owner can hire…
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Cost Accounting
Introduction to Job Costing and Its Benefits
Job Costing Job costing is a cost accounting system that allocates the costs of producing a good or service to…
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IFRS
IFRS 3 – Business Combinations, Scope and Disclosure Requirements
Overview IFRS 3 Business Combinations describes how an acquirer accounts for the purchase of control of a business (e.g. an…
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