What is Standard Costing ? Standard Costing is a sophisticated technique, under which the standards are decided in advance and the actual costs are compared with such standard costs. Causes of variations, especially the unfavorable ones, am analysed and appropriate corrective measures are initiated so as to have the optimum efficiency in production. Definition of Standard Costing … Read more
What is Marginal Costing ? The term ‘marginal cost’ is derived from an important economic concept of ‘margin’. However, economic concept of ‘margin’ is different from accounting concept. As an economic concept, marginal cost is the expenses incurred for producing an additional unit of a product, while accounting concept of margin cost implies the total cost … Read more
Contents – 1. Meaning and Benefits of Time Keeping. 2. Purpose and Methods of Time Keeping. 3. Meaning of Time Booking. 4. Methods and Objectives of Time Booking. 5. Differences Between Time Keeping & Time Booking. TIME KEEPING Meaning of Time Keeping – When the arrivals as well as the departure time of the labour … Read more
Contents – 1. Meaning and Definition of Overheads. 2. Classification of Overheads. 3. Procedure for Accounting & Control of Overheads. a) Collection of overheads. b) Allocation of overheads. c) Apportionment of overheads. d) Re-appointment of service department overheads. e) Absorption of overheads. Meaning – Overheads … Read more
Contents – 1. Meaning and Definition of Material, Material Cost and Material Control. 2. Types of Material. 3. Objectives of Material Control. 4. Steps / Stages of Purchasing Procedure / Procurement Process. Meaning and Definition of Material – The basic input from which a product is manufactured is termed as material. In the production of any finished … Read more
Contents – 1. Meaning of Labour Cost & Labour Cost Control. 2. Control Over Labour Cost and Labour Cost Control Departments. 3. Causes & Measurement of Labour Turnover. 4. Methods of Wages Payment. 5. Types of Labour. 6. Importance and Factors of Labour Cost Control. Meaning of Labour Cost – Labour cost, representing the human contribution … Read more
Contents – 1. Meaning and Methods of Pricing of Issues. 2. Advantages, Disadvantages and Example of FIFO Method. 3. Advantages, Disadvantages and Example of LIFO Method. 4. Advantages, Disadvantages and Example of Simple Average Price Method. 5. Advantages, Disadvantages and Example of Weighted Average Price Method. 6. Other Methods Pricing of Issues – Against authorised requisitions … Read more
Contents – 1. Classification and Analysis of Cost. 2. Cost Terminology. 3. Relevant Costs.4. Irrelevant Costs. Classification and Analysis of Cost – There are several ways in which costs may be classified, Following are the main basis of classification of cost : According to Elements- The cost may be classified into direct cost and indirect … Read more
Contents – 1. Meaning and Definition of Cost. 2. Meaning and Definition of Cost Accounting. 3. Objectives of Cost Accounting. 4. Advantages and Disadvantages of Cost Accounting. 5. Methods and Techniques of Costing. Meaning and Definition of Cost – The total expenditure inclusive of money, labour and time incurred on goods and services is called “cost”. In certain exception situation … Read more