Accounting
Classification of the Materials Cost Variance
Classification of the Materials Cost Variance Variance analysis is a tool of budgetary control by evaluation of performance by means of variances between budgeted amount,…
Cost Accounting
Accounting
Basic Features of Operating Costing
Basic Features of Operating Costing Operating costing is a method of ascertaining costs of those enterprises which provide services rather than manufacturing products. This method…
Accounting
Cost Reconciliation Statement
Cost Reconciliation Statement A cost reconciliation statement is prepared on the same footing on which a bank reconciliation statement is prepared. It is a statement…
Accounting
Integrated Accounting System
Integrated Accounting System Integral or Integrated system is a System of accounting under which only one set of account books is maintained to record both…
Accounting
Equivalent Production Unit
Equivalent Production Unit An equivalent unit of production is an indication of the amount of work done by manufacturers who have partially completed units on…
Accounting
Differentiate between Job Order Costing and Process Costing
Job costing is one of the methods of costing. In this system, work is undertaken to customer’s specific requirements on the basis of orders. Process…
Accounting
Essential features characterize by a department in Process Costing system
Process costing is a method of assigning costs to units of production in companies producing large quantities of homogeneous products. It is a type of…
Accounting
Disadvantage of Process Costing
Process costing is a method of assigning costs to units of production in companies producing large quantities of homogeneous products. It is a type of…
Accounting
Difference between a Standard and a Budget
A budget generally refers to a department’s or a company’s probable revenues, costs, or expenses. A standard generally refers to a projected amount per unit…
Accounting
Advantages and Disadvantages of the Standard Costing system
Standard Costing system is an estimated or predetermined cost of performing an operation or producing a good or service, under normal conditions. They are generally…
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