Features or Characteristics of Management Accounting The followings are the features or characteristics of Management Accounting. 1. Selective Nature Management accounting selects only few information out of much
What is Unit costing? Unit costing is known as “output” or “single output” costing. Unit costing is followed by the concern, which produces a single product on large
Straight Piece Rate System of wage payment The earnings of the worker are calculated on the basis of the number of pieces produced by him/her. The volume of
What Time Rate Wage System? Time Rate System is otherwise called as Time Work, Day Work, Day Wages and Day Rate. It is the oldest method of remuneration.
Different types of Costs in Cost Accounting One can understand the cost accounting properly only after knowing various types of cost. Hence, the understanding of types of cost
Why are Profit Reconciliation Accounts prepared? The very purpose of maintaining financial accounts is the ascertainment of profit or loss for a specific period and also to know
Advantages of Contract Account The followings are the advantages of contract account. 1. Work can be completed without any delay. 2. A contractor can find the total cost
Need for Activity Based Costing Generally, Activity Based Costing is necessary to every manufacturing concern. If the existing traditional cost accounting system provide the accurate cost information to
Advantages of Activity Based Costing The following are the main advantages of Activity Based Costing. 1. Activity Based Costing helps to reduce costs by providing meaningful information on
Meaning of Activity Based Costing (ABC) Activity Based Costing is an accounting methodology used for assigning accurately the extent of resources consumed and overhead costs incurred to produce
