What are the Elements of Cost in Cost Accounting? The elements that constitute the cost of manufacture are known as the elements of cost. Such element of cost
What are Centralized & Decentralized Purchases? Centralized Purchase refers to purchasing of all the requirements under the central point of the organization. Like wise, Decentralized Purchase refers to
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
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