Elements of Cost in Cost Accounting with Example
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 is …
Tag: cost accounting
Centralized & Decentralized Purchase | Suitability | Merits & Demerits | Differences
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 purchasing …
Unit Costing | Meaning | Cost Accumulation | Ascertainment
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 scale …
Time Rate System of Wage Payment | Suitability | Merits | Demerits
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. A …
Brief explanation of various types of Costs in Cost Accounting with Examples
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 enables …
Profit Reconciliation Statement | Objectives | Need and Importance
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 the …
Advantages and Disadvantages of contract account
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 of …
Need for Activity Based Costing in Manufacturing
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 know …
Advantages and Disadvantages of Activity Based Costing
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 the …
Activity Based Costing | Meaning | Features | Objectives | Implementation
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 a …