Meaning of By-Products In a manufacturing process, a main product is accompanied by production of one or more by-products. In other words by-product is a residual material, which
Methods of apportionment of joint costs to joint products The following are the methods of apportionment of joint costs. 1. Physical Units Method of apportionment This method is
Procedure for payment of wages Pay slip is prepared on the basis of the payroll or wages sheet. Pay slip is prepared for each worker separately. Now, each
Factors that affect the Gross Profit of an Organization The following factors may increase the gross profit of an organization. 1. If the trading expenses are wrongly debited
Traditional Costing Method vs Target Costing Method Traditional Costing Method Under traditional method of costing the manufacturers use the cost details in such a way that cost plus
Characteristics or Features of Sound wage system A sound wage system has the following characteristics. 1. Fairness in paying wage Reasonable wages should be paid to the workers.
Comparison of Unit Costing with Process Costing The following are the differences between the Unit Costing and Process Costing. Differences between job costing and process costing The main
What are Joint Products? In a manufacturing process, a raw material may be converted into finished product. During the process of conversion, there is an emergence of waste,
What is Labour cost? Labour cost represents human contribution. Labour cost is sensitive in nature. The reason is that the labour cost is fully based on the human