Material Price Variance
Material Price Variance Direct Material Price Variance is the difference between the actual cost of direct material and the standard cost of quantity purchased or…
Accounting
Methods of Pricing Materials issued from Stores to Production
Methods of Pricing Materials issued from Stores to Production There are various methods in the use of pricing issues of materials from the store. The…
Just-in-time Purchasing
Just-in-time purchasing (JIT purchasing) is a cost accounting purchasing strategy. It is a systems approach for developing and operating the purchasing function. You purchase goods…
Stock Control Card
Stock Control Card is a ledger card that contains inventory status for a given item. Many shops now use stock control systems. The term “stock…
Fundamental three facts of Cost Allocation
Cost allocation is the process of finding a cost of different cost objects such as a project, a department, a branch, a customer, etc. It…
Element wise Classification of Cost
Element-wise Classification of Cost Cost can be defined as the monetary value of the utility (or benefit) which is yet to be derived from the…
Major Elements of Cost Sheet
Cost Sheet is a document that reflects the cost of the items and services required by a particular project or department for the performance of…
Different methods of analyzing Mixed Cost
Different methods of analyzing Mixed Cost Mixed costs contain elements of both fixed and variable cost behavior. As with step costs, the fixed elements is…
Cost Sheet
Cost Sheet is a document that reflects the cost of the items and services required by a particular project or department for the performance of…
Classification of Cost on the basis of behavior
The behavior of costs is seen with respect to the change in volume. On this basis, costs are classified into Fixed Costs, Variable Costs, and…
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