Elements of Cost of manufacturing Product
Elements of Cost of manufacturing Product In the manufacturing industry, cost accounting is a fundamental requirement for achieving success. To be competitive and profitable, a…
Accounting
Distinguish between committed fixed cost and discretionary fixed cost
A discretionary fixed cost has a short future planning horizon-under a year. These types of costs arise from annual decisions of Management to spend in…
Do you think that cost of goods sold is an expense?
Cost of goods sold (COGS) refers to the carrying value of goods sold during a particular period. Costs are associated with particular goods using one…
Concept of Opportunity Cost with Example
An opportunity cost is defined as the value of a forgone activity or alternative when another item or activity is chosen. Opportunity cost comes into…
Objectives of Cost Accounting
Cost accounting is the process of collecting information about the costs incurred by a company’s activities, assigning selected costs to products and services and other…
Cost Accounting has become an essential tool of management – Explain
Cost accounting is the process of collecting information about the costs incurred by a company’s activities, assigning selected costs to products and services and other…
Cost and Expenses
Cost and Expenses The terms ‘cost’ and ‘expense’ are commonly used words in the fields of business, economics, and accounting. Most often these terms can…
Differences between Cost Accounting and Financial Accounting
Both cost accounting and financial accounting are the parts of accounting. Both provide useful information to the businessman for decision making. Both can be used…
Characteristics of Ideal Cost Accounting System
Characteristics of Ideal Cost Accounting System Cost accounting is the process of collecting information about the costs incurred by a company’s activities, assigning selected costs…
Limitations of Cost Accounting
Cost accounting is the process of collecting information about the costs incurred by a company’s activities, assigning selected costs to products and services and other…
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