Accounting

Methods and Techniques of Cost Accounting Cost accounting is the process of collecting information about the costs incurred by a company’s activities, assigning selected costs…

Historical cost is the original cost of an asset, as recorded in an entity’s accounting records. It is the preferred method of valuing assets because…

Standard costing is a system under which the cost of a product is determined in advance on certain pre-determined standards. With reference to the example…

Control of Cost The control of cost or cost control is the practice of managing and/or reducing business expenses. Cost controls start by the businesses…

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 Cycle Cost accounting is the process of collecting information about the costs incurred by a company’s activities, assigning selected costs to products and…

Irrelevance of Future Cost: In addition to pat cost, some future costs may be irrelevant because they will be the same under all feasible alternatives.…

Incremental cost can be defined as the encompassing changes experienced by a company within its balance sheet because of tint additional unit of production. It…

Split-off-point: The split-off point is the point in a production process where jointly manufactured products are henceforth manufactured separately; thus, their costs can be identified…

Joint Product and Joint Cost Joint product: Two or more outputs generated simultaneously, by a single manufacturing process using common input, and being substantially equal…