Cost Accounting

ABC Analysis In materials management, the ABC analysis (or Selective Inventory Control) is an inventory categorization technique. ABC analysis divides an inventory into three categories…

Classify Cost from the viewpoint of Decision Making Cost can be defined as the monetary value of the utility (or benefit) which is yet to…

Here describe outline the procedure to be followed in a modern factory for the purchase of raw materials till the payment of the bill therefor.…

Importance of Material Control System Material control is the main component of the process of material management. Control over materials is of utmost importance for…

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…

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 (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 is a ledger card that contains inventory status for a given item. Many shops now use stock control systems. The term “stock…

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 Cost can be defined as the monetary value of the utility (or benefit) which is yet to be derived from the…