Cost Accounting
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Cost classification according to the accounting treatment
Cost classification refers to how costs are treated in cost accounting. There are two types of costs as per treatment.…
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Assumptions and Limitations of CVP Analysis
To be effective in planning and decision-making, management must have studies that enable reasonably accurate projections of how each of…
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What are non-manufacturing costs or period costs?
Period costs (alternatively referred to as nonmanufacturing costs) are expenses incurred to maintain business operations but are not required or…
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Cost Accounting, GAAP, and IFRS
The primary purpose of financial accounting is to provide investors (for example, shareholders) or creditors (for example, banks) information regarding…
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Differences between management accounting and tax accounting
Financial accounting and reporting is only part of the broad field of accounting. Other significant kinds of accountinginclude management accounting…
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Differences between standard cost and standard costing
Standard cost is a predetermined cost. It is a determination in advance of production, of what should be that cost.…
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Perpetual and periodic stock systems
A trade or manufacturing company’s net stock position and the cost of stock issued over the year are often required…
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What is the Budget Period in Accounting?
The budget period may be defined as the period for which a budget is prepared and employed. The budget period…
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What are the main Advantages of Cost Audit
The following are the main advantages of cost audit to management, cost accountant, shareholders, taxpayers, government and consumers: Cost audit…
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What are the Types of Cost Audit?
The following are the main types of cost audit: Cost Audit to Assist The main object of these types of…
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