Cost Accounting
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Assumptions and Limitations of CVP Analysis
As with all methods of analysis, CVP analysis relies on certain assumptions and these assumptions might limit the applicability of…
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What are non-manufacturing costs or period costs?
Nonmanufacturing costs have two elements: marketing costs and administrative costs. Marketing costs are the costs required to obtain customer orders…
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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
Usually, knowing the net stock position and cost of stock issued during the year is crucial in order to calculate…
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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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Definition of Cost Audit
Cost audit has been defined by the Chartered Institute of Management Accountants, London as “the verification of cost accounts and…
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