STUDY TO ENLIGHTEN YOURSELF
MEANING Perpetual Inventory System refers to a system of maintaining such records as will reflect the receipts, issues and balance of all items of materials in store all the times. It is a material control technique. ACCORDING TO ICMA (Institute of Cost and Management Accountants), UK “Perpetual Inventory System is a system of records maintained…
Read More “PERPETUAL INVENTORY SYSTEM” »
MATERIAL CONTROL IN COST ACCOUNTING PDF Material control is a system which ensures the provision of the required quantity of materials of the required quality at the required time with the minimum amount of capital investment. It can be defined as safeguarding of company’s property in the form of inventory and maintaining it at the…
Read More “MATERIAL CONTROL IN COST ACCOUNTING PDF” »
TYPES OF COST There are various types of cost which can be classified on various bases such as element, nature, variability or behavior, controllability etc. Cost refers to the expenditure incurred on producing the goods and services. It represents the sacrifice, foregoing or a release of something of value. ACCORDING TO ICMA (Institute of Cost…
ELEMENTS OF COST The elements of cost are the factors on the basis of which expenditure is incurred. It may be defined as a group name of smaller costs of identical nature. Elements of cost make the analysis of the cost easy and facilitate maximum information regarding costs to the manufacturers. COST Cost refers to…
Read More “ELEMENTS OF COST” »
DIFFERENCE BETWEEN COST ACCOUNTING AND FINANCIAL ACCOUNTING The difference between cost accounting and financial accounting is as follows: COST ACCOUNTING Cost Accounting is an art or process of recording, analyzing and classifying of expenditure for the purpose of product costing or service costing, ascertainment of profitability, operational planning and cost control. It is a forward…
Read More “DIFFERENCE BETWEEN COST ACCOUNTING AND FINANCIAL ACCOUNTING” »
SCOPE OF COST ACCOUNTING PDF This post contains the Scope of Cost Accounting Pdf file Cost Accounting is an art or process of recording, analyzing and classifying of expenditure for the purpose of product costing or service costing, ascertainment of profitability, operational planning and cost control. It is a forward looking approach which is related…
Read More “SCOPE OF COST ACCOUNTING PDF” »
NATURE OF COST ACCOUNTING Cost Accounting is an art or process of recording, analyzing and classifying of expenditure for the purpose of product costing or service costing, ascertainment of profitability, operational planning and cost control. It is a forward looking approach which is related to the recording, analyzing and classifying of expenditure with the objective…
Read More “NATURE OF COST ACCOUNTING” »
COST ACCOUNTING Cost Accounting is an art or process of recording, analyzing and classifying of expenditure for the purpose of product costing or service costing, ascertainment of profitability, operational planning and cost control. It is a forward looking approach which is related to the recording, analyzing and classifying of expenditure with the objective of ascertaining…
DIFFERENCE BETWEEN TRANSACTION AND EVENT Before understanding the difference between transaction and event, one must clearly understand the two concepts. TRANSACTION Transaction refers to any exchange of goods and services on cash or credit basis by the business with the outside parties i.e. other business or customer. Transaction is an economic activity. It has an…
Read More “DIFFERENCE BETWEEN TRANSACTION AND EVENT” »
MANAGEMENT AS PROFESSION Management as profession is a specialized body of knowledge and requires specific skills and educational qualifications. Profession is an economic activity which requires specialized knowledge, degree and skills. ACCORDING TO HODGE AND JOHNSON “Profession is a vocation requiring some significant body of knowledge that is applied with high degree of consistency in…
Read More “MANAGEMENT AS PROFESSION” »