Accounting Basics 1 min read
Need for Marginal Costing
Let us see why marginal costing is required: ● Variable cost per unit remains constant; any increase or decrease in production…
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Cost Accounting – Marginal Costing
Marginal cost is the change in the total cost when the quantity produced is incremented by one. That is, it…
Accounting Basics 2 min read
Cash Budget
Cash budget comes under the category of financial budget. It is prepared to calculate budgeted cash flows (inflows and outflows)…
Accounting Basics 1 min read
Flexible Budget
Flexible budget provides logical comparison. The actual cost at the actual activity is compared with the budgeted cost at the…
Accounting Basics 1 min read
Flexible Budget Vs. Fixed Budget
Points Flexible Budget Fixed Budget Flexibility Due to its nature of flexibility, it may be quickly re-organized according to the…
Accounting Basics 1 min read
Going Concern Concept
Our accounting is based on the assumption that a business unit is a going concern. We record all the financial…
Accounting Basics 2 min read
Types of Budgets
Budgets can be categorized in various ways. Let us go through the types of budgets in detail. Functional Budgets It…
Accounting Basics 2 min read
Budget, Budgeting, and Budgetary Control
Let us go through the terms sequentially. Budget Budget represents the objectives of any organization that is based on the…
Accounting Basics 1 min read
Cost Accounting – Budgeting Analysis
We are all well-familiar with the term budget. Budgeting is a powerful tool that helps the management in performing its functions…
Accounting Basics 1 min read
Tools and Techniques of Cost Reduction
The following tools and techniques are used to reduce costs: ● Budgetary Control ● Standard Costing ● Simplification and Variety Reduction ● Planning and…
Accounting Basics 1 min read
Material Control
Cost reduction program should be run by purchasing economical and more useful material. Economic Order Quantity (EOQ) technique should be…
Accounting Basics 1 min read
Personal Management
Cost reduction programs can be run using staff welfare measures and improving labor relation. Introduction of incentive schemes for labor…