Accounting Basics 1 min read
Money Measurement Concept
According to this concept, “we can book only those transactions in our accounting record which can be measured in monetary…
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Accounting Basics 1 min read
Requirements for Successful Cost Control
The following requirements are to be fulfilled to implement successful cost control: ● A plan and a set of well-defined responsibilities…
Accounting Basics 1 min read
Cost Control Techniques
Costs can be controlling by employing the following methods: ● Material Control ● Labor Control ● Overheads Control ● Standard costing ● Budgetary Control ● Capital…
Accounting Basics 1 min read
Cost Accounting – Cost Control
Conceptually, accounting is the discipline that provides information on which external and internal users of the information may base decision…
Accounting Basics 1 min read
Cost Accounting – Cost Sheet
A cost sheet is prepared to know the outcome and breakup of costs for a particular accounting period. Columnar form…
Accounting Basics 1 min read
Cost Accounting – Elements of Cost
The following chart shows the various elements of cost and how they are classified. Direct or Indirect Materials The materials…
Accounting Basics 4 min read
Cost Accounting – Classification of Cost
Costs can be classified based on the following attributes: By Nature In this type, material, labor and overheads are three…
Accounting Basics 3 min read
Cost Accounting vs Financial Accounting
Both cost accounting and financial accounting help the management formulate and control organization policies. Financial management gives an overall picture…
Accounting Basics 3 min read
Cost Accounting – Advantages
The advantages of cost accounting are: Disclosure of profitable and unprofitable activities Since cost accounting minutely calculates the cost, selling…
Accounting Basics 5 min read
Concepts of Cost Accounting
Following are the main concepts of cost accounting: Cost There is a cost involved to purchase or produce anything. Costs…