Basics
Cost Accounting – Classification of Cost
Costs can be classified based on the following attributes: By Nature In this type, material, labor and overheads…
August 16, 2021 · Boomi NathanBasics
Basics
Cost Accounting vs Financial Accounting
Both cost accounting and financial accounting help the management formulate and control organization policies. Financial management gives an…
August 16, 2021 · Boomi NathanBasics
Cost Accounting – Advantages
The advantages of cost accounting are: Disclosure of profitable and unprofitable activities Since cost accounting minutely calculates the…
August 16, 2021 · Boomi NathanBasics
Concepts of Cost Accounting
Following are the main concepts of cost accounting: Cost There is a cost involved to purchase or produce…
August 16, 2021 · Boomi NathanBasics
Cost Accounting – Introduction
Cost accounting is the application of accounting and costing principles, methods, and techniques in the ascertainment of costs…
August 16, 2021 · Boomi NathanBasics
Method of Depreciation
Depreciation can be calculated using any of the following methods, however the most popular methods remain (a) Straight…
August 16, 2021 · Boomi NathanBasics
Accounting Entries Related to Assets and Depreciation
Let us see the accounting entries related to assets and depreciation: S.No. Particulars Journal Entries 1 Purchase of…
August 16, 2021 · Boomi NathanBasics
Why Do We Need to Account for Depreciation?
Here is why we need to provide depreciation: ● To ascertain the true profit during a year, it is…
August 16, 2021 · Boomi NathanBasics
Financial Accounting – Depreciation
Depreciation reduces the value of assets on a residual basis. It also reduces the profits of the current…
August 16, 2021 · Boomi NathanBasics
Cash vs. Accrual Basis of Accounting
Cash Basis of Accounting Cash Basis of Accounting uses receipts and payments of cash to record incomes and…
August 16, 2021 · Boomi Nathan