eFinanceManagement

Cost Plus Contract: Meaning, Types, Advantages, Example, and More

Cost Plus Contract: Meaning An agreement between two parties whereby one party promises to reimburse the other party for the costs incurred and any… Read Article

Direct Materials Quantity Variance – All You Need to Know

Direct Materials Quantity Variance, as the word implies, refers to the deviation resulting from the difference in the expected and actual quantity of direct… Read Article

Direct Labor Budget –Meaning, Benefits, Calculation, and More

Direct Labor Budget, as the word suggests, relates to the cost of direct labor involved in production/assembly or service. Specifically, this budget shows the… Read Article

Lump-Sum Contract: Meaning, Advantages, Disadvantages and More

Lump-Sum Contract: MeaningA Lump Sum Contract is a legal contract where the contractor promises to complete the whole project at a pre-agreed price. In… Read Article

Acceleration Claims – Meaning, Types, Issues, and More

Acceleration Claims as the name suggests referring to the claim for costs to speed up or accelerate the work. Such claims are common in… Read Article

Preventive Costs – Meaning, Examples, Types and More

Preventive costs, as the name suggests are the costs that a company incurs to prevent defects from occurring in a product or service. For… Read Article

External Failure Cost – Meaning, Examples and More

External failure cost is one of the three types of cost of quality. It includes the cost a company incurs after a defective product… Read Article

Target Profit Pricing: Meaning, Methods, Examples, Assumptions and More

Target Profit Pricing: Meaning Target Profit Pricing, is a strategy that tells the management the total units to be sold to achieve the targeted… Read Article

Internal Failure Costs – Meaning, Examples and More

Internal failure cost is one of the four types of costs of quality. Three other costs are -preventive costs, appraisal costs, and external failure… Read Article

Cost Accumulation: Meaning, Types, and More

Cost Accumulation: MeaningCost Accumulation is the process of collecting all costs information about the business with the help of the cost accounting system. It… Read Article

Cost Center – Meaning, Importance and Limitations

Meaning of a Cost Center? The Cost Center is a department or a distinct unit or division within the framework of a company. These… Read Article

Job Costing – Meaning, Benefits, Process and More

Job Costing is the method of determining costs, including materials, labor, and overheads for a project, or any specific orders from a customer. Such… Read Article