Target Costing – Meaning, Process, Benefits and More
Target Costing is a management technique that assists a business in deciding the prices based on external factors. These factors include competition, the presence of switching costs for the …
VED Analysis
Meaning of VED Analysis VED analysis is an inventory management technique that classifies inventory based on its functional importance. It categorizes stock under three heads based on its importance …
Cost Hierarchy – Meaning, Levels and Example
Cost Hierarchy is a classification system that assists in the allocation of costs. It helps to allocate costs more precisely and is primarily used in ABC (activity-based costing) system. …
Cost Estimation Methods – All You Need To Know
Estimating cost is one of the toughest things to do, but it is an essential part as well. In the absence of a cost estimate, it would be challenging …
Joint Products – Meaning, Characteristics and Accounting
Joint products are the products or items that use the same production process and input at the same time. Since they use the same process, it is impossible to …
Deflation
Meaning of Deflation Deflation is the persistent and considerable amount of reduction in the prices of goods and services in an economy. The fall in prices should be persistent …
Inflation and Deflation
Inflation and Deflation: Meaning Inflation is the consistent rise in the prices of goods and services in an economy. This rise should be over some time in an economy. …
Budgeting Cycle – Meaning, Importance, Phases and More
Budgeting Cycle or budget cycle refers to the steps or phases that a company or an individual or a government organization needs to go through to come up with …
Activity-Based Management – Meaning, Objectives, Drawbacks and More
Activity-Based Management or ABM helps a business to analyze or evaluate the cost of business activity (or activities) based on the value addition that the activity brings. In simple …
Inventory Costing
Meaning of inventory costing Inventory means goods- be it complete or even incomplete, for sale, or for own use of a business entity at any point in time. It …
