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
Cost Accounting Systems
Batch Level Costs
What are Batch Level Costs?Batch level costs are costs that are attributed to a batch or bunch of items. It is not possible to… Read Article
Life Cycle Cost – Meaning, Importance, Analysis and More
Life Cycle Cost (LCC), or whole-life costing, as the name suggests, deals with the total cost of an item during its lifetime. Or, we… Read Article
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… Read Article
Process Costing- A Guide with Illustrations
What is Process Costing? Process costing is a type of costing method. It is a subset of operation costing typically applicable to manufacturing entities… Read Article
Cost Accounting Systems – Meaning, Importance And More
Manufacturers use cost accounting systems to keep a tab on the production activities using a perpetual inventory system. In simple words, the cost accounting… Read Article
Types of Cost Accounting
There are four major types of cost accounting: standard cost accounting, activity-based cost accounting, marginal cost accounting, and lean accounting.… Read Article
What is Activity-Based Costing?- Its advantages and Disadvantages
What is Activity Based Costing (ABC)?Activity Based Costing (ABC) is a 2 step method of costing whereby costs are first allocated to ‘identified activities’… Read Article