Hard Cost vs Soft Cost – All You Need to Know
Hard Cost and Soft Cost are the terms that we generally come across in real estate or specifically in the construction industry. These two… Read Article
Types of Costs
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
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
High-low Method Accounting – Meaning, Formula, Example and More
As we know in the cost accounting terminology, there are three types of costs – Fixed Cost, Variable Cost, and Semi-variable Cost. The High-low… Read Article
Computer Integrated Manufacturing (CIM) – Meaning, Objectives and More
What is Computer Integrated Manufacturing?When an organization manages its manufacturing or production using computers, it is called Computer Integrated Manufacturing (CIM). In CIM, machines… Read Article
Product Mix – Meaning, Dimensions, Importance and More
Product Mix, product assortment, or product portfolio is the categories of products that a firm offers. In other words, the product mix is the… Read Article
Distribution Cost – Meaning, Accounting, and More
Distribution Costs or the Distribution expenses are the costs that a company incurs to make its goods or services available to the end-users or… Read Article
Quality Costing – Meaning, Types, How to Calculate and More
Quality costing or quality cost or cost of quality (COQ) constitute the costs that a company incurs to come up with a quality product.… Read Article
Relevant Cost vs. Irrelevant Cost – All You Need to Know
Relevant and Irrelevant costs are the classification of costs based on their importance. Cost data is vital for a business as it helps in… Read Article
Conversion Cost – Meaning, importance, Formula and More
Conversion cost is a combination of all the direct and indirect production costs that a company incurs to convert raw material into finished goods.… Read Article