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Types of Costs

Hard Cost vs Soft Cost

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
Last Updated on: June 16, 2022
Preventive 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
Last Updated on: June 15, 2022
External Failure Costs

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
Last Updated on: June 15, 2022
Internal Failure Costs

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
Last Updated on: June 15, 2022
High Low Method Accounting

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
Last Updated on: June 8, 2022
Computer Integrated Manufacturing (CIM)

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
Last Updated on: June 15, 2022
Product Mix

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
Last Updated on: June 15, 2022
Distribution Costs

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
Last Updated on: June 15, 2022
Quality Costing

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
Last Updated on: June 15, 2022
Relevant vs Irrelevant Costs

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
Last Updated on: June 15, 2022
Conversion Costs

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
Last Updated on: June 22, 2022
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Financial Management Concepts In Layman Terms

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