Standard costing includes setting standard rates to absorb material , labour ,overheads. Setting of standards rates helps in exact valuations , strengthening control over differences […]
PROCESS COSTING – PART 1 Equivalent Units Continuous production with different processes faced a problem, i.e. how to deal with processes which were not […]
In entities mass production involving, it is difficult to calculate on base of individual units, so to make issues simple costs are accounted making processes […]
Contract Costing Easy to understand “ job order costing on larger scale”. For construction of building and other large scale wok which take considerable […]
BATCH COSTING Batch costing is similar to job order costing ,the only difference is that costing focus moves from job orders to batches. It is […]
Marginal and Absorption Costing Methods The main difference between marginal costing and absorption costing is that Under Marginal costing all the fixed cost is treated […]
Allocation of overheads (OH) Apportionment of overheads (OH) Charging to overhead to specific department […]
ABSORPTION COSTING Method of costing in which overheads are absorbed in relevant cost centers on appropriate rates known as overhead absorption rate (OAR). This rate […]
TIME WORK SYSTEM In this system labor is paid on base of time worked. Total labour remuneration is sum of basic pay and overtime […]
ABC Plan ABC Plan is used to control the inventory by applying security measures or controls on each category. Through this technique management is able […]
