Standard Costing and Variance Analysis Having understood the operational aspects of standard costing, let us now understand the process of variance analysis. The variance can be explained as a gap…

What is Absorption Costing? Absorption Costing is a costing technique in which all manufacturing costs (variable and fixed) are considered as costs of production. Fixed overhead is treated as a…

Management Accounting and Developed Costing Systems The following sections describe the unique developments which have changed the very way of functioning and role of management accounting professionals. E-Business The rapid…

Management Accounting in Competitive World Management accounting needs an extra focus and more discipline in a competitive world. There is feeling in US that the effects of global accounting standards…

What is Joint Cost? Joint costs refer to the shared costs incurred during the production of multiple products or byproducts from a single production process. These costs are incurred up…

What is Cost Sheet? A cost sheet is a document or statement that provides detailed information about the various costs incurred in the production or manufacturing of a product or…

Cost Classification There are different types of costs that are incurred on various activities carried out in a firm. The costs are classified depending on their nature, functions and behavior.…

What is Overhead Cost Control? Overhead cost control refers to the process of managing and minimizing the indirect expenses associated with running a business or organization. These indirect costs, often…

Methods of Wage Payment There is a specific department in a firm called payroll department which is engaged in preparation of payroll based on time recording methods. The department prepares…

What is Labor Cost Control? Labor cost control refers to the management and optimization of the expenses associated with employing and compensating workers within an organization. Labor costs typically represent…