Business, Industry and Commerce
A business is an activity or entity, normally engaged in the provision of products and or services, for commercial gain, extending to non-Commercial organizations that may or may not be…
What is Management Accounting? Definition, Functions, Objectives, Scope
Management accounting is the accounting system for making decisions of the business enterprise. Management accounting furnishes the necessary information to assist the business enterprise to make rational decisions through the development of policies and procedures in order to meet the day to day commitments of the enterprise.
What is Budgetary Control? Definition, Objectives, Advantages, Disadvantages, Systems
Budgetary control is the planning in advance of the various functions of a business so that the business as a whole can be controlled.
What is Standard Costing? Definition, Advantages, Disadvantages
Standard Costing is the preparation and use of Standard costs, their comparison with actual costs and analyzing of variances to their causes and points of incidence.
Marginal Cost: Definition, Example, Features, Advantages, Disadvantages
What is Marginal Cost? Marginal Cost is a technique of cost accounting which pays special attention to the behavior of costs with changes in the volume of output. Marginal Cost…
Classification of Cost
Classification of Cost Natural Classification of CostAccording to VariationDegree of changeabilityDegree of RelationFunctional Classification of CostAssociation with the Accounting PeriodCosts for Decision-Making and PlanningCosts for ControlOther Costs Classification is the…
Cost Accounting: Definition, Objectives, Advantages, Limitations
What is Cost Accounting? Cost Accounting is defined as the process of accounting for cost which begins with the recording of income and expenditure or the bases on which they…