BC/U2 Topic 12 Individual and Group Presentations
The formal presentation of information is divided into two broad categories: Presentation Skills and Personal Presentation. These two aspects are interwoven and can be described as the preparation, presentation and […]
Nature and Scope of Cost Accounting
Nature Helps in Decision Making: Cost accounting helps in decision making. It provides vital information necessary for decision making. For instance, cost accounting helps in deciding: Whether to make a product […]
Methods and Techniques of Cost Accounting
Methods to be used for the ascertainment of cost of production differ from industry to industry. It primarily depends on the manufacturing process and also on the methods of measuring […]
Installation of Costing System
A costing system is an established set of procedures, rules, cost records, etc., for the purpose of achieving specified objective at minimum cost. It forms the basis for future operations. […]
Accounting for Material
Material costing is the process of determining the costs at which inventory items are recorded into stock, as well as their subsequent valuation in the accounting records. We deal with […]
Accounting for Overheads
Overhead includes all the costs associated with the predicated with the production of goods and services other than direct, direct materials and direct expenses. Hence, overhead costs can be stated […]
Preparation of Cost Sheet and Statement of Cost
Cost Sheet is a statement which presents detailed information relating to the various stages of cost. It also shows the total cost of the product manufactured during a particular period […]
Functions of Management Accounting
Managerial accounting involves collecting, analyzing, and reporting information about the operations and finances of a business. These reports are generally directed to the managers of a business, rather than to […]
Relationship of Management Accounting, Financial Accounting and Cost Accounting
Cost Accounting is a branch of accounting, which has been developed because of the limitations of Financial Accounting from the point of view of management control and internal reporting. Financial […]
Absorption Costing
Absorption costing is a method for accumulating the costs associated with a production process and apportioning them to individual products. This type of costing is required by the accounting standards […]
Workmen Compensation Act 1923
Objective To provide for the payment of compensation to the workmen for injury or accident. This Act is one of the earliest Acts having come into force from 1st July, […]
Casual Income
Casual income means any receipts which are of a casual and non-recurring nature. For example, income earned by way of winnings from lotteries, races including horse races, crossword puzzles, etc. […]
Scope of Total Income
Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of of person who is a resident, in the case of a person not ordinarily resident […]
Profit Management & Inflation: Profit, Functions of Profit
The term profit has distinct meaning for different people, such as businessmen, accountants, policymakers, workers and economists. Profit simply means a positive gain generated from business operations or investment after […]
Break Even Analysis
Break-even analysis entails the calculation and examination of the margin of safety for an entity based on the revenues collected and associated costs. Analyzing different price levels relating to various […]
Elementary Idea of Inflation
Inflation is often defined in terms of its supposed causes. Inflation exists when money supply exceeds available goods and services. Or inflation is attributed to budget deficit financing. A deficit […]
