Job and Contract Costing
by Job Costing It is the form of specific order costing which applies when work is undertaken to customers’ special requirements and each order is of …
Tag: Accounting Cycles
Economic Order Quantity (EOQ)
Economic order quantity (EOQ) is the ideal order quantity a company should purchase for its inventory given a set cost of production, demand rate and …
Material Cost Accounting
Material cost is the cost of materials used to manufacture a product or provide a service. Excluded from the material cost is all indirect materials, …
Preparation of Cost Sheet
A cost sheet shows every expense involved in creating a product. Companies and contractors prepare cost sheets to show clients how much money it costs …
Classification of Cost
The following points highlight the five main types of classification of costs. 1. Cost Classification by Nature 2. Cost Classification in Relation to Cost Centre …
Objective Of Cost Accounting
Cost accounting is the classifying, recording and appropriate allocation of expenditure for the determination of the costs of products or services, and for the presentation …
Accounting Cycles
Accounting cycle is a step-by-step process of recording, classification and summarization of economic transactions of a business. It generates useful financial information in the form …
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