Classification of Cost
by 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 …
Tag: GGSIPU NOTES MBA
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 …
Principles and Standards
Economic Entity Assumption The accountant keeps all of the business transactions of a sole proprietorship separate from the business owner’s personal transactions. For legal purposes, a sole proprietorship and its owner …
Uniform Costing
To meet the specific requirements of different industries, different types of costing principles and practices are used. But to compare the achievements, costs, targets, profitability …
Management Accounting for Decision Making and Control
Management accounting, also called managerial accounting or cost accounting, is the process of analyzing business costs and operations to prepare internal financial report, records, and …
Marginal Costing
Marginal costing is a principle whereby variable costs are charged to cost units and the fixed costs attributable to the relevant period is written off …
Responsibility Accounting
Responsibility accounting involves accumulating and reporting costs on the basis of individual manager who has authority to make day-to-day decisions. Under responsibility accounting the evaluation …
Standard Costing and Variance Analysis
In fast growing business world, major goal of organizations is to reduce the cost of production and control the cost as there are limited resources …
Fixed and Flexible Budgets
Fixed Budget This budget is drawn for one level of activity and one set of conditions. It has been defined as a budget which is …
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