Tag Archives | Cost Accounting

Cost Accounting: Meaning and Limitations

In this article we will discuss about:- 1. Meaning and Terminology of Cost Accounting 2. Objectives of Cost Accounting 3. Limitations of Cost Accounting. Meaning and Terminology of Cost Accounting: Cost: ‘Cost’ may be defined as: (i) The amount of expenditure (actual or notional) incurred on or attributable to a given thing; or (ii) To […]

Top 6 Types of Costing Systems | Cost Accounting

The following points highlight the top six types of costing systems. The types are: 1. Historical Costing 2. Absorption Costing 3. Direct Costing 4. Marginal Costing 5. Standard Costing 6. Uniform Costing. Type # 1. Historical Costing: In this type of costing system, the costs are ascertained only after they have been incurred. The main […]

Cost Accounting System: Necessity and Essentials

In this article we will discuss about:- 1. Introduction to Cost Accounting System 2. Necessity for Cost Accounting System 3. Reports Provided by Cost Accounting Department 4. Essentials of Good Cost Accounting System 5. Essential Factors for Good Cost Accounting System 6. Practical Difficulties in Installation of Cost Accounting System 7. Suggestions to Overcome Practical […]

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