Everything you need to know about cost accounting. Cost Accounting is the process of accounting for costs. It begins with the recording of income and expenditure and ends with the preparation of periodical statements. The terms ‘Costing’ and ‘Cost Accounting’ are often used interchangeably. But there is a little difference between the two. Costing simply […]
What is Cost Accounting?
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Difference between Absorption Costing and Marginal Costing
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Everything you need to know about the difference between absorption costing and marginal costing. Absorption costing is a total cost technique in which total cost (i.e., fixed and variable) are charged to products. It is often argued that absorption costing is an orthodox or traditional method and that marginal costing is the correct technique. Marginal […]
What is Standard Costing?
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Everything you need to know about standard costing. Standard costing is a technique of cost control. The CIMA Official Terminology defines it as “a control technique which compares standard costs and revenues with actual results to obtain variances which are used to stimulate improved performance.” Standard cost is a planned cost for a unit of […]