Learn about the applications of Marginal Costing:- 1. Cost control 2. Profit Planning 3. Performance evaluation 4. Fixation of selling price 5. Selection of most profitable product mix 6. Make or Buy decision 7. Shut down or continue decision 8. Effect of changes in selling price 9. Level of activity planning 10. Product Diversification 11. […]
Read this article to learn about – 1. Time wage system 2. Piece wage system 3. Advantages of Time wage system 3. Disadvantages of Time wage system 4. Advantages of Piece wage system 5. Disadvantages of Piece wage system 6. Formula for the calculations of Earnings. 7. Pros and cons and field of application of […]
Everything you need to know about Costing Methods. Learn about – Job Order Costing, Process Costing, Operating Costing, Output Costing, Multiple Costing and Batch Costing. Job costing is the basic costing method applicable to those industries where the work consists of separate contracts, jobs or batches each of which is authorized by a specific order […]
Cost audit is, however, a preventive measure. It acts as a check on expenditure. It is a barometer of efficiency of performance. It is also a guide to managerial decisions. The objectives of cost audit is to ensure the correctness of accounts, records and statements and to prepare a report on the basis of records. […]
The definition of cost audit given by the Institute of Cost and Works Accountants of India. “It is an audit of efficiency of minute details of expenditure, while the work is in progress and not a post mortem examination. Financial audit is a fait accompli. Cost audit is mainly a preventive measure, a guide for […]
The process of marketing research includes the following steps: 1. Defining the Problem or Need 2. Determining who will do the Research 3. Picking out the Appropriate Methodology 4. Data Collection Process 5. Data Preparation, Tabulation and Analysis of Results 6. Presentation and Report Generation. Marketing Research Process Steps Marketing Research Process – 5 Steps […]
A budgetary control is one of the important tools of control. It involves a constant checking and evaluation of actual with the budgeted figures in order to take corrective action where ever necessary. The Written form of forecasts made in respect of various functional activities of a business concern is called a budget. When the […]
Career planning is the responsibility of the employee. Of course, the organisation has to provide opportunities for development of the employees and their careers to meet the requirements of the organisation. This means assisting the employees to achieve a better match between personal goals and the opportunities that are available in the organisation. Career Planning […]
Leadership style means the pattern of behaviour a leader follows or adopts for influencing the followers or the subordinates working in the enterprise. What style of leadership a leader adopts depends on an array of factors such as his personality traits, value system and experience. Leadership style varies from person to person at the same […]
Controlling is defined as the process of analyzing whether actions are producing desired results. To control means to check and ensure that each activity is performed in a planned manner. As a function of management, the controlling takes necessary preventive and corrective actions which ensure that the resources are being effectively utilized, to accomplish the […]