Tag Archives | Cost Accounting

Budgetary Control

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 […]

Inventory Control Methods

Everything you need to know about methods of inventory control. Inventory valuation affects the profitability, the business unit must take enough care to ascertain the correct value of inventory. To ensure this, the method of valuing the inventory should not be changed from year to year. Inventory includes stock of raw materials, work-in-progress, finished products […]

Types of Budget in Cost Accounting

Everything you need to know about types of budget. Budgets are prepared for every business function such as sales, production, purchases, personnel, finance, etc. As such, they are called functional budgets. In fact, every department of a business concern is expected to perform a particular function. Budgeting is a comprehensive exercise. It extends throughout the […]

Fixation of maximum level for various inventories on cost accounting

The fixation of maximum level of an inventory item requires information about its-re-order level. The re-order level itself depends upon its maximum rate of consumption and maximum delivery period. It in fact is the product of maximum consumption of inventory item and its maximum delivery period.

Various Reports Provided by Cost Accounting Department to its executives

Following reports may be provided by a Cost Accounting Department for the use of its executives: Cost sheets setting out the total cost, analyzed into various elements, giving comparative figures for the previous period and for other plants under the same management.

Importance of cost accounting to business concerns

Management of business concerns expects from Cost Accounting a detailed cost information in respect of its operations to equip their executives with relevant information required for planning, scheduling, controlling and decision making.

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