Historical Cost
Jennifer edwards Historical cost can be defined as the value of the resource given up or the liability that incurred at the time when the resource was given up. The liability may…
Back Flush Costing
Back flush costing is a costing method in accounting in which the cost associated with the production of goods is only recorded when the goods are actually produced, finished or…
Non Manufacturing Overhead Costs
Non manufacturing overheads cost or non-manufacturing cost is the costs that are associated with the non manufacturing expenses of the business. These expenses may include selling and administrative expense, interest…
Managed Accounts
Managed account can be defined as an account that is owned by an investor but it is managed and supervised by a paid and professional money manager. They should not…
High-Low Method
High-Low Method is used in cost accounting to discern or differentiate the fixed and the variable costs portions from the total cost figure. The high low method is usually used…
Difference between Job Costing and Process Costing
Job Costing is a process of accumulation of production costs that is attributed to the different units of products or groups of units of products. For example if a customer…
Step Fixed Cost
A step fixed cost is a type of cost that is not altered along with the certain threshold of high and low activity within the business and is altered only…
Cost Structure
Cost structure is a structure that refers to the types and proportion of different costs present in a business accounting systems. The main objective to design a cost structure is…
Cost Control
It is a process that involves series of steps taken by the business to control the cost of the business by controlling operations and activities related to the cost. There…
Disadvantage of Cost Accounting
Cost Accounting is not a logical and scientific branch of accounting as compared to the other branches. Cost accounting lacks a uniform procedure that can be applied to the businesses…
Cost of Quality
The cost of quality may be defined as the cost associated with manufacturing high quality products according to the money spent by the customer and the expectation of the customer.…
Activity Based Costing
Activity based costing is a costing technique that is based on the cost calculations of all the activities that happen while running a business operation. The activity based costing use…
Job Costing
Job costing is the measurement or estimation of the cost that is involve in completion of a particular job such as production of goods, manufacturing or cost involved in some…
Flow of Costs
This is an accounting method that explains the flow of costs among various operations within a business or a company. The flow of cost system is associated with the production…
What is Cost Accounting ?
Robert Cost accounting uses information provided by financial accounting together with much more details of operations of cost accounting is collection, processing and evaluation of operating, data. e.g. cost of products, operations, processes,…
Process Reengineering Definition
Sana Ahmed Process Reengineering Definition: An approach to improvement that involves completely redesigning business processes in order to eliminate unnecessary steps, reduce errors, and reduce costs. Click here to read full article…
Process Costing System Definition
Rubab Ali Process Costing System Definition: Process costing system is a costing system used in those manufacturing situations where a single, homogeneous product (such as cement or flour) is produced for long…
Product Level Activities Definition
Product Level Activities Definition: Activities that relate to specific products that must be carried out regardless of how many units are produced and sold or batches run.