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Month: October 2017

Inventory Record Keeping Systems

October 31, 2017 Khayyam Javaid, ACA

There are two systems of inventory record keeping: Periodic inventory system Perpetual inventory system

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Posted in: Inventory valuation, Management Accounting

Inventory Records

Khayyam Javaid, ACA

In the modern age of competitive businesses, every aspect of the business is critical for the survival and progression of…

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Posted in: Inventory management, Management Accounting

Procurement Process

Khayyam Javaid, ACA

All businesses need to purchase items for their business activities and it is very important to have a proper procurement…

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Posted in: Inventory management, Management Accounting

Differences between marginal costing and absorption costing

October 28, 2017 Khayyam Javaid, ACA

In marginal costing system, only variable costs attributable to a product are included in the cost of product, excluding fixed…

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Posted in: Management Accounting, Marginal and Absorption Costing

Advantages and Disadvantages of Absorption Costing

Khayyam Javaid, ACA

Absorption costing and marginal costing are different from each other as explained in the article “Differences between absorption costing and…

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Posted in: Management Accounting, Marginal and Absorption Costing

Advantages and Disadvantages of Marginal Costing

Khayyam Javaid, ACA

Absorption costing and marginal costing are different from each other as explained in the article “Differences between absorption costing and…

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Posted in: Management Accounting, Marginal and Absorption Costing

Absorption Costing

Khayyam Javaid, ACA

Absorption costing is the conventional way of costing in which inventory is valued at full cost of production. The costs…

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Posted in: Management Accounting, Marginal and Absorption Costing

Marginal Costing

Khayyam Javaid, ACA

Marginal costing is a method of costing in which inventory is valued at marginal cost rather than full cost of…

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Posted in: Management Accounting, Marginal and Absorption Costing

The Flow of Costs

Khayyam Javaid, ACA

Accounting cycle in cost accounting is the same as that in financial accounting only with a little more detail. Cost…

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Posted in: Introduction to costs, Management Accounting

Cost of Goods Sold Statement

October 27, 2017 Khayyam Javaid, ACA

In the published financial statements, the cost of goods sold is generally shown as a single figure in the income…

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Posted in: Introduction to costs, Management Accounting

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    Financiopedia
    • Financial Accounting
      • Basics of accounting
      • Double-entry accounting system
      • Accounting cycle
      • Accounting principles
      • Bookkeeping
      • Accounting of assets
      • Property, plant and equipment
      • Financial instruments
      • Inventory
      • Accounts receivable
      • Accounting of liabilities
      • Accounting of income
      • Accounting of expenses
      • Financial statements
      • Ratio analysis
    • Management Accounting
      • Introduction to management accounting
      • Introduction to costs
      • Material and labour costs
      • Marginal and Absorption Costing
      • Inventory valuation
      • Inventory management
      • Costing systems
      • Budgeting
      • CVP analysis
    • IFRS
      • IFRS 15 – Revenue from contracts with customers
      • IFRS 9 – Financial Instruments
    • About Us