Equivalent units are notional complete units that represent incomplete units (work in progress inventory). For e.g., If 10 units are…
Definition of costing system A costing system is a system for collecting information about costs of an organization’s products or…
Following articles are included in this category. What is a cost? What is a cost unit? What is a cost…
Following is a list of articles in this category: Management Accounting Introduction What is an organization? Organizational charts Centralized vs.…
Step fixed costs are those costs which remain constant or do not change within a certain range of production level/…
Semi variable costs are a mixture of fixed costs and variable costs. It has two components: One that varies with…
Fixed costs are costs that are not related to the level of activity and which do not increase or decrease…
Variable costs are costs that are related to the level of activity and which increase or decrease with the corresponding…
Fixed costs are costs that are not related to the level of activity and which do not increase or decrease…
Costs of manufacturing goods is called factory cost. This concept is used for valuation of goods which is needed to…