Skip to content
Financiopedia
Financiopedia
An educational website on accounting and finance
  • 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

Category: Costing systems

What are equivalent units

August 16, 2022 Khayyam Javaid, ACA

Equivalent units are notional complete units that represent incomplete units (work in progress inventory). For e.g., If 10 units are…

Continue Reading →

Posted in: Costing systems, Management Accounting

Process costing with closing work in progress

Bilal Sarwar, ACCA

If you recall, the concept of process costing is that the production is continuous. The input (material, labour, and overheads)…

Continue Reading →

Posted in: Costing systems, Management Accounting

Batch Costing

August 15, 2022 Bilal Sarwar, ACCA

Definition Batch costing is a form of specific order costing in which the costs of separately identifiable units are determined.…

Continue Reading →

Posted in: Costing systems, Management Accounting

Similarities and differences between batch costing and process costing

August 11, 2022 Bilal Sarwar, ACCA

Businesses use different costing methods to value their products. In this article, we are going to highlight the similarities and…

Continue Reading →

Posted in: Costing systems, Management Accounting

Joint products and by-products in process costing

August 10, 2022 Bilal Sarwar, ACCA

In Process Costing, the processes often produce more than one type of product. The products produced in addition to the…

Continue Reading →

Posted in: Costing systems, Management Accounting

Abnormal gain in process costing

Bilal Sarwar, ACCA

Definition – Abnormal gain If the actual loss is less than expected/normal loss or if the actual output is more…

Continue Reading →

Posted in: Costing systems, Management Accounting

What is abnormal loss

Bilal Sarwar, ACCA

Definition – Abnormal loss When the actual loss is more than the expected loss or when the actual output is…

Continue Reading →

Posted in: Costing systems, Management Accounting

Process costing

August 9, 2022 Bilal Sarwar, ACCA

Definition Process costing is a method applied in manufacturing industries where output is continuously produced. It is also called continuous…

Continue Reading →

Posted in: Costing systems, Management Accounting

Job costing

June 30, 2022 Bilal Sarwar, ACCA

Definition of job costing It is a form of specific order costing in which the cost of a single job…

Continue Reading →

Posted in: Costing systems, Management Accounting

Introduction to costing systems

Khayyam Javaid, ACA

Definition of costing system A costing system is a system for collecting information about costs of an organization’s products or…

Continue Reading →

Posted in: Costing systems, Management Accounting

Recent Posts

  • Direct Cost vs Indirect Cost
  • What is overheads absorption rate (OAR)
  • Reapportionment of overheads

Ad

Recent Comments

    Archives

    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • August 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • April 2018
    • March 2018
    • January 2018
    • October 2017

    Contact Us

    • Email
      info@financiopedia.com
    • Financial Accounting
    • Management Accounting
    • IFRS
    • About Us
    Privacy Policy
    Copyright © 2023 Financiopedia — Escapade WordPress theme by GoDaddy
    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