Tag Archives | Cost Accounting

Labour Cost Control

Labour cost refers to the amount of money paid to the people who are engaged in the production of goods. In manufacturing businesses, often management will break down labour cost into direct cost and indirect cost. The nature of labour whether it is direct or indirect depends upon the contribution of labour towards production. If they are directly engaged in [...]

By |2022-12-13T12:53:56+05:30January 13, 2021|Cost Accounting|Comments Off on Labour Cost Control

What is Management Accounting?

Management accounting is a modern concept of accounting as a tool of management. The ICMA London has defined management accounting as - "the presentation of accounting information in such a way so as to assist management in the creation of policy and in day to day operations of an undertaking." Management accounting makes use of various techniques which include marginal [...]

By |2021-01-05T18:01:57+05:30January 5, 2021|Cost Accounting|Comments Off on What is Management Accounting?

Meaning of Accounting

Accounting plays an important role in smooth functioning of business organisation through systematic recording of business transactions. It also provides various information to business and its stakeholders such as - creditors, bankers, tax authorities, shareholders, suppliers etc., through systematic maintenance of books of accounts and access to these accounts as and when required. Accounting is basically an Information System. Because, [...]

By |2022-12-13T12:34:07+05:30January 5, 2021|Cost Accounting|Comments Off on Meaning of Accounting
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