STANDARD COSTING
Standard costing is a technique that establishes predetermined estimates of the cost of products and services and compares these costs with the actual costs as they incur. Standard costing can be considered as a yardstick to measure the efficiency with the actual cost incurred. Hence, standard costing is system of costing which makes a comparison between the standard cost of each product or service with its actual cost to determine the efficiency of the operation, with a view to take corrective actions at the earliest possible time.
PARTIAL AUDIT Introductio n A partial audit is an audit that is conducted considering the particular area of accounting. Under ...
INTRODUCTION Maximization of profit is the main objective of each and every business. For the fulfillment of this objective, the firm ...
SINGLE ENTRY AND INCOMPLETE RECORDS Introduction Single entry system is an incomplete way of recording financial transactions. Thi...
Accounting Treatment For Partner's Salary And Commission Introduction We all know that no partner can entert...