Tag Archives | Costing

Inter Firm Comparison

Inter-firm Comparison has also been defined as ... a technique, which detects the short- comings in production efficiencies of the participating firms in a given industry. Inter-firm comparison may be defined as "A management technique by the use of which it is made possible for an organisation to compare its performance with that of the other units engaged in the [...]

By |2021-05-31T16:35:38+05:30May 31, 2021|Cost Accounting|Comments Off on Inter Firm Comparison

Joint Product and By Product Costing

Accordingly, where two or more products are manufactured jointly from the same input factors and the cost of input cannot be identified with or traced to the individual products, the products produced are known as 'joint products.' According to CIMA Official Terminology, joint products are "two or more products separated in processing, each having a sufficiently high saleable value to [...]

By |2021-05-31T15:32:23+05:30May 31, 2021|Cost Accounting|Comments Off on Joint Product and By Product Costing

Labour Cost

Labour can be direct as well as indirect. Direct labour is that which can be charged to specific cost units directly. Indirect labour is one the direct allocation of which is not possible.  If wages can be allocated to different jobs or products on a convenient basis and are paid to workers engaged directly in the fabrication of products, the [...]

By |2021-05-18T14:16:56+05:30May 18, 2021|Cost Accounting|Comments Off on Labour Cost
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