There are so many elements included in the cost accounting system. Here is a detailed explanation of all elements of cost. Explain the Various Elements of Cost with Examples 1. What are the different elements of cost? There are three fundamental elements of cost - Material, Labour and Expenses pertaining to any product or service. 2. What is meant by Prime … [Read more...] about What are the Various Elements of Cost with Example?
Accounting
Top 15 Common Cost Accounting Questions and Answers
![Cost Accounting - An Introduction [Short Question & Answer]](https://www.googlesir.com/wp-content/uploads/2018/03/15208504961061-353x189.jpg)
Cost accounting is a very important part of the accounting and financial systems to calculate all costs. There are some common questions and answers for you to understand cost accounting. Cost Accounting: Top 15 Question & Answers Following are the common Q&A of cost accounting: 1. What do you mean by Cost? Cost means the amount of expenditure incurred … [Read more...] about Top 15 Common Cost Accounting Questions and Answers
5 Difference Between Self Balancing and Sectional Balancing System
Sectional balancing system and self-balancing system both have their own advantages for different types of businesses and firms. Differences Between Sectional and Self-Balancing Systems There are many types of differences between sectional and self-balancing ledger systems: 1. Trial Balance Therefore, Under the sectional balancing system, only one trial balance is … [Read more...] about 5 Difference Between Self Balancing and Sectional Balancing System
9 Key Advantages of Sectional & Self-Balancing System
In a large business, when the maximum number of accounting entries is increasing then a sectional and self-balancing system takes place in trade debtors and trade creditors as the accounts of debtors and creditors are separated from other accounts. For a business, there are lots of benefits to using sectional balancing systems and self-balancing systems in their accounting … [Read more...] about 9 Key Advantages of Sectional & Self-Balancing System
How to Rectify the Errors Affecting the Self Balancing Ledgers
In the Self-balancing system, we must justify the nature of the error whether it affected the total of the subsidiary book or it is related to the transfer of the amount from one Ledger to another or it is committed to posting from journal to ledger accounts. How to Rectify the Errors Affecting the Self-Balancing Ledgers Error in affecting the total of the Sales … [Read more...] about How to Rectify the Errors Affecting the Self Balancing Ledgers