Quick answer: A budget is a financial or quantitative plan for a future period, and budgetary control is the process
Quick answer: Standard costing sets a predetermined cost for each product, records the actual cost, and studies the difference, called
Quick answer: Marginal costing separates costs into fixed and variable and treats only variable cost as product cost. Cost-volume-profit analysis
Quick answer: Cost and financial accounts show different profits because some items appear in only one set of books (income
Quick answer: Operating costing finds the cost of a service, such as transport, hotels, hospitals or power supply, per unit
Quick answer: Process costing is used where materials pass through several processes, such as chemicals, dairy or oil refining. Each
Quick answer: Contract costing finds the cost and profit of each long-term contract, such as building or civil engineering work.
Quick answer: Unit (output) costing finds the cost per unit when a business makes one identical product in a continuous
Quick answer: Labour cost is the wages paid to workers who make the product. Key ideas are the types of
Quick answer: Material costing controls how materials are bought, stored, issued and valued. Key tools are codification, bin cards and