Application of Marginal Costing

The applications of Marginal Costing

Cost control
Profit Planning
Performance evaluation
Fixation of selling price
Selection of most profitable product mix
Make or Buy decision
Shut down or continue decision
Effect of changes in selling price
Level of activity planning
Product Diversification
Profitability Improvement
Consistency and Continuity
Sustainability

Methods of Wage Payment

Read this article to learn about:

Time wage system
Piece wage system
Advantages of Time wage system
Disadvantages of Time wage system
Advantages of Piece wage system
Disadvantages of Piece wage system
Formula for the calculations of Earnings
Pros and cons and field of application

Costing Methods

Find out all you need to know about cost methods in this article. Learn about – Job Order Costing, Process Costing, Operating Costing, Output Costing, and Multiple costing – as well as Batch costing. Job costing is the fundamental type of costing employed by industries with separate contracts, jobs, or batches each of which must be authorized by a specific order.

Objectives of Cost Audit

The goal of a cost audit is to ensure that financial records, accounts, and statements are correct. It serves as a safeguard against waste. It’s an efficiency indicator. It’s also a guide for managerial decisions. The aim of a cost audit is to verify the accuracy of books, accounts, and statements, as well as to prepare a report based on them.

Factors that May Affect the Learning Process: Important Key Points

Cost Audit

The Institute of Cost and Works Accountants of India’s definition of cost audit. It is an efficiency audit conducted during the process, rather than after it has ended. The financial audit is a fait accompli. Cost Audit is more about prevention than reclamation. Financial auditing fulfills several functions:

Steps of Marketing Research Process

The following are the five phases of a marketing research process: 1. Defining the Problem or Need 2. Deciding Who Will Do the Research 3. Choosing an Appropriate Methodology 4. Data Collection Process 5. Data Preparation, Tabulation and Analysis of Results 6. Presentation and Report Generation The Marketing Research Process Steps – 5 Stages

Determinants of Working Capital: Explained In Detail

Budgetary Control

One of the most significant controls is a budget. It necessitates frequent monitoring and evaluation of actual versus projected figures in order to take required actions as soon as possible. A budget, also known as a financial plan, is a document that contains projections for various operational activities of an organization. The Business Planning Department develops budgets for all departments and divisions.

Career Planning

It is the employee’s responsibility to plan his or her career. Of course, the company must provide employees with opportunities to grow and develop their careers in order to fulfill the demands of the business. This implies assisting workers in achieving a better match between their personal goals and organizational possibilities. Employee Career Planning

Leadership Styles

The style of leadership a leader uses to lead people or workers in an organization is known as his or her leadership style. The technique of influencing followers or subordinates that a leader follows is referred to as his or her leadership style. A variety of criteria must be considered when determining the kind of leadership a leader will exhibit, including his personality attributes, value system, and previous experience. Leadership styles differ from person to person .

Controlling in Management

Controlling is the process of determining whether actions are resulting in the intended outcomes. To control implies checking and verifying that each activity is done according to plan. The controlling function in management entails taking proactive and corrective measures to guarantee that resources are being utilized effectively.