Management accounting provides data to the management on the basis of which they take decisions…

Institute of Chartered Accountants of England and Wales defines management accounting as: Any worm of…

Break-Even Chart is the most useful graphical representation of marginal costing. It converts accounting data…

Equations for elements of cost are as follows: Sales = Variable costs + Fixed Expenses…

Cost-Volume-Profit (CVP) Analysis is also known as Break–Even Analysis. Every business organization works to maximize…

Direct labor variances are categorized as follows: ●      Labor Cost Variance ●      Labor Rate of Pay Variance…

Material variances can be of the following categories: ●      Material Cost Variance ●      Material Price Variance ●      Material…

When the actual cost differs from the standard cost, it is called variance. If the…

Format                 Standard Cost CardNo ... ... ... ...Product... ... ... ...Date of setting Standard... ...…

●      Standard costing includes pre-determination of costs under specific working conditions. ●      In this process, the standard…