Tag Archives | Cost Concept

7 Main Steps for Installation of a Costing System

This article throws light upon the seven main steps for installations of a costing system. The steps are: 1. Objectives to be Achieved 2. Study the Product 3. Study the Organisation 4. Deciding the Structure of Cost Accounts 5. Selecting the Cost Rates 6. Introduction of the System 7. A Follow-up. Installation of a Costing System: Step # 1. Objectives [...]

By Ashok M|2016-06-28T09:28:16+00:00June 28, 2016|Costing System|Comments Off

Cost Types: 3 Main Types of Cost

This article throws light upon the three main types of costs. The types are: 1. Fixed Costs 2. Variable Costs 3. Semi-Variable Costs. Type # 1. Fixed Costs: Fixed Costs also referred to as non-variable costs, stand-by costs, period costs or capacity costs are those costs which do not vary with changes in volume of output over a given period [...]

By Ashok M|2016-06-28T09:28:16+00:00June 28, 2016|Cost Accounting|Comments Off

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