Free notes, textbooks, and exam-focused resources designed for Indian banking professionals.
Absorption costing, also known as full costing, is an accounting method used for inventory valuation. It incorporates all manufacturing costs, including direct materials, direct labor, and both variable and fixed…
The Government of India has revised the classification criteria for Micro, Small, and Medium Enterprises (MSMEs), effective from April 1, 2025. This update was announced by Finance Minister Nirmala Sitharaman…
Definition of Cost-Volume-Profit (CVP) Analysis Cost-Volume-Profit (CVP) analysis is a fundamental cost accounting technique used to assess the relationship between cost, volume, and profit. It enables businesses to determine how…
The break-even point (BEP) is the level of sales at which total revenue equals total costs, resulting in neither profit nor loss. It represents the sales threshold where a company…
Introduction Standard costing is a cost accounting technique that involves estimating expected production costs, including materials, labor, and overhead, and comparing them with actual costs to identify variances and enhance…
A variance report is a formal document that compares planned financial outcomes with actual financial results. Variance reporting to management involves analyzing deviations from budgeted figures, highlighting discrepancies, and providing…
Definition of BenchmarkingBenchmarking is the systematic process of measuring an organization’s products, services, and processes against those of industry leaders or best-performing entities. This practice enables organizations to establish performance…
Variance analysis is a financial assessment tool used to evaluate the differences between planned and actual figures. It compares actual costs against projected costs for materials, labor, and overheads, identifying…
Businesses must establish predetermined costs to implement a standard costing system for materials, labor, and overhead. This system facilitates the tracking of actual costs, comparison with standard costs, variance analysis,…
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