Free notes, textbooks, and exam-focused resources designed for Indian banking professionals.
In process costing, process loss refers to the expected wastage during production, whereas abnormal losses are unexpected and avoidable losses. Conversely, abnormal gains occur when actual output exceeds the expected…
Process costing is a costing method utilized to determine the cost of products in industries characterized by continuous or mass production of homogeneous products. This method allocates costs to each…
In contract costing, “contract profit” refers to the profit earned on a specific contract, particularly for long-term projects. It is calculated as the difference between the contract price and the…
Material Accounting Material refers to any commodity or substance processed in a factory for conversion into a finished product. In cost accounting, material is classified as part of inventory. The…
A progress payment is a partial payment made before a service or delivery is fully provided. These payments are typically issued to a contractor after completing a specific stage of…
Job costing is used for short-term, smaller-scale projects where costs are tracked individually for each job. It is commonly applied in manufacturing and service industries for custom or specialized orders.…
Batch costing is a type of specific order costing where articles are manufactured or processed simultaneously in predetermined lots, known as batches. Therefore, batch costing is also referred to as…
What Are Overheads? Overheads, also known as indirect costs, are expenses that cannot be directly attributed to the production of a specific product or service. These include rent, utilities, salaries…
Job cost cards, also known as job cost sheets or job cost records, are documents that list all expenses incurred to complete a specific project. These expenses can be recorded…
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