Inter-firm Comparison has also been defined as ... a technique, which detects the short- comings in production efficiencies of the participating firms in a given industry. Inter-firm comparison may be defined as "A management technique by the use of which it is made possible for an organisation to compare its performance with that of the other units engaged in the [...]
Accordingly, where two or more products are manufactured jointly from the same input factors and the cost of input cannot be identified with or traced to the individual products, the products produced are known as 'joint products.' According to CIMA Official Terminology, joint products are "two or more products separated in processing, each having a sufficiently high saleable value to [...]
Everything you need to know about the Objectives of Cost Accounting. Some of the most important objectives of Cost Accounting are as follows: - To Ascertain CostCost ControlDetermination of Selling PriceAscertainment of ProfitabilityProvides a Base for Setting Business Policies:Inter-Firm ComparisonControl on WastageMinimum Capital in StocksEffective Information SystemInternal Audit SystemMeasuring and Increasing EfficiencyCost ReductionCost ManagementProviding Basis for Managerial Decision-Making:Cost findingCost recordingCost [...]