Cost audit is the verification of the correctness of cost accounts and of the adherence to proper cost accounting procedures. Its purpose is to check that the various systems can be relied upon to operate in an integrated manner. Cost audit is of a recent origin. It is an effective tool of control for the management. It keeps a check [...]
Everything you need to know about methods of preparing a cash budget. Cash budget is one of the most important budgets prepared by an enterprise as every transaction ultimately resolves itself into cash. It contains estimates of cash inflows and outflows for a period of time in future. Cash budget portrays the projecting of cash receipts and disbursements from all [...]
Variance means the deviation of actual from standard. In other words variance is the difference between the actual performance and standard performance. A variance is said to be controllable if it can be identified at the primary responsibility of a specified person, the size of controllable variance reflects the degree of efficiency of the person concerned. It is the Controllable. [...]