Budget is a financial statement that provides detailed information about the revenue and expenditure of a particular year. However, there is no single rule or pro forma available to prepare budget, as in case of balance sheet and profit and loss account. You should note that different organizations follow different rules and methods to prepare their budgets. For example- government [...]
Everything you need to know about the applications of marginal costing. Marginal costing is the most powerful and popular technique in aid of managerial decision making. It reveals the cost, volume profit relationship in all its ramifications which is useful in profit planning, selling price determination, selection of optimum volume of production, etc. Marginal costing, with its focus on variability [...]
Everything you need to know about reconciliation of cost and financial accounts. The word 'Reconcile' means to tally, conciliate, harmonize, bring together or equate. The term reconciliation applies to the reconciliation of the results of the business profit or loss as shown by the financial accounting records and the cost accounting records. When cost accounts and financial accounts are maintained [...]