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Inventory Costing Methods

In any company, it is essential to maintain a balanced budget. To do so, managers must know the enterprise’s finances well, as well as define strategies so that their incomes cover the needs of the business. It is no wonder that many use costing methods for this purpose. In general, costing methods are tools used to identify expenses that involve the business’ processes, such as manufacturing and sales. Because there are different types, it is very important that the company assess their key characteristics and see which one fits best in its environment. Before we begin, we need to define what variable and fixed cost is. Variable costs are those that change according to the volume of production, while fixed costs are those that remain stable regardless of what the company produces. That said, let’s learn about the methods. Keep reading! PROCESS AND JOB-ORDER COSTING.   There are two conventional costing approaches used in manufacturing. The first, and more common, is p
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Indian Economy

Indian Gdp Writer Name: Shabee Ul Hassan - Article describes the reason behind the major growth of India i.e. Globalization. Globalization and its effects on Indian Economy: Developments and Challenges - Globalization refers to a process whereby regional economies, societies, and civilizations became incorporated via a global network of communication, transport, and trade. The term may be utilized to refer especially to financial globalization: the integration of national markets into the global political economics via trade, foreign direct investment, capital flows, migration, and the spread of technologies. Globalization as a spatial integration in the world of social connections when he explained Globalization can be defined as the intensification of worldwide social connections which link distant places so that local events are shaped by events occurring many miles apart and viceversa.  Globalization means incorporating economics of our country. The changes had a substantia
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What is Cost?

An amount that has to be paid or given up in order to get something. In business, cost is usually a monetary valuation of effort, material, resources, time and utilities consumed,  risks incurred, and opportunity forgone in production and delivery of a good or service. All expenses are costs, but not all costs (such as those incurred in acquisition of an income-generating asset) are expenses. Types of Costs (Cost Classifications): Costs can be classified into different categories for different purposes. Costs may be categorized according to their: management function, ease of traceability, timing of charge against revenue, behavior in accordance with activity, and relevance to decision making. According to Management Function: 1. Manufacturing costs  - incurred in the factory to convert raw materials into finished goods. It includes cost of raw materials used (direct materials), direct labor, and factory overhead. 2. Nonmanufacturing costs  - not incurr
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