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An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
CMA Logo for exclusive use by Indian CMAs. This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations [9] and three years of practical training [10] in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an ...
An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
A Cost and Management Accountant (CMA) in India plays a pivotal role in the financial and operational management of organizations. CMAs are experts in cost accounting, financial planning, and strategic management, providing critical insights that help businesses optimize their resources, enhance profitability, and ensure sustainable growth. [2]
Cost accounting is a process for verifying the cost of manufacturing or producing of any article, on the basis of accounts measuring the use of material, labor or other items of cost. In simple words, the term, cost audit means a systematic and accurate verification of the cost accounts and records, and checking for adherence to the cost ...
Alternatives to traditional cost accounting have been proposed by various management theorists. These include: Throughput accounting , under the Theory of Constraints , under which only totally variable costs are included in cost of goods sold and inventory is treated as investment.
Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied primarily to the larger ones.
Job costing (known by some as job order costing) is fundamental to managerial accounting. It differs from Process costing in that the flow of costs is tracked by job or batch instead of by process. job cost is done for one single product The distinction between job costing and process costing hinges on the nature of the product and, therefore, on the type of production process: