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Henry Fayol, also known as the Father of Modern Management Theory, gave a new perception on the concept of management. He introduced a general theory that can be applied to all levels of management and every department. He envisioned maximising managerial efficiency. Today, Fayol’s theory is practised by the management to organise and regulate the…

Standard Costing is a method used to compare revenue and the standard cost with the actual result, to check the variance and its causes. It informs the management of the deflection and initiates correct measures for improvement. It can be defined as the predicted cost per unit of the product manufactured during a period, based…

What is Cost Accounting? Cost accounting is referred to as a form of managerial accounting that is used by businesses to classify, summarize and analyse the different costs with the purpose of cost control and cost reduction and thereby helping management in making better decisions. The primary function of cost accounting is said to be…

Cost accounting is the process of assembling and evaluating information to discover how an organization can maximize its earning and utilise funds. There are various advantages of cost accounting, here are the few key advantages of to consider cost accounting: Cost object analysis- Expenses and revenues can be gathered by cost object, like product line, distribution…

A monopolistic competition is a type of imperfect competition where there are many sellers in the market who are competing against each other in the same industry. They position their products, which are near substitutes of the original product. In a monopolistic competition, the barriers of entrance and exit are comparatively low. The companies try…

Exam Question # Q.4. What are the types of Postponable Costs: Ans. Those costs which must be incurred in order to continue operations of the firm are urgent costs – for example, the costs of materials and labor which must be incurred if production is to take place. Costs which can be postponed at least for some time…

  Ans. Average cost is the total cost divided by the total quantity produced. Marginal cost is the extra cost of producing one additional unit. The relationship among total cost, average cost, and marginal cost is shown in Table 3.1. A study of the above table reveals the following points: 1. Average cost is equal to…

  ADVERTISEMENTS: Producers’ goods are also called as capital goods. These goods are used in the production of other goods. Machinery, tools and implements, factory buildings, etc. are some of the examples of capital goods. Consumers’ goods are those goods, which are used for final consumption. They satisfy the consumers’ wants directly. Examples of consumers’…

The health and environmental effects of the nuclear fuel cycle, from ore extraction to waste disposal, have been documented for over half a decade, beginning with the earliest studies of underground uranium miners in the United States. Because of the long-recognized ability of ionizing radiation to induce various types of cancer, many of the studies…

Inequalities with respect to gender, socioeconomic status, class, caste, and religion are central to the risks people face. Gender inequity shapes power relations, sexual relations, and access to resources, opportunities, and assets including land. It thus also shapes the relative risks and vulnerabilities that women face. Such socioeconomic vulnerability may lead a woman to exchange…