Cost Accounting Methods: Inter-process Profit and Inventory Valuation
Inter-process Profit and Its Treatment
Process costing is used in industries where production is continuous and passes through successive processes such as chemicals, textiles, petroleum, paper, or food processing. In such industries, the output of one process becomes the input of the next process. When this transfer of output takes place at a price above cost, the difference is called Inter-process Profit.
Meaning of Inter-process Profit
Inter-process profit refers to the practice of charging the
Read MoreCost Accounting Principles and Manufacturing Applications
Q1. Define Cost Accounting and State Its Main Objects
Cost Accounting is the process of recording, classifying, analyzing, summarizing, and allocating all the costs incurred in the production process. It helps management in understanding and controlling costs so that efficient and profitable operations can be maintained. Cost accounting not only deals with the costs of production but also helps in pricing, budgeting, and decision-making processes. It includes both fixed and variable costs, and applies
Read MoreEssential Office Administration and Management Topics
1. Types of Index Systems
An index is an essential office tool used to locate records, files, and documents quickly and accurately. Indexing helps in saving time, reducing confusion, and improving efficiency in office work. There are different types of index systems used in offices depending on the nature and size of records.
- Alphabetical Index: Names of persons, firms, or subjects are arranged in alphabetical order. This system is simple and widely used in small and medium offices.
- Numerical Index:
Böhm-Bawerk’s Capital Theory and Jevons’ Marginal Utility
Böhm-Bawerk’s Theory of Capital and Interest
Eugen von Böhm-Bawerk, an Austrian economist, developed a comprehensive theory of capital and interest that emphasizes the role of time preference, roundaboutness, and the structure of production.
Time Preference
Böhm-Bawerk argued that people have a preference for present goods over future goods due to the uncertainty of the future and the possibility of enjoying goods now. This time preference is a fundamental aspect of human behavior and plays a crucial
Read Moreမြန်မာ့စာပေမှ သစ္စာ၊ ပညာနှင့် ညောင်ရမ်းခေတ် အိုင်ချင်းကဗျာ
သစ္စာနှင့်ပညာ စကားပြေမှ နိဗ္ဗာန်သို့ သွားရာလမ်း
ပါရာယနဝတ္ထုမှ “သစ္စာနှင့်ပညာ” စကားပြေသည် နိဗ္ဗာန်သို့ သွားရာလမ်းစဉ်ဖြစ်သည့် ကျင့်ဝတ်များကို ညွှန်ပြထားသည်။ ၎င်းသည် ဘုရားရှင်က အာဠာဝကဘီလူးကို
Read MoreQuality Management Principles and 7QC Tools
Understanding the Concept of Quality
Quality is the measure of how well something fulfills its purpose or meets specific standards and expectations. It is about making sure a product, service, or process is reliable, effective, and satisfying to the person using it.
Factors of Quality
- Performance: How well it works.
- Durability: How long it lasts.
- Appearance: How good it looks.
- Reliability: Consistent performance over time.
- Meeting Expectations: How well it satisfies needs or requirements.