Showing posts from April, 2017
Absorption of Overheads: The most important step in the overhead accounting is ‘Absorption’ of overheads. CIMA defines absorption as, ‘the process of absorbing all overhead costs allocated or apportioned over a particular cost c…
Codification of Overheads Codification is a process of representing each item by a number, the digits of which indicate the group, the subgroup, the type and the dimension of the item. It is always advisable to codify the overh…
Meaning: Cost related to a cost center or cost unit may be divided into two i.e. Direct and Indirect cost. The Indirect cost is the overhead cost and is the total of indirect material cost, indirect labour cost, indirect expense…
Agriculture is the main factor to develop our country. The agriculture sector of our country is not so good. Lack of scientific method of cultivation is the main reason. In Europe the agricultural sector is very well developed du…
Executive Summary Idea is the key of Business. Each business is established to accomplish something, KFC is not any exception. Starting from 1930 its journey from Colonel Harland Sander’s small kitchen in the small front room of …
Time Keeping: This department is concerned with maintenance of attendance time and job time of workers. Attendance time is recorded for wage calculation and job time or time booking is considered for computing time spent for eac…
The study of time and motion is essential for designing an incentive system. Time study determines the time to be spent on the job. Standard time is the time that should be taken for completing a particular job under standard or …
It is necessary for the management of any organization to establish proper wage and salary structure for various jobs. For doing this in a scientific manner, it is necessary to determine the relative value of jobs and hence a job…
Merit rating aims at evaluating the performance of workers. Main objective of merit rating is to reward employee on the basis of efficiency and merit. Merit rating brings out the comparative worth of workers. The traits generally…
