Accounting

Disadvantages of Just in Time (JIT) Inventory

Disadvantages of Just in Time (JIT) Inventory

Just in time inventory, also known as JIT inventory, is the reduced amount of inventory owned by a business after it installs a just-in-time manufacturing system. It is a management strategy that aligns raw-material orders from suppliers directly with production schedules.  The intent of a JIT .....

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Advantages of Just in Time (JIT) Inventory

Advantages of Just in Time (JIT) Inventory

Just in time inventory, also known as JIT inventory, is the reduced amount of inventory owned by a business after it installs a just-in-time manufacturing system. It is a management strategy that aligns raw-material orders from suppliers directly with production schedules.  The intent of a JIT .....

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How to Reduce Just in Time (JIT) Inventory?

How to Reduce Just in Time (JIT) Inventory?

Just in time inventory, also known as JIT inventory, is the reduced amount of inventory owned by a business after it installs a just-in-time manufacturing system. It is a management strategy that aligns raw-material orders from suppliers directly with production schedules.  The intent of a JIT .....

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Just in Time Inventory (JIT)

Just in Time Inventory (JIT)

Just in time inventory, also known as JIT inventory, is the reduced amount of inventory owned by a business after it installs a just-in-time manufacturing system. It is a management strategy that aligns raw-material orders from suppliers directly with production schedules. This type of system is .....

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Cost Allocation

Cost Allocation

Cost Allocation Definition: Cost allocation is the process of finding cost of different cost objects such as a project, a department, a branch, a customer, etc. It involves identifying the cost object, identifying and accumulating the costs that are incurred and assigning them to the cost object .....

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About Throughput Accounting

About Throughput Accounting

About Throughput Accounting Throughput Accounting (TA) is a management accounting approach that focuses on the throughput of cash from sales and the truly variable costs of producing an additional unit of a product or service. It is designed to support management decision making. TA was proposed .....

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About Management Accounting

About Management Accounting

About Management Accounting Management Accounting (also called managerial accounting) is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions. The result of .....

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Economic Entity

Economic Entity

Economic Entity Definition (Economic Entity Assumption) – The economic entity assumption is an accounting principle that states that all transactional data associated with a specific entity is assumed to be clearly attributed to the entity, and does not include other transactional data associat.....

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Institute of Chartered Accountants of Bangladesh (ICAB)

Institute of Chartered Accountants of Bangladesh (ICAB)

Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). The Ministry of Commerce, Government of the People’s Republic of Banglade.....

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Institute of Cost and Management Accountants of Bangladesh (ICMAB)

Institute of Cost and Management Accountants of Bangladesh (ICMAB)

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is a leading professional body in Bangladesh that offers a professional qualification in Cost and Management Accountancy, with a focus on accounting for business. ICMAB program has been designed to meet the evolving needs of b.....

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Cost Based on Unit Price

Cost Based on Unit Price

Cost Based on Unit Price Cost-based pricing involves setting prices based on the costs of producing, distributing and selling the product. Also, the company normally adds a fair rate of return to compensate for its efforts and risks. The total cost of a number of items may be calculated when the .....

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Difference between Standard Cost and Estimated Cost

Difference between Standard Cost and Estimated Cost

Difference between Standard Cost and Estimated Cost Estimated costs are intended to ascertain what the costs will be while standard costs aim at what costs should be. However, both estimated costs and standard costs are related to future period of time but there are some significant differences b.....

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