Cost Classification

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What is Notional cost?

By Hasaan Fazal on April 17, 2011

Notional means imaginary, speculative or conceptual i.e. something that has no actual existence and is mere imagination. Same way a notional cost is an imaginary cost which is sometimes included in the cost units and cost centers to make costing estimates more realistic or simply more challenging especially when the performance of cost unit and […]

Posted in Absorption and Marginal Costing, Absorption and Marginal Costing, ACCA, ACCA - F2, ACCA - F5, CA, CAT, CAT - T2, CAT - T4, Cost and Management Accounting, Cost Classification, FIA, MA1, MA2, Module D, Relevant Costing & Decision Making | 1 Response

What is Responsibility accounting?

By Hasaan Fazal on April 3, 2011

In order to make the organization working at its best and reaching its potential to achieve objectives, the actual results are compared with the targets. And if those targets are not achieved someone must be held responsible. Because without accountability we cannot control business operations and cannot ensure the effective and efficient achievement of business […]

Posted in ACCA, ACCA - F2, CAT, CAT - T4, CAT - T7, Cost and Management Accounting, Cost Classification, Divisional Performance Measurement, FIA, FMA, Performance Measurement and Evaluation | Leave a response

What is the difference between Cost and Expense?

By Hasaan Fazal on March 18, 2011

Most of the time the difference between the terms Cost and Expense is ignored and are used interchangeably. However, the difference is significant from accounting perspective and being an accountant it is good if we keep these two terms separate to cause lesser confusion and clearer communication of financial information. Cost can be defined as […]

Posted in ACCA, ACCA - F2, ACCA - F3, Accounting Concepts & Conventions, Accounting Terminologies, CA, CAT, CAT - T1, CAT - T2, Cost and Management Accounting, Cost Classification, FA1, FIA, MA1, Module B, Module D | 4 Responses

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