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Entities need to recognize their expenses correctly so that the books of accounts reflect the true financial condition of their business. Expenses which arise within a specific year are recorded in the books as and when they are...

Businesses incur several types of costs in the course of carrying out their operations. Measuring these costs is important to take pricing decisions and analyzing them is crucial to implement cost control and management measures...

The primary objective of any commercial business entity is to generate profit for its owners or stockholders. Thus, management efforts and policy making are often directed towards maximization of profits. In this effort,...

Costing is the business function of collating and apportioning expenditures so as to determine costs of products, processes or functions. Costing has several purposes including inventory valuation, determination of selling...