Types of Cost Accounting

By |2021-12-18T07:18:24+00:00January 3rd, 2022|Categories: Accounting|Tags: , , , |

  Cost accounting is a type of cost managerial accounting that aims to capture a company's whole cost of production by monitoring both variable and fixed costs, such as a lease payment. Cost accounting is the practise of a company's (variable and fixed) costs associated with the manufacture of a commodity being tracked, reviewed, and documented. [...]

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AS 18 – Related Party Disclosures

By |2021-12-07T12:17:55+00:00December 12th, 2021|Categories: Accounting|Tags: , , |

This AS 18 defines disclosure criteria for: Related party relationships; and Transactions between a reporting entity and its related parties. This Standard applies to the financial statements of each reporting enterprise as well as the consolidated financial statements of a holding company. What is the meaning of a Related Party? According to AS 18, a related [...]

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AS 13 Accounting for Investments

By |2021-12-01T08:01:57+00:00December 3rd, 2021|Categories: Accounting|Tags: , , , , , , , , |

AS 13 Accounting for Investments is a widely used standard that governs the accounting for investments in a company's financial statements and specifies different disclosure criteria. Applicability of AS 13 Accounting for Investments The following are not covered by AS 13 Accounting for Investments: Dividends, interest, and rentals earned on investments covered by AS 9 Finance or [...]

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AS 7 – Construction Contracts

By |2021-11-11T05:46:02+00:00November 11th, 2021|Categories: Accounting|Tags: , , , , |

AS 7 Construction Contract defines and specifies the accounting treatment of revenue and expenditures associated with a construction contract. Construction contracts have to be accounted for in the financial statements of the contractors using Accounting Standard 7 Construction Contract. Different Types Of Contracts A construction contract is one that is entered into expressly for the building [...]

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AS 19 – Leases

By |2021-11-08T08:37:04+00:00November 8th, 2021|Categories: Accounting|

AS-19 deals with the accounting policies applicable for all types of leases except certain listed below. A lease is an arrangement between the lessor and the lessee that grants the lessee the right to use an asset in exchange for a payment or series of payments over a predetermined period of time. What types of leases [...]

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AS 10 : Accounting standard on Property, Plant and Equipment

By |2021-11-05T12:11:01+00:00November 5th, 2021|Categories: Accounting|Tags: , , , , , , , , , |

AS 10 Property, Plant, and Equipment prescribes the accounting treatment for properties, P&E (Plant and Equipment) so that financial statement consumers can recognize and appreciate information about any enterprise's property, P&E investment, as well as understanding changes in such investments. It's also worth noting that AS 6 – Accounting for Depreciation has been withdrawn, and all [...]

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