In managerial accounting, standard cost variance is the difference between the actual cost incurred to produce a product or service and the standard cost that was expected. Standard cost variance is...
Posts by Caroline Grimm
Allowance for doubtful accounts is a contra asset account that is used to offset the accounts receivable account. It represents an estimate of the amount of accounts receivable that a company...
Journal entries are one of the most fundamental and essential concepts in accounting. A journal entry is a record of a transaction that affects a company's financial statements. Journal entries are...
In business, it is essential to understand the different types of costs incurred. Understanding cost behavior is critical to making informed business decisions. A mixed cost is a type of cost that...
A cost of production report is a document used by manufacturers to calculate the cost of producing goods during a specific period. This report is used to determine the cost of goods sold and to...
How to Calculate Multiple Production Department Factory Overhead
In manufacturing companies with multiple production departments, it is important to allocate factory overhead costs appropriately to each department based on their usage. This is done by using a...