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This is a major strategy she has to consider because to start advertising for new clients would always cost her more while already existing clients is low or probably cost nothing with the use of internet and mails. Another advantage here is finding out from clients what they need and make it for them, that is an advantage on an existing customer, and it increases your profits without much work.

Cost accounting is a specialized branch of accounting that deals with the classification, recording, and allocation of current costs and prospective costs. In the modern commercial world, it is one of the most important techniques or process for a business. The management of an organization and its workers both greatly benefit from it.

Importance of Accounting Concepts Introduction The most important aspect of any business venture is a simple understanding of the prevailing concepts that could curtail the smooth operations of the business as a going concern. Accounting concepts and principles play a pivotal role in the affairs of a business. There must be a mechanism to understand all the debits and credits of a.

Historical Cost versus Fair Value Accounting. Different accounting principles and concepts have been an issue of extensive discussion over the recent years as investors started pressing for harmonization in financial reporting standards and increased comparability of annual reports.

Tips on Writing an Accounting Essay. As is true of most good essays, the introductory paragraph should define the essay’s topic. This will prepare readers for any possible difficult words or terms that will be used throughout the essay and it will explain the meaning of words that are obscure or can be interpreted in more than one way. It.

Cost control is a tool of management executives to regulate the working of the manufacturing concern. Under the globalize economy, mere planning is not enough. Efforts are constantly made to scrutinize the results of the workings. If so, out of control situations may be find out and eliminated immediately, with the help of cost control, the.

A good cost accounting system eliminates wastes, losses and inefficiencies by fixing standard for everything. 2. Cost Reduction. New and improved methods of production are followed under cost accounting system. It leads to cost reduction. 3. Identify the reasons for Profit or Loss. A good cost accounting system highlights the reasons for.

The advantages of cost accounting are: Disclosure of profitable and unprofitable activities. Since cost accounting minutely calculates the cost, selling price and profitability of product, segregation of profitable or unprofitable items or activities becomes easy.

Environmental full cost accounting is a method of accounting that recognizes the direct and indirect economic, environmental, health and social costs of a project or action.

Inflation accounting refers to the process of adjusting the financial statements of a company to show the real financial position of the company during inflationary period. It is a special accounting technique that is used during the period of high inflation. It requires adjustments in financial statements of a company according to current price index prevalent in the economy.

CHAPTER 1 Accounting Principles and Concepts Meaning and Scope of Accounting Accounting is the language of business. The main objectives of Accounting is to safeguard the interests of the business, its proprietors and others connected with the business transactions. This is done by providing suitable information to the owners, creditors.

The cost of something is the amount of money that is needed in order to buy, do, or make it. The cost of a loaf of bread has increased five-fold. In 1989 the price of coffee fell so low that in many countries it did not even cover the cost of production.