Costing Methods and Techniques
Manufacturers have the challenging task of setting the pricing of the product. With increasing competition in the market, the manufacturers cannot set the pricing to
Category: Business Management
Capital Budgeting : Meaning, Methods and Importance
What is Capital Budgeting? Capital budgeting is the process of determining the return potential of investments made in long-term assets, such as buying land to
What is Capacity Requirements Planning? Types, Benefits and Strategies
A manufacturing process requires a lot of planning before it commences. The planning is required to see what’s coming, significantly if it impacts the business’s
What is BOM Explosion?
We all know what a bill of materials is for businesses. It is a significant step in the manufacturing process. It is also known as
Types of GST in India :SGST, CGST, IGST and UTGST
In the year 2017, the Indian government made an announcement regarding the indirect tax regime GST (Goods and services tax). GST replaced other taxes such
Fixed Costs: Definition, Examples and How to Calculate
Definition: Fixed costs, also known as overhead costs, differ from variable costs which tend to increase if business produces a larger number of units. What
What is Material Management? (Definition, Types, and Objectives)
Definition of Material Management Materials management is a process of planning and controlling materials to ensure they are readily available when required. Effective material management
What is Demand Forecasting? Types, Methods, and Examples
What is Demand Forecasting? Demand forecasting is a process of predicting customer demand so that businesses are prepared to timely fulfill orders when the actual
Bills vs Invoice – What is the difference ?
We often interchange the words invoice and a bill. They are closely related as they are synonymous with each other but sometimes they cannot be
Absorption Costing: Pros and Cons
Definition: Absorption costing is an accounting method to help the business in determining the total value of the inventory. It is crucial for the business