Cost Accountancy

How can Cost Accounting add value to my business?

  Imagine you assemble ballpoint pens. You have a contract to assemble 1,000 per day for a customer. A quick calculation of all the materials, direct labour costs, fixed costs including your salary for one day, will give you an accurate cost per item. You now have an option to apply a mark-up on the …

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How the 80/20 rule can enhance business efficiency

  I often think of Nasa’s Apollo 13 mission and how, when things kept going wrong, the team never accepted failure as an option. Neither the ground control in Houston nor the astronauts on the stricken spaceship allowed themselves to panic, and they never gave up trying to find a solution. The key was that …

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