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For external purpose of Financial Reporting mostly In preparation of P/L accounts Absorption costing is used. Where as Variable Costing/Marginal Costing is mostly used in ... Voir Plus
Dear Ibrahim, Kindly note that absorption costing is required for external reporting purposes, Variable costing is used for internal management reporting purposes only. ... Voir Plus
Cost Saving - An original item is replaced with an alternative item having less price than the original item without any compromise in the specification, quality and purp ... Voir Plus
Cost Reduction is to reduce purchase of items that will not affect our budget cost that could only suffice to our project. While Cost saving meaning the reduce of unncec ... Voir Plus
Focus on the idea of reducing costs as a provision that gives a false reduction of cost only .. It is necessary to link the cost and the cost of production (the unit of ... Voir Plus
Complete review and checking of all entries to avoid any errors by accounts department or highlight any error for which there must be an Internal Audit department in any ... Voir Plus