Variable cost
Variable costs change directly with the level of production or sales. Common examples include raw materials, direct labour, and packaging. These costs increase as output rises and decrease when production slows. Understanding variable costs is crucial for break-even analysis, pricing strategy, and managing profit margins.
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Valuation Account
A valuation account adjusts the carrying value of an associated asset or liability, such as an allowance for doubtful debts…
Vendor Management
Vendor management is the process of monitoring and optimising relationships with suppliers and service providers. In accounting, it ensures timely…
Variance Report
A variance report compares budgeted figures to actual results to identify performance gaps. It highlights both favourable and unfavourable variances…
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