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Key Differences Between Absorption Costing and Marginal Costing Corporate and Management Accounting - CS Executive The following are the major differences between  Absorption Costing and Marginal Costing . The costing method in which variable cost is apportioned exclusively, to the products is known as Marginal Costing . Absorption Costing is a costing system in which all the costs are absorbed and apportioned to products. In Marginal Costing, Product related costs will include only variable cost while in the case of Absorption costing , fixed cost is also included in product-related cost apart from variable cost. Marginal Costing divides overheads into two broad categories, i.e. Fixed Overhead and Variable Overhead. Look at the other term Absorption costing, which classifies overheads in the following three categories Production, Administration, and Selling & Distribution. In marginal costing profit can be ascertained through the help of Profit Volume Ratio [(Contribution /...

I ndustrial, Labor & General Law Important terms related to the Law on the Transfer of Property Act. Vested and Contingent Interests Vested Interest is an interest that is created for the benefit of a person – without specifying the time at which it is to take effect, or specifying that it is to take effect immediately, or on the occurrence of an event.   Contingent Interest means an interest created in favor of a person – to take effect only on the happening or not happening of a specified uncertain event, which may or may not happen.   Contingent Interest means an interest created for the benefit of a person – to take effect only on the occurrence or non-event of a specified uncertain event that may or may not occur.   In simple terms, as provided for in the Transfer of Property Act; where interest is granted, the transfer is complete but where the interest is contingent, the transfer depends on the preceding condition, i.e. where the transfer takes place and the in...

Meaning of Disablement The term disability has not been specified under the Act, but the term disability is the condition of being disabled or the experience of being disabled in a general sense. For your own tasks, it is the state that depends on the other person. The word disability can be referred to as an impairment of human functioning, which can be physical impairment, sensory impairment, chronic disorder, or some other type of mental illness. There can be effects on areas of the body or on the behavior of the involvement of individuals in life.   The disability  may be in several kinds and the health status of the worker determines the type of disability. Partial Disability or Complete Disability may be one. Both words have been specified by the Act. The disability can be defined as the act of losing the salary-earning capacity by reading and understanding all the words, and it can be bifurcated as complete or partial disability depending on the type or percentage of in...