Takshila Learning - Online Tutorials

Meaning of Marginal Costing It is a costing technique where only variable cost or direct cost will be charged to the cost unit produced.   Marginal Cost of Production is the change in total cost that comes from making or producing one additional item. The purpose of this is to determine at what point an organization can achieve economies of scale. Features of Marginal Costing   All operating costs are differentiated into fixed and variable costs. Variable cost is charged to the product and treated as product cost. Fixed Cost is treated as a period cost and written off to profit & loss account. In the marginal costing technique, the costs are recorded and profits are reported. The unit cost of a product means the average variable cost of manufacturing the product. Advantages of Marginal Costing   Elimination of cost variance per unit: Fixed costs are not carried forward to the next year, units have a standard cost. Cost comparisons become meaningful. Accurate overhead recovery rate

Industrial & Labour law – Torts or Wrongs to Personal Safety & Freedom What is Tort? In a common language, a tort refers to a civil wrong that causes someone else to suffer loss or damage resulting in the person who performs such an act being legally responsible. Tort law applies to the collection of laws that offer redress for persons who have caused injury from someone else's unfair actions. Tort law is based on the principle that entities, whether intentional or accidental, are responsible for the consequences of their acts if they cause injury to another individual or organization. Types of Tort (a) Battery Batteries The battery is the criminal act of offensively touching or applying force to another person's body deliberately, including a wide variety of actions, including those of a sexual nature. Therefore, two things are required to constitute a tort of battery: I use of force, but it may be insignificant without the consent of the complainant, and (ii) without