explain Variable Costing and Segment Reporting: Tools for Management in your own words

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Answer :

Variable Costing :

Variable cost are those manufacturing cost that change with the level of production of output.
Variable costing approach means that all overhead cost are charged to expense in the period incurred.
Variable cost directly incurred in the production.
Variable cost sometimes called "Direct Costing" and "Marginal Costing".
Variable cost generally includes Direct material, Direct Labor and Variable proportion of manufacturing overhead.

Segment Reporting :

Segment Reporting is the reporting of the operating segments of a company having disclosures in financial statements.
Segment Reporting is required for "Publicly held entities.
Under GAAP, an operating segment engages in business activity from which it mat ern revenue and incur expenses.
Segment Reporting is not applicable for "Private Companies".
Segment Reporting provide information to investors and creditors regarding regarding the financial information of a company.

ekkarill92 answered 1 year ago

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