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Uniform costing implies the use of same costing principles and practices by the various organisations and is therefore not a distinct or separate method of cost accounting like other methods such job costing,process costing etc.
In other words it is a technique which ensures application of uniform accounting methods in a number of concerns in the same industries or some times in all the units under the same management.
Generally this system is made operative through the respective Trade Association,Chamber of Commerce or some other Association of the industries.
The main objective of uniform costing is to compile the costing and other accounting information on a comparable basis so that useful analysis could be made by comparing the working results of similar organisation.This enables the participating units to know their weakness and area of further improvements can be made
The main objective of uniform costing is inter-firm comparison.It helps in furnishing suitable data to various government agencies whenever required or needed.
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12 Comments. Leave new
good effort , Suryakant.
You have explained it quite well in simple terms but yes u can elaborate it a bit further.
Unique concept..!
Varying, short and too the point articles covering various concepts of costing, keeps me interested in reading your posts. Keep posting such informative articles.
You explain the accounting concepts well. I feel one should read your articles rather than accounts books because you explain well in less no. of words.
Informative!
Good effort
Uniform costing is not something new but indeed people are unaware of it. It provides a base for comparison and also guides the analyst from being deceived. Nicely done. 🙂
short and crisp work
well written
good ONe 😀
Something new to learn☺