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  Uniform Costing and Inter firm Comparison

Uniform Costing and Inter-firm Comparison

Introduction of Uniform Costing

Various types of costing principles and the practices are employed through different industries to fulfil their needs. Though, for comparing the achievements, targets, costs, profitability etc. under the firms, it is necessary that similar set of principles and practices are adopted through all the firms in an industry. The use by various undertakings of similar costing principles and/or practices is termed as uniform costing. It is generally expected in case of a uniform costing system which all firms in an industry involve the same items in cost, apply identical techniques of distribution of overheads, adopt similar general classification of accounts, install the same forms and procedures, and present the same statements. The service departments and producing departments are categorized on the similar pattern in all the firms. The policy concerning the treatment of overhead items is also fixed generally.

Uniform costing is neither a costing method such as job or process costing nor it is a costing technique such as standard costing or marginal costing but a specific system that may combine any of the costing techniques and any one or more methods of costing.

The questions of the application of uniform costing take place only while two or more units want to follow similar costing practices. These units should be occupied in similar activity. They might be owned or managed either through one group or dissimilar groups. For instance, some sugar mills owned or managed through one group may adopt a uniform costing system or dissimilar companies busy in sugar industry may, through a general representative association, concur to follow a uniform costing pattern. The working of the system in the previous case will be very simple as compared to the latter. This is since in the latter case the units are not within similar management and so the arrangement is purely voluntary.

Introduction to Inter Firm Comparison

Inter firm comparison can be described as, "a management method through the use of which it is made feasible for an organization to compare its performance with that of the other units occupied in similar activity."

So, it is a method of evaluation and is relies upon comparison of productivity, efficiency, cost, profit like yardstick between the dissimilar business units in a same industry. There are ways presented for such comparison -

1. In which such comparison is made from freely available published information and

2. in where there is voluntary and authentic exchange of information among the dissimilar units systematically and scientifically.

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