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Cost accounting is referred as categorisation, recording an adequate assignment of expense for the identification of services or products. It involves the discovery of cost of each job, contract, process, service, unit or order as might be significant. It commonly deals with the cost of distribution, production and selling. Detailed information related to cost is provided by cost accounting which is required by management for controlling the present operations and outline plan for the future. Our team has a vast knowledge of writing cost accounting assignments as they have relevant organisational experience. Thus, most of the topics present under the umbrella of “cost accounting assignment” are covered by our professionals.
It is known as cost or expense that is incurred by an organisation for creating services or goods. The actual expense is recorded in the account book of a business unit. Example: Wage Bill, Cost of raw material.
It is the type of cost mainly concerned with the cost of alternatives or opportunities. It is considered as return retrieved from the second optimum usage of organisational resources that the organisation renounces to avail return from the best use of resources. Example: When an organisation owns a land where there is the negligible cost of utilising this land in the organisation accounts. However, the organisation involves opportunity cost of utilising the land that is same to the rent foregone while not letting this land out on lease.
Sunk cost is known as a form of cost which does not get modified by altering the level of business processes. Such type of cost is not taken into account during decision-making processes because it does not vary with the future modifications. Example: Amortization of past expenditure.
This is additional cost derived due to change in nature of business level processes. This type of cost can be prevented by not carrying a sort of variation in the processes, this is known as escapable cost. Example: Deletion of product in the product line.
This is a cost which is paid by an organisation and is saved in the accounts book. Example: Utility expense, interest payment etc.
It is defined as a category of opportunity cost as it is a theoretical cost which is not realised by accounting system and is not saved in the account book. Example: Interest on the equity capital
This is recognised as that business cost which does not have any form of cash payments, but provisioning is done in the accounts book to incorporate them in the gain and loss account. Example: Unpaid interest amount on the capital of owner.
Out of Pocket Cost:
This is a current payment made to the outside vendors of the organisation. Example: Salaries, wages.
It is outlay or real cost that figure out the amount of expense which is being incurred on a specific process. Example: Sunk cost is known as accounting cost.
This type of cost is linked to the future as it plays an integral role in making business decisions at this expense addressed in decision making is future costs.
The direct cost has a direct relation to an operational unit such product manufacturing and process organisation. Example: Cost of wagons
Indirect cost is not easily determined in context to product, plan, department or process. It might be fixed or distinct. Example: Expense of factory building
Three elements of cost are defined as:
Labour Cost: This type of cost is incurred while paying remuneration to the labours or employees of the firm.
Direct Labour Cost: It is a cost incurred by employees who directly have their part in the process of manufacturing and simply determined by the unique cost centre.
Indirect labour cost: It is the cost incurred by such employees who don’t play any role in the process of manufacturing.
Material Cost: Cost incurred by commodity or material used by the firms for their production objectives is known as material cost.
Direct Material Cost: This forms a crucial part of the end product and is determined by the unique cost centre.
Indirect Material Cost: This type of cost is incurred for ancillary objectives of the business and cannot be simply determined by the unique cost centre.
Expenses: This is service cost provided to a firm.
Direct Expenses: Individual cost centres directly know this form of expense.
Indirect Expenses: the Indirect expense is a form of expense which is not directly known by unique cost centres.
Various forms of cost in cost accounting are stated as beneath:
Direct Cost: Direct cost is associated with the production of services or goods. This cost can be adequately and simply tracked by a department, project or product.
Indirect Cost: Indirect cost is known as cost non-related to the production of services or goods. This cost cannot be simply traced to department, product or activity.
Fixed Cost: This type of cost is related to cost accounting and it does not vary with the range of services or products produced by an organisation.
Variable Cost: When compared with fixed cost, variable cost varies when there is any change in production outputs.
Operating Cost: This is referred as expense related to the regular business operation and can be variable or fixed.
The key benefits of cost accounting are mentioned as beneath:
Trend Analysis: Expense can be traced to the trend line to investigate expense surges which might reveal long-term
Modelling: Cost is modelled at distinct activity levels.
Acquisitions: The costing template of possible acquisition candidates can be determined to view if the cost can be trimmed in certain areas, hence give justification of cost acquisition.
Budget Compliance: A comparative analysis can be made between actual costs or budgeted cost to analyse if any business section spends higher as expected.
Inventory Valuation: Cost accountant is commonly tasked with integrating the inventory cost for the objective of financial reporting.
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