Accounting Media: Cost Accounting

Cost Accounting

Showing posts with label Cost Accounting. Show all posts

Industrial Engineering Approach

Industrial Engineering Approach Where there are no previous cost records, for example, the launching of a completely new product-or whe...

Accounts Classification Method

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Accounts Classification Method This method involves examination of the accounting records and classifying each item on the basis of its...

Cost Accounting Forecasting Forecasting using historical data

Forecasting using historical data

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Forecasting using historical data Forecasting using historical data frequently data will be available on the part cost incurred, perfor...

Cost Accounting Cost Forecasting

Cost Forecasting

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Cost Forecasting This background is vital to the management accountant when he is attempting to forecast future cost behavior for use i...

Cost Accounting Cost Patterns

Cost Patterns

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Cost Patterns Normally for an increase in the level of activity, there is a uniform increase in cost. This assumption that a linear rel...

Cost Accounting Cost concepts planning and control

Cost concepts for planning and control

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Cost concepts for planning and control In financial accounting, the emphasis is on historical costs while the focus in management plann...

Cost Accounting Factory Overhead Factory Overhead meaning

Factory Overhead

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Factory Overhead Factory overhead comprises all indirect manufacturing costs which cannot be identified with specific units of the fini...

Cost Accounting Direct Labour Cost Direct Labour Cost meaning

Direct Labour Cost

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Direct Labour Cost Like materials, labour is also classified as direct and indirect. Direct labour is one which is directly involved in...

Cost Accounting Direct materials cost Direct materials cost meaning

Direct materials cost

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Direct materials cost Materials are physical commodities that enter into the making of a product. These are sometimes called store or r...

Cost Accounting Elements of manufacturing cost manufacturing cost

Elements of manufacturing cost

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Elements of manufacturing cost Manufacturing is a process of converting raw materials into finished goods through the use of labour ser...

Cost Accounting Cost classifications Cost classifications in a manufacturing firm

Cost classifications in a manufacturing firm

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Cost classifications in a manufacturing firm Historically, cost accounting system was concerned with the study of manufacturing cost...

Cost Accounting Nature of Cost

Nature of Cost

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Nature of Cost There is not a universal definition of the term, “cost”. Accountants, economists, engineers and others, to suit their in...

Cost Accounting Expenditure Cost Expenditure Excluded from cost

Expenditure Excluded from cost

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Expenditure Excluded from cost Such items as income tax, cost of fixing new plant (except for a specific job), bonuses to employees vot...

Cost Accounting Distribution overhead Distribution overhead meaning

Distribution overhead

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Distribution overhead a) Warehousing of finished goods b) Packing and warehouse trucking c) Loading; loading conveyors, charges for c...

Cost Accounting Selling overhead Selling overhead meaning

Selling overhead

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Selling overhead a) Sales office expenses b) Travelers' salaries, commission, and expenses c) Advertising; catalogs; price-lists;...

Administration overhead Cost Accounting

Administration overhead

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Administration overhead a) Salaries of executives, managers, etc. b) Clerical expenses c) Office expenses (i) Rent, rates, insuran...

Cost Accounting Production Overhead

Production Overhead

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Production Overhead 1) Rent of building and land. When the manufacturer owns the property a charge equivalent to rent may be made. 2)...

Cost Accounting Revaluation Method Revaluation Method in Depreciation

Revaluation Method in Depreciation

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Revaluation Method in Depreciation This is the most convenient method to use for loose tools and patterns, because new items are often ...

Cost Accounting Production Unit Method Production Unit Method in Depreciation

Production Unit Method in Depreciation

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Production Unit Method in Depreciation When production can be estimated for the life span of a machine this method may be used to charg...

Cost Accounting Reducing Balance Method Reducing Balance Method in Depreciation

Reducing Balance Method in Depreciation

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Reducing Balance Method in Depreciation A constant annual percentage rate of depreciation is determined, which is written-off the reduc...