Available for download free Cost Accounting : Concept & Methods
Cost Accounting : Concept & MethodsAvailable for download free Cost Accounting : Concept & Methods
Publisher: Asian Books Private Ltd
Book Format: Paperback::436 pages
ISBN10: 8184121091
Publication City/Country: India
Download: Cost Accounting : Concept & Methods
Cost Book Keeping B Methods of Costing 30% C Cost Accounting Techniques 30% A 40% B 30% C 30% ASSESSMENT STRATEGY There will be written examination paper of three hours OBJECTIVES To provide an in depth study of the Cost Accounting Principles and Techniques for identification, analysis and classification of cost components to facilitate Cost accounting is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs. Cost accounting is the art of translating the costs incurred a business into actionable analyses that can improve operations and profits.Here are several basic ways in which to use cost accounting: Product costs.Determine just the variable costs associated with a product and aggregate According to Wheldon, “Cost accounting is the application of accounting and costing principles, methods and techniques in the ascertainment of costs and the analysis of saving/or excess cost incurred as compared with previous experience or with standards”. Methods of Costing-Job Batch and Contract Costing 119-146 Study Note 6 Process Costing 147-180 Study Note 7 Joint Product and -products 181-196 Understand the concept of Financial Accounting, Cost Accounting and Management Accounting. 2. Understand role of Financial Accounting, Cost Accounting and Management Accounting. Cost Accounting Course Material. Cost Accounting is a branch of accounting and has been developed due to limitations of financial accounting. Topics covered includes: Costing and Cost Accounting, Cost classification, Labour, Importance of Labour Cost Control, Time Wage System, Methods of Costing, Contract Costing, Cost Control Techniques. Cost accountancy is a systematic process of applying the costing, as well as cost accounting methods in business activities. It ensures cost control and reduction. Scope of Cost Accounting. Cost accounting is being widely applied the production units to modify the process and maximise the profit. Cost is "a foregoing, measured in monetary terms, incurred or potentially to be incurred to achieve a specific objective" (American Accounting Association). Cost refers the monetary measure of the amount of resources given up or used for some specified purpose. It is the value the goods or services expended to obtain current or future benefits. Your goals for this managerial accounting introduction chapter are to learn about: x The distinguishing characteristics of managerial accounting. X The role of managerial accounting in support of planning, directing, and controlling. X Key production cost components: direct … COSTCOST AND AND AND MANAGEMENT MANAGEMENT ACCOUNTINGACCOUNTING MODULE 1 PAPER 2 ICSI House, 22, Institutional Area, • Cost Accounting: Evolution, Meaning, Objectives and Scope • Concepts of Costs,Classifications and Elements of Cost • Cost Centre and Cost Unit • Methods and Techniques of Costing • Cost Accounting Standards Book Description Cost accounting is one of the most essential tools used managers to fine-tune operations and improve profitability. Cost Accounting is designed for the college student who needs in-depth coverage of all cost accounting concepts, incorporating … Cost Accounting, Stage 2 discusses the basic elements of cost, cost collection, and cost accounting techniques and methods. The book provides an introduction to the concept of cost accounting and tackles cost ascertainment and conversion costs. The text discusses the various types of costing such as job, process, marginal, and standards. Smith et al. (2008) suggested that the information provided traditional cost accounting techniques such as variable costing, direct costing and traditional full absorption costing systems are not sufficiently accurate to satisfy the requirements of modern management.
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