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2. Introduction
Cost Accounting is crucial for
any business to function. This
presentation will cover 4
essential methods to maximize
your cost accounting potential.
You will learn how to reduce
costs and increase profits.
3. Method 1:
Activity-Based
Costing
Activity-Based Costing is a
method that assigns costs to
activities based on their use of
resources. This helps identify the
true cost of each product or
service. By understanding the
costs, businesses can make
informed decisions to reduce
expenses and increase
profitability.
4. Method 2: Standard Costing
Standard Costing is a method that sets
standard costs for each product or
service based on historical data. This
helps identify variances between actual
costs and standard costs. By analyzing
variances, businesses can identify areas
for improvement and take corrective
action.
5. Method 3: Marginal Costing
Marginal Costing is a method that
separates fixed costs and variable costs.
By understanding the contribution
margin of each product or service,
businesses can make informed
decisions on pricing and product mix.
This helps maximize profits.
6. Method 4: Life
Cycle Costing
Life Cycle Costing is a method
that considers all costs
associated with a product or
service throughout its life
cycle. This includes design,
development, production, and
disposal. By understanding
the total cost, businesses can
make informed decisions on
product development and
pricing.
7. Conclusion
By implementing these 4 essential methods,
businesses can maximize their cost accounting
potential. By understanding the true cost of
each product or service, businesses can make
informed decisions to reduce costs and
increase profitability. Thank you for attending
this presentation. For More information visit our
service page:-
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