This power point presentation related to process costing. which is useful to students who studying B.com, BBA,M.COM MBA etc.
It involves short notes on definition of process costing,its features,applications,difference between process costing and job costing, advantages and disadvantageous of process costing, procedure of process costing,format of process account, process losses and abnormal gain.
A power point presentation describing some basic definitions, father of cost accounting, Indian aspect of cost accounting and Various Methods and Techniques of costing.
Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
at the Bhopal School of Social Sciences(BSSS) on 6 September, 2017
Cost Accounting-
-Meaning of Cost Accounting
-Scope of Cost Accounting
-Nature of Cost Accounting
-Relationship b/w Financial Accounting & Cost Accounting
-Cost Accounting v/s Management Accounting
-Objectives of cost accounting
-Function of cost accountant
-Essentials of cost accounting
-Advantages of cost accounting
-Limitations of cost accounting
-Role of cost in cost accounting
-Cost Unit & Cost Centre
-Cost Techniques
-Costing Systems
-Costing Methods
-Cost Classification
-Components of total cost
-Cost Sheet.
The objective of the ppt of Elements of Costs and classification of expenditure is to have precise information, especially for the non commerce management students. I believe this would help them to understand the subject easily.
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
Ppt on Cost accounting and its classifications Susheel Tiwari
Content:
》Cost accounting Meaning.
》Types
》Classifications
Cost accounting is the classifying, recording and appropriate allocation of expenditure for the determination of the costs of products or services, and for the presentation of suitably arranged data for purposes of control and guidance of management.
What is job costing? What are its main characteristics?
Characteristics
Features
procedure involve in job order costing.
Applicability
What is BEP? List out the assumption of breakeven analysis
Assumption of BEP analysis
What is Profit Volume (P/V) Ratio
What is CVP analysis? How does it help the management?
What is process costing? What are its main characteristics? Name the industries where process costing can be applied.
Normal Loss
Abnormal Loss
Abnormal Gain
Job Costing & Process Costing
Accounting for losses in process costing
What do you mean by operating costing? Draw a specimen cost sheet for transport costing.
INDUSTRY AND CORRESPONDING COST UNIT
RECONCILIATION STATEMENT
A power point presentation describing some basic definitions, father of cost accounting, Indian aspect of cost accounting and Various Methods and Techniques of costing.
Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
at the Bhopal School of Social Sciences(BSSS) on 6 September, 2017
Cost Accounting-
-Meaning of Cost Accounting
-Scope of Cost Accounting
-Nature of Cost Accounting
-Relationship b/w Financial Accounting & Cost Accounting
-Cost Accounting v/s Management Accounting
-Objectives of cost accounting
-Function of cost accountant
-Essentials of cost accounting
-Advantages of cost accounting
-Limitations of cost accounting
-Role of cost in cost accounting
-Cost Unit & Cost Centre
-Cost Techniques
-Costing Systems
-Costing Methods
-Cost Classification
-Components of total cost
-Cost Sheet.
The objective of the ppt of Elements of Costs and classification of expenditure is to have precise information, especially for the non commerce management students. I believe this would help them to understand the subject easily.
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
Ppt on Cost accounting and its classifications Susheel Tiwari
Content:
》Cost accounting Meaning.
》Types
》Classifications
Cost accounting is the classifying, recording and appropriate allocation of expenditure for the determination of the costs of products or services, and for the presentation of suitably arranged data for purposes of control and guidance of management.
What is job costing? What are its main characteristics?
Characteristics
Features
procedure involve in job order costing.
Applicability
What is BEP? List out the assumption of breakeven analysis
Assumption of BEP analysis
What is Profit Volume (P/V) Ratio
What is CVP analysis? How does it help the management?
What is process costing? What are its main characteristics? Name the industries where process costing can be applied.
Normal Loss
Abnormal Loss
Abnormal Gain
Job Costing & Process Costing
Accounting for losses in process costing
What do you mean by operating costing? Draw a specimen cost sheet for transport costing.
INDUSTRY AND CORRESPONDING COST UNIT
RECONCILIATION STATEMENT
process costing valuation of work in progress cost accountingSWATI SAXENA
what is process costing, what is work in progress , valuation of work in progress , methods of valuation of work in progress-fifo,lifo , average method of valuation of work in progress ,features of process costing limitations of process counting
Cost Accounts - Classification of manufacturing costs - Accounting for manufacturing costs. Cost Accounting Systems: Job order costing - Process costing- Activity Based Costing- Costing and the value chain- Target costing- Marginal costing including decision making- Budgetary Control & Variance Analysis - Standard cost system.
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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4. DEFINITION
• According to Kohler, ”Process costing is a method of
costing whereby costs are charged to processes or
operations and averaged over units produced”
• According to CIMA process costing as “The costing
method applicable where goods or services result
from a sequence of continuous or repetitive
operations or processes. Costs are averaged over the
units produced during the period”.
5. Continuous production.
Homogenous and standardized. products
Different stages of production.
Products are not distinguishable.
For each process, separate account is
maintained.
Normal and abnormal losses may arise in the
process.
6. Where production is standardized.
Where production is continuous and undertaken
on a large scale.
Where it is not possible to distinguish the product
during the processing stage.
When the output of one process becomes the
input of next process.
When the output is uniform and all units are
exactly identical during one or more processes.
7. DIFFERENCE BETWEEN JOB COSTING AND PROCESS COSTING
Job Costing
• Production is against
customers specific orders.
• Production is not for stock.
• Each job is different from
others.
• There is no regular transfer of
cost from one job to another.
• Cost are accumulated for
each job.
• Work in progress may or may
not exist.
• Cost is ascertained when job
is complete.
Process Costing
• Production is continuous.
• Production is for stock.
• All units produced are
homogenous.
• There is always transfer of
costs of one process to
subsequent processes.
• Costs are accumulated for
each process for a period.
• Work in progress always exist.
• Cost is ascertained at the end
of cost period.
8. ADVANTAGES OF PROCESS COSTING
The cost of each process be can easily computed.
The products are homogenous. Hence, it is easy to
compute average cost.
It is possible to ascertain the cost periodically at short
intervals.
The accounting system is simpler and is less expensive
compared to job costing.
It helps to measure the efficiency of each process.
It is easy to exercise effective control over production.
9. DISADVANTAGESOF PROCESSCOSTING
It is difficult to value work in progress.
It is not easy to value losses, wastes, scraps etc.
It is difficult to apportion total cost among joint products
and by products.
Process costs are only average costs. These are not
accurate.
Process costs are only historical. These are not of much
use of effective control.
When more than one product is produced, calculation of
cost per unit becomes difficult.
10. PROCEDURE OF PROCESS COSTING
Separate process account is opened for each process.
Besides 'Particulars column’, two columns are provided on both sides
of the process account-units(quantity) and amount(Rupees).
All the expenses are debited in the respective process account.
Wastage, sale of scrap, by products etc are recorded on the credit
side of the process account.
The difference between debit side and credit side shows the cost of
production and output of that particular process which is transferred to
the next process.
The cost per unit in every process is calculated by dividing the net
cost by the output.
The output of last process is transferred to the finished stock
account.
Incomplete units at the end of each period in every process is
converted in terms of completed units.
11. PREPARATIONOF PROCESS ACCOUNT
1. Simple process account.
2. Process costing with normal process losses.
3. Process costing with abnormal process losses.
4. Process costing with process gains.
5. Valuation of work in progress.
6. Inter process profits.
7. Joint product and by-product costing.
13. PROCESS LOSSES
Process loss is that quantity lost in the process by way of waste,
scrap, or spoilage. The process loss is classified into two;
1. Normal process loss and
2. Abnormal process loss
NORMAL PROCESS LOSS
Normal loss is the loss which is unavoidable and it is arises under
normal conditions. It is calculated as certain percentage of input.
Normal loss in weight = Opening stock + Output from the
preceding process - (Output of the concerned process + Closing stock)
SCRAP
Sometimes normal loss may have some realizable value. Then the
loss is called scrap.
14. ABNORMAL LOSS
When actual loss in the process is greater than the estimated
normal loss, it is a case of abnormal loss. Thus, loss over and above
normal loss or loss beyond normal loss is called abnormal loss.
Abnormal loss = Actual wastage - Normal wastage
or
Normal output - Actual output
Value of A L = Normal cost of normal output * Units of AL
Normal output
Value of normal output = Total expenditure - sale proceeds of scrap
Normal output = Input – Units of normal loss
15. DIFFERENCEBETWEENNORMAL LOSSANDABNORMAL LOSS
Normal Loss
• It is unavoidable.
• It is of recurring nature.
• It can be estimated in advance.
• It is found as input * Expected
percentage of normal loss.
• If it waste, it is recorded in the
quantity column on the credit
of the process A/C.
If it is scrap, the sale of scrap is
recorded in the quantity
column and value column on
the credit of Process A/C.
Abnormal Loss
• It is avoidable.
• It is accidental nature.
• It can not be estimated in
advance.
• It is found as Input – Normal
loss- Actual output.
• The realizable value of scrap is
credited to abnormal loss A/C.
16. • Its cost is treated as part of
cost of product and is
absorbed by output.
• It is a non-insurable loss
• Its cost is not treated as part
of cost of product and is
charged to Costing P/L A/C
• It is an insurable loss
17. ABNORMAL GAIN
Sometime actual loss or wastage in a process is less than expected
normal loss. In this case the difference between actual loss and
expected loss is known as abnormal gain or abnormal effective
Value of A G = Normal cost of normal output * Units of A G
Normal output
Normal cost of normal output = Total expenditure- sale of scrap
Normal output = Input( units) – Normal loss(units)
Units of A G = Normal loss – actual loss
or
Actual output – normal output