Afm 11
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This document defines key terms related to cost accounting: - A cost object is an activity, item, or operation for which costs are measured, such as operating a personnel department. - Cost is the expenditure incurred for a specific cost object, calculated as quantity used multiplied by the unit cost. - A cost unit is the quantitative unit used to measure costs, like cost per table or cost per meter of cloth. - A cost center is an organizational location or function for which costs are tracked, like building maintenance or storekeeper wages. - A profit center is a location or function responsible for revenues and expenses, like a product division. - Costs are classified as direct, which can be traced to
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Manufacturing accounts
The document discusses preparing manufacturing accounts to calculate the unit cost of items produced. It provides:
1) A manufacturing account calculates the cost of producing completed goods by tracking raw material costs, direct wages, factory overheads and work-in-progress.
2) Key areas of the manufacturing process like raw material consumption, prime costs, factory overheads and cost of goods manufactured are calculated.
3) The complete manufacturing account format should show these key areas and the unit cost of production is calculated by dividing total cost of goods manufactured by the number of units sold.
Preparation of trading, profit and loss of a manufacturer
The document discusses how to prepare the final accounts, including the trading and profit & loss account and balance sheet, for a manufacturer. The trading account shows the cost of goods manufactured, sales, purchases, and opening and closing stock. The profit & loss account determines the overall net profit or loss by transferring the gross profit from the trading account and deducting administrative, selling, distribution, and financial expenses. The balance sheet resembles those of other businesses but shows three inventory figures - closing stock of raw materials, finished goods, and work in progress.
Manufacturing account1-130307085801-phpapp01
The document discusses the calculation and treatment of production costs, including direct materials, direct labor, direct expenses, and factory overhead expenses. It also covers the manufacturing account, trading account, and profit and loss account. The manufacturing account shows the production cost and includes direct costs plus factory overhead. The trading account shows gross profit or loss from sales and the cost of goods sold, using the production cost from the manufacturing account. The profit and loss account includes gross profit from trading plus other income and expenses to determine net profit or loss.
Manufacturing account
The document discusses manufacturing accounting concepts including:
1. Production cost is made up of direct costs (materials, labor, expenses) and factory overhead.
2. Factory overhead includes indirect materials, labor, and expenses that cannot be directly traced to production.
3. Manufacturing account shows the production cost of goods completed during the period including direct costs, overhead, and adjustments for work in progress.
4. Goods may be transferred to the trading account at either production cost or a transfer price that includes a markup for manufacturing profit.
Lecture notes 1 manufacturing+accounts 2014
This document defines and explains the components of a manufacturing account. A manufacturing account is prepared internally and divides costs into various types: direct materials, direct labor, direct expenses, indirect manufacturing costs, administration expenses, selling/distribution expenses, and financial charges. Direct costs can be traced to specific products while indirect costs cannot. The manufacturing account shows prime cost and production cost. It is then combined with other financial statements to form the income statement, which includes gross profit and deducts other expenses to arrive at net profit. An example manufacturing account and activity is provided to demonstrate the concepts.
Absorption costing
This document provides an overview of absorption costing and variable costing. It discusses the key components of product costs and period costs under each method. It also presents the format for an income statement under absorption costing, including the calculation and treatment of over/under absorption of fixed manufacturing overhead. When there is over/under absorption, an adjustment is made to gross profit on the income statement.
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This document discusses cost accounting concepts including the definition of cost, reasons for determining cost, and methods for classifying and determining cost. Cost is defined as expenses incurred to produce and sell a product or service, and can be actual or notional. Cost information is needed for inventory valuation, decision making, performance evaluation, and determining pay. Cost is classified by element, as direct or indirect, and by behavior as fixed or variable. Cost sheets are used to show the flow of costs and functional nature of overheads. Two examples of cost sheets are provided.
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The document discusses preparing manufacturing accounts to calculate the unit cost of items produced. It provides:
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2) Key areas of the manufacturing process like raw material consumption, prime costs, factory overheads and cost of goods manufactured are calculated.
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Manufacturing account
The document discusses manufacturing accounting concepts including:
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2. Factory overhead includes indirect materials, labor, and expenses that cannot be directly traced to production.
3. Manufacturing account shows the production cost of goods completed during the period including direct costs, overhead, and adjustments for work in progress.
4. Goods may be transferred to the trading account at either production cost or a transfer price that includes a markup for manufacturing profit.
Lecture notes 1 manufacturing+accounts 2014
This document defines and explains the components of a manufacturing account. A manufacturing account is prepared internally and divides costs into various types: direct materials, direct labor, direct expenses, indirect manufacturing costs, administration expenses, selling/distribution expenses, and financial charges. Direct costs can be traced to specific products while indirect costs cannot. The manufacturing account shows prime cost and production cost. It is then combined with other financial statements to form the income statement, which includes gross profit and deducts other expenses to arrive at net profit. An example manufacturing account and activity is provided to demonstrate the concepts.
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This document provides an overview of absorption costing and variable costing. It discusses the key components of product costs and period costs under each method. It also presents the format for an income statement under absorption costing, including the calculation and treatment of over/under absorption of fixed manufacturing overhead. When there is over/under absorption, an adjustment is made to gross profit on the income statement.
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This document discusses cost accounting concepts including the definition of cost, reasons for determining cost, and methods for classifying and determining cost. Cost is defined as expenses incurred to produce and sell a product or service, and can be actual or notional. Cost information is needed for inventory valuation, decision making, performance evaluation, and determining pay. Cost is classified by element, as direct or indirect, and by behavior as fixed or variable. Cost sheets are used to show the flow of costs and functional nature of overheads. Two examples of cost sheets are provided.
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Basics of which, can be seen in this PPT. I hope it will help to understand what is Contract Costing and how its accounting can be done. Please Like if it proves to be helpful for you.
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This document outlines the key elements and classifications of cost accounting. It discusses how costs are classified as direct or indirect, and how overheads are categorized as production, administrative, or selling and distribution overheads. The document also provides an example cost sheet that calculates cost of goods sold by starting with raw material consumption and adding direct costs, factory overheads, administrative overheads, opening/closing stock adjustments, and selling/distribution overheads. Profit is then calculated as the difference between sales and total cost or cost of sales.
Manufacturing accounts ppt
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Manufacturing accounts
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The document discusses the three basic elements of manufacturing costs: direct materials, direct labor, and factory overhead. Direct materials include all materials that become part of the finished product. Direct labor refers to personnel costs required for manufacturing. Factory overhead consists of all other costs required for manufacturing that do not fall into direct materials or labor, such as indirect labor, utilities, and depreciation. These three elements - direct materials, direct labor, and factory overhead - make up the total cost of production. Administrative and selling overheads are also discussed.
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This document provides a cost sheet analysis for a ladies clothing manufacturer. It includes details of direct costs like materials consumed and wages. It also lists factory overheads like handwork and coloring. Office overheads such as electricity are included. Sales and distribution overheads such as salesman salaries and commissions are specified. Calculations for prime cost, factory cost, cost of production and total cost are demonstrated. The cost sheet shows total sales of Rs. 911,000 with a net profit of Rs. 61,000, which is 6.70% of sales. In summary, the document presents a cost analysis for a clothing company through a detailed cost sheet.
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Manufacturing accounts by inqilab patel
In order to ascertain the cost of producing the goods a manufacturing account is prepared. This account is also normally prepared at the end of the accounting period. Both direct and indirect expenses associated with the manufacturing process debited to the manufacturing account. The balance of this account representing cost of the goods produced is then transferred to the trading account.
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The document discusses manufacturing accounting concepts including:
1) Production cost is made up of direct materials, direct labor, direct expenses, and factory overhead expenses.
2) Factory overhead expenses include indirect materials, indirect labor, and indirect expenses related to factory operations.
3) A manufacturing account shows the production cost of goods completed during an accounting period.
4) Goods may be transferred to the trading account at either production cost or a transfer price that includes a factory profit markup.
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The document is a cost sheet that outlines various costs involved in manufacturing a product. It includes direct material costs, direct labor costs, direct expenses, factory or works costs, office and administrative overhead, opening and closing stock amounts, and selling and distribution expenses. The cost sheet then calculates the prime cost, cost of production, cost of goods sold, total cost and selling price.
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Cost accounting is an important branch of accounting that provides information beyond what financial accounting can. It is activated when financial accounting limitations are present. Cost accounting establishes section-wise information, such as direct materials, labor, and overhead costs for production and service departments. This allows an organization to monitor costs and identify areas for reduction. A cost sheet example is provided that calculates cost of goods sold by tracking material consumed, direct costs, factory overhead, work-in-progress, finished goods, and selling/distribution overhead costs.
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This document summarizes key concepts from Chapter Eight of a management accounting textbook, including:
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3) Cost concepts including classification of costs by behavior, function, and period.
4) Preparing financial statements for manufacturing companies including statements of cost of goods manufactured and income.
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This document outlines the accounting treatment for manufacturing costs, including direct materials, direct labor, factory overhead, and work-in-progress. It discusses how manufacturing costs are used to determine the production cost of goods completed, which can then be transferred to the trading account either at production cost or a transfer price that includes a markup for profit. The manufacturing, trading, and profit and loss accounts are presented to illustrate how costs and revenues flow through each statement.
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162747 633726030356563750
The document discusses the classification and elements of cost. It classifies costs according to nature, function, identifiability, behavior, association with products, controllability, normality, time, and relevance. Specifically, it breaks down costs by their nature or elements into direct and indirect materials costs, direct and indirect labor costs, and direct and indirect expenses costs. It defines overheads as the aggregate of indirect material cost, indirect labor cost, and indirect expenses.
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This document outlines the key elements and classifications of cost accounting. It discusses how costs are classified as direct or indirect, and how overheads are categorized as production, administrative, or selling and distribution overheads. The document also provides an example cost sheet that calculates cost of goods sold by starting with raw material consumption and adding direct costs, factory overheads, administrative overheads, opening/closing stock adjustments, and selling/distribution overheads. Profit is then calculated as the difference between sales and total cost or cost of sales.
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The document discusses the three basic elements of manufacturing costs: direct materials, direct labor, and factory overhead. Direct materials include all materials that become part of the finished product. Direct labor refers to personnel costs required for manufacturing. Factory overhead consists of all other costs required for manufacturing that do not fall into direct materials or labor, such as indirect labor, utilities, and depreciation. These three elements - direct materials, direct labor, and factory overhead - make up the total cost of production. Administrative and selling overheads are also discussed.
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Output or unit costing is used for industries that produce a single or similar products continuously. It can be used for industries like brick works, cement, dairies, steel mills, breweries, sugar mills, and paper mills. Unit costing involves preparing periodic cost sheets to calculate the average cost per unit by dividing total costs by units produced. Cost units may be things like 1000 bricks, a barrel of beer, or a ton of steel. The cost sheet shows total costs and cost per unit. Items like interest, taxes, and dividends are excluded from the cost sheet calculation. Stocks of raw materials, work in progress, and finished goods are accounted for using opening and closing balances when calculating costs.
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There are three main types of business activities: service businesses, trading businesses, and manufacturing businesses. Service businesses generate revenue from fees for services provided. Trading businesses earn profits from the sale of finished goods purchased from others. Manufacturing businesses convert raw materials into finished goods and sell those goods to customers. The financial statements for each type of business are presented differently based on their activities.
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The document discusses the components and computation of a cost sheet. It explains that a cost sheet tracks direct material costs, direct labor costs, direct expenses, factory/works overhead costs, office and administration overhead costs, and selling and distribution overhead costs. It provides a template for a cost sheet showing accounts for materials consumed, direct labor, prime costs, factory costs, production costs, cost of goods sold, and sales. It then provides an example cost sheet with specific costs to populate the template for a company.
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This document provides a cost sheet analysis for a ladies clothing manufacturer. It includes details of direct costs like materials consumed and wages. It also lists factory overheads like handwork and coloring. Office overheads such as electricity are included. Sales and distribution overheads such as salesman salaries and commissions are specified. Calculations for prime cost, factory cost, cost of production and total cost are demonstrated. The cost sheet shows total sales of Rs. 911,000 with a net profit of Rs. 61,000, which is 6.70% of sales. In summary, the document presents a cost analysis for a clothing company through a detailed cost sheet.
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In order to ascertain the cost of producing the goods a manufacturing account is prepared. This account is also normally prepared at the end of the accounting period. Both direct and indirect expenses associated with the manufacturing process debited to the manufacturing account. The balance of this account representing cost of the goods produced is then transferred to the trading account.
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The document discusses manufacturing accounting concepts including:
1) Production cost is made up of direct materials, direct labor, direct expenses, and factory overhead expenses.
2) Factory overhead expenses include indirect materials, indirect labor, and indirect expenses related to factory operations.
3) A manufacturing account shows the production cost of goods completed during an accounting period.
4) Goods may be transferred to the trading account at either production cost or a transfer price that includes a factory profit markup.
Statement of cost sheet
The document is a cost sheet that outlines various costs involved in manufacturing a product. It includes direct material costs, direct labor costs, direct expenses, factory or works costs, office and administrative overhead, opening and closing stock amounts, and selling and distribution expenses. The cost sheet then calculates the prime cost, cost of production, cost of goods sold, total cost and selling price.
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Cost&management
Cost accounting is an important branch of accounting that provides information beyond what financial accounting can. It is activated when financial accounting limitations are present. Cost accounting establishes section-wise information, such as direct materials, labor, and overhead costs for production and service departments. This allows an organization to monitor costs and identify areas for reduction. A cost sheet example is provided that calculates cost of goods sold by tracking material consumed, direct costs, factory overhead, work-in-progress, finished goods, and selling/distribution overhead costs.
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This document summarizes key concepts from Chapter Eight of a management accounting textbook, including:
1) The differences between managerial and financial accounting in terms of users, reports, purpose, and verification.
2) The importance of managerial accounting information for decision making through planning, directing, controlling, and improving decisions.
3) Cost concepts including classification of costs by behavior, function, and period.
4) Preparing financial statements for manufacturing companies including statements of cost of goods manufactured and income.
Marginal costing
Marginal costing is a technique used for managerial decision making that differentiates between fixed and variable costs. It treats variable costs as the cost of a product while fixed costs are charged to the profit and loss account, not individual products. The contribution margin, which is sales minus variable costs, and the profit-volume ratio, which is contribution divided by sales, are key concepts in marginal costing that help determine the profitability of products and the sales volume needed to break even.
Manufacturing account ppt @ mba finance
This document outlines the accounting treatment for manufacturing costs, including direct materials, direct labor, factory overhead, and work-in-progress. It discusses how manufacturing costs are used to determine the production cost of goods completed, which can then be transferred to the trading account either at production cost or a transfer price that includes a markup for profit. The manufacturing, trading, and profit and loss accounts are presented to illustrate how costs and revenues flow through each statement.
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Bba ii cost and management accounting u 3.1 output costing (or unit costing o...
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162747 633726030356563750
The document discusses the classification and elements of cost. It classifies costs according to nature, function, identifiability, behavior, association with products, controllability, normality, time, and relevance. Specifically, it breaks down costs by their nature or elements into direct and indirect materials costs, direct and indirect labor costs, and direct and indirect expenses costs. It defines overheads as the aggregate of indirect material cost, indirect labor cost, and indirect expenses.
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This document defines key cost accounting terms and concepts. It discusses that cost is the monetary value of all resources sacrificed to achieve an objective. There are three major elements of cost: materials, labor, and expenses. Costs are further broken down into direct and indirect costs. Direct costs can be traced to a specific cost object, while indirect costs cannot. The document also outlines different levels of costs including prime cost, factory cost, cost of production, and cost of sales. It provides manufacturing companies as an example, detailing the various costs that make up each level.
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This document discusses the basic concepts of cost and cost elements. It defines cost as the amount of expenditure incurred on a given thing. There are three main elements of cost: material, labor, and expenses. Material includes direct materials like raw materials and indirect materials used for maintenance. Labor includes direct labor involved in production and indirect labor. Expenses include direct expenses for a product and indirect expenses like rent and utilities. Overhead includes the indirect costs of materials, labor, and other expenses. Costs also vary in their nature between being fixed, variable, controllable, and non-controllable.
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The document discusses strategies for business cost control and monitoring. It identifies major cost centers, types of costs, and opportunities to reduce costs through systematic analysis. Specific opportunities covered include reducing payroll, improving purchasing, increasing production efficiency, reviewing finances, and maximizing use of premises. The document cautions that some cost cuts can negatively impact employees or the business's ability to meet objectives if not implemented carefully.
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The document discusses various aspects of classifying and defining costs. It defines direct costs as costs that can be traced to a specific cost object, like direct materials and direct labor. Indirect costs are costs that cannot be directly traced to a cost object, like manufacturing overheads. It provides examples of different types of direct and indirect costs such as direct materials, direct labor, indirect materials, and indirect labor. The document also discusses classifying costs by their nature into material, labor, and expenses costs. It defines various cost elements and cost centers.
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This document provides an overview of different types of costs that are relevant for business. It defines and gives examples of various costs including actual costs, opportunity costs, sunk costs, incremental costs, explicit costs, implicit costs, book costs, out of pocket costs, accounting costs, economic costs, direct costs, indirect costs, controllable costs, non-controllable costs, historical costs, replacement costs, shutdown costs, abandonment costs, urgent costs, business costs, fixed costs, variable costs, total costs, average costs, marginal costs, short run costs, and long run costs. The document is a presentation on costs submitted by a student for their coursework.
Cost sheet preparation.pptx
The document discusses cost sheets, which break down the total costs of producing a product into various components. It explains that cost sheets are used to determine accurate product costs, fix selling prices, compare costs over time for cost control, and help with decision making. The document then defines different types of costs like fixed, variable, operating, and direct costs. It also outlines the components that make up total cost, such as prime cost, factory cost, office cost, and discusses how to calculate costs like material consumed. Finally, it provides an example of the information needed to prepare a cost sheet statement.
Cost accounting ppt
Cost accounting is a formal system used to ascertain and control costs of products and services. The objectives of cost accounting include ascertaining costs, controlling costs, and guiding business policies. Cost accounting differs from financial accounting in its purpose, statutory requirements, cost analysis, periodicity of reporting, and control aspects. Cost centers, cost units, and methods of costing like job costing and process costing are used to allocate costs. Elements of cost include direct and indirect materials, direct and indirect labor, and expenses like production, administration, selling and distribution overheads. Total cost is made up of prime cost, works cost, cost of production and total cost or cost of sales.
Chapter 02 fundamental concepts
1.1 identify the elements of costs
1.2 understand various classification of costs
1.3 identify the cost unit
1.4 identify the cost center
1.5 exercise regarding costs concepts
Unit or output costing i
Unit or output costing is used to determine the cost per unit of standard, identical products produced through a common process. A cost sheet or statement of cost can be used to calculate total cost, unit cost, and costs at different stages of production. Key elements of cost include prime cost (direct materials, labor, expenses), works/factory cost (prime cost plus factory overheads), cost of production (works cost plus office/administrative costs), and total cost (cost of production plus selling/distribution costs). Comparative cost sheets analyze costs across multiple time periods or products. Cost sheets provide management information to control expenses, determine selling prices, and evaluate production efficiency.
cost accounting , Element & cost sheet.pptx
The document discusses various cost accounting methods like standard costing, marginal costing, and absorption costing that are used to record, classify, and summarize costs to determine product or service costs. It also outlines different costing techniques like job costing, process costing, and contract costing. Finally, it defines the key elements of cost accounting like direct and indirect materials, direct and indirect labor, expenses, and overheads.
Types of cost
This document provides an overview of different types of costs that are relevant for business. It defines key cost terms like actual cost, opportunity cost, sunk cost, incremental cost, explicit cost, implicit cost, book cost, out of pocket costs, accounting costs, economic costs, direct costs, indirect costs, controllable costs, non-controllable costs, historical costs, replacement costs, shutdown costs, abandonment costs, urgent costs, business costs, fixed costs, variable costs, total costs, average costs, marginal costs, short run costs, and long run costs. Examples are provided for most cost types.
Elements of cost and cost sheet
Provides detailed description on elements of cost and how to prepare cost sheet. Very useful to beginners in cost accounting
Abhi rana)2. elements of cost and costing
This document discusses costing concepts and elements of cost. It defines cost as the monetary value of all sacrifices made to achieve an objective. The three main elements of cost are material, labor, and expenses. Material can be direct or indirect, as can labor and expenses. Prime cost includes direct material, direct labor, and direct expenses. Overheads include indirect material, indirect labor, and indirect expenses. Stocks like raw materials, work-in-progress, and finished goods must be accounted for when calculating costs. Expenses excluded from costs are those related to profits like income tax and interest on capital.
Cost accounting By CA Ankush Gupta
Cost accounting measures and reports on the costs of acquiring and using resources. It provides information for management and financial accounting to aid in planning and control decisions. Standard costing involves setting cost standards for materials, labor, and overhead and comparing actual costs to the standards to analyze variances and maintain efficiency. Standards can be either ideal, allowing for no inefficiencies, or practical, allowing for normal production inefficiencies. The standard costing process involves gathering information to set standards and then comparing actual performance to the standards to prepare performance reports.
Unit Costing.pptx
This document provides information about unit costing and cost sheets. It defines key costing terms like unit cost, prime cost, factory cost, office cost, selling and distribution cost, and total cost. It explains the objectives and components of a cost sheet, including a sample proforma cost sheet. Examples are provided to demonstrate how to calculate costs from raw material consumption, work in progress, finished goods, and to prepare a full cost sheet. The treatment of scrap and various cost control techniques are also summarized.
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Afm 11
- 1. 1 Element of cost • Cost object • Cost • Cost unit • Cost centre • Profit centre
- 2. 2 Cost object • It is an activity or item or operation for which a separate measurement of costs is desired • E.g. the cost of operating the personnel department of a company, the cost of a repair fob, and the cost for control
- 3. 3 Cost • It is the amount of expenditure incurred on a specific cost object • Total cost = quantity used * cost per unit (unit cost)
- 4. 4 Cost unit • It is a quantitative unit of product or service in which costs are ascertained. • e.g. cost per table made, cost per meter of cloth.
- 5. 5 Cost centre • It is a location or function of an organisation in respect of which costs are ascertained • E.g. the rent, rates and maintenance of buildings; the wages and salaries of strorekeepers
- 6. 6 Profit centre • It is location or function where managers are accountable for sales revenues and expenses • E.g. division of a company that is responsible for the sales of products
- 7. 7 Cost classification Costs can be classified into two kinds namely, • Direct cost • Indirect cost (overhead)
- 8. 8 Direct cost • Cost that can be identified specifically with or traced to a given cost object • The direct costs consist of the following three elements: – Direct materials – Direct labour – Direct expenses
- 9. 9 Direct Material: • The cost of materials – the cost of materials used entering into and becoming the elements of a product or service • E.g. fabrics in garments Direct Labor: • The cost of remuneration for working time • E.g. assembly workers’ wages in toy assembly Direct Expenses: • Other costs which are incurred for a specific product or service • E.g. royalties
- 10. 10 Indirect cost (overhead) • Cost that cannot be identified specifically with or traced to a given cost object • They are identified with cost centres as overheads – Indirect materials – Indirect labour – Indirect expenses
- 11. 11 Indirect materials: • Such as stationery, consumable supplies, spare parts for machine that assist to the production of final products. Indirect Labor: • Such as salaries of factory supervision and office staff that do not directly involve in production of the final product. Indirect Expenses: Such as rent, rates, depreciation, maintenance expenses that do not have instant relationships with the manufacturing processes