Cost accounting is a process that collects, records, analyzes, and evaluates costs to advise management on the most cost-efficient course of action. It originated during the Industrial Revolution to help managers understand complex business costs. Costs are classified as either variable, meaning they change with production volume, or fixed, remaining constant regardless of production levels. Key cost objects include direct materials, direct labor, and manufacturing overhead. Analyzing these cost objects allows for more accurate cost calculation and identification of inefficient activities to improve cost efficiency.
1.1 identify the type of accounting
1.2 difference between Cost Accounting , Cost Accountancy and Costing
1.3 understand the Management information needs
1.4 identify the objectives of cost accounting
1.5 difference between Cost Accounting Vs. Financial Accounting
1.6 identify the role of cost accountant
1.1 identify the type of accounting
1.2 difference between Cost Accounting , Cost Accountancy and Costing
1.3 understand the Management information needs
1.4 identify the objectives of cost accounting
1.5 difference between Cost Accounting Vs. Financial Accounting
1.6 identify the role of cost accountant
Management Accounting and its Roles and PrinciplesImran Butt
A Brief Presentation on Management Accounting
Management or managerial accounting is used by managers to make decisions concerning the day-to-day operations of a business. It is based not on past performance, but on current and future trends, which does not allow for exact numbers. Because managers often have to make operation decisions in a short period of time in a fluctuating environment, management accounting relies heavily on forecasting of markets and trends.
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.
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
In this slide presentation you will be introduced to the methods of Cost Accounting and why business organizations should follow methods of cost accounting impeccably. In this it is important to establish budget and actual cost of operations, processes, departments or products and the analysis of variances, profitability or social use of funds. This Slideshare will offer insight to entrepreneurs.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
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This Slideshare is the sole Property of the Welingkar School of Distance Learning – Reproduction of this material , without prior consent, either wholly or partially will treated as a violation of copyright.
Process costing explained with examples free of cost .It is for students of managerial accounting ,read this to quickly go through process costing.
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Cost Accounting Vs Management Accounting & Management Accounting Vs Financial...Uttar Tamang ✔
This Slide includes:
1. Cost Accounting Vs Management Accounting
2. Management Accounting Vs Financial Accounting
3. Types of Accounting
4. Difference between Cost, Management and Financial Accounting with basis
Management Accounting and its Roles and PrinciplesImran Butt
A Brief Presentation on Management Accounting
Management or managerial accounting is used by managers to make decisions concerning the day-to-day operations of a business. It is based not on past performance, but on current and future trends, which does not allow for exact numbers. Because managers often have to make operation decisions in a short period of time in a fluctuating environment, management accounting relies heavily on forecasting of markets and trends.
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.
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
In this slide presentation you will be introduced to the methods of Cost Accounting and why business organizations should follow methods of cost accounting impeccably. In this it is important to establish budget and actual cost of operations, processes, departments or products and the analysis of variances, profitability or social use of funds. This Slideshare will offer insight to entrepreneurs.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
This Slideshare is the sole Property of the Welingkar School of Distance Learning – Reproduction of this material , without prior consent, either wholly or partially will treated as a violation of copyright.
Process costing explained with examples free of cost .It is for students of managerial accounting ,read this to quickly go through process costing.
http://www.brightscholarships.com
Twitter @scholarshipskys
Cost Accounting Vs Management Accounting & Management Accounting Vs Financial...Uttar Tamang ✔
This Slide includes:
1. Cost Accounting Vs Management Accounting
2. Management Accounting Vs Financial Accounting
3. Types of Accounting
4. Difference between Cost, Management and Financial Accounting with basis
Managerial Accounting before 1950 was focused on the manufacturing product costs. The technology was also simple in evaluating the product-related cost. In 1977 the more complex managerial accounting method was introduced, and the company starts using the costs accounts to evaluate the product-related material and direct labor costs.
This powerpoint presentation is created by Gyanbikash.com for the students of class nine to ten from their accounting NCTB textbook for multimedia class.
introduction of cost accounting , classification, cost sheet , tender sheet, etc. this ppt is prepared for all commerce and management students of all universities specifically for RTM Nagpur University. this ppt will gives basic insight about costing , cost acoun ting, cost accountancy, cost control, cost reduction.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
This presentation, created by Syed Faiz ul Hassan, explores the profound influence of media on public perception and behavior. It delves into the evolution of media from oral traditions to modern digital and social media platforms. Key topics include the role of media in information propagation, socialization, crisis awareness, globalization, and education. The presentation also examines media influence through agenda setting, propaganda, and manipulative techniques used by advertisers and marketers. Furthermore, it highlights the impact of surveillance enabled by media technologies on personal behavior and preferences. Through this comprehensive overview, the presentation aims to shed light on how media shapes collective consciousness and public opinion.
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
An opinionated individual with an interest in cryptography and its intersection with secure software development.
Have you ever wondered how search works while visiting an e-commerce site, internal website, or searching through other types of online resources? Look no further than this informative session on the ways that taxonomies help end-users navigate the internet! Hear from taxonomists and other information professionals who have first-hand experience creating and working with taxonomies that aid in navigation, search, and discovery across a range of disciplines.
Acorn Recovery: Restore IT infra within minutesIP ServerOne
Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
2. Cost accounting is a process of collecting, recording, classifying,
analyzing, summarizing, allocating and evaluating various alternative
courses of action & control of costs. Its goal is to advise the
management on the most appropriate course of action based on the
cost efficiency and capability. Cost accounting provides the detailed
cost information that management needs to control current
operations and plan for the future.
3. ORIGINS OF COST
ACCOUNTING
All types of businesses, whether service, manufacturing or trading, require cost
accounting to track their activities. Cost accounting has long been used to help
managers understand the costs of running a business. Modern cost accounting
originated during the Industrial Revolution, when the complexities of running a
large scale business led to the development of systems for recording and
tracking costs to help business owners and managers make decisions.
In the early industrial age, most of the costs incurred by a business were what
modern accountants call variable costs because they varied directly with the
amount of production. Money was spent on labor, raw materials, power to run
factory, etc. in direct proportion to production. Managers could simply total
variable costs for a product and use this as a rough guide for decision-making
processes.
4. 1)Variable Costs
A variable cost is the most important
part of cost accounting. It is an expense
that changes with production volume.
Variable costs are those costs that vary
depending on a organization's
manufacturing output; these costs rise
as production increases and fall as
production decreases.
Why are some costs fixed and other
costs variable? Think about total
material costs in a company. Total
material costs are variable costs because
the material is bought, only when the
company need it. The company needs
more material, when the orders increase.
So that, this also increases the
production and manufacturing; and as
more bicycles are produced, it costs
more for the company.
5. 2-Fixed Costs
A fixed cost is a cost that remains constant even if there is a
decrease or increase in the amount of goods and services sold or
manufactured. Fixed costs are the ones that have to be paid by an
organization, independent of any business service. They are not
affected by the changes in any activity in a company
6. A fixed cost is an operating cost
of a job that can not be
prevented in any case of the
volume of production. Fixed
costs are generally used in
break-even analysis to compute
manufacturing, volume of sales
and pricing even if a firm
generates neither loss nor
profit. Variable costs and fixed
costs shapes the structure of
total cost in a firm; that plays a
very big role in maintaining its
profitability
7. 3-Cost Efficiency
Keeping costs low and having cost efficient
maintains a huge benefit if a company have a
strong and ambitious work. A strong
competition around the world has also made
decision errors. That caused a need of cost
accountants and cost efficiency. In order to
make a cost efficient, prices should be kept in
low levels. Many firms have become aware of
the need to improve their cost accounting
systems, in this way; they can manufacture
more accurate cost information to calculate
the cost of their services and products,
pinpoint loss-making activities and analyze
profits by products, sales outlets, customers,
markets, and monitor trends in costs over a
long period of time
8. Analysis of Cost Objects
A cost object is any item for which costs are being separately
measured. It is a key concept used in managing the costs of a
business. Here are some types of cost objects:
1)Direct Materials
2)Direct Labor
3)Manufacturing Overhead
9. Direct Materials
Costs that are assigned to cost objects
are two big categories that are direct
and indirect costs. Both of them can be
parted into direct and indirect materials.
Direct material costs indicate those
material costs that can be simply and
specifically defined with a special cost
object. In production firms where the
cost object is a product, after observing
physically they can be used to measure
the quantity consumed by each of the
products and the cost of direct
can be directly assigned to them.
Shortly, direct materials become part of
a normal product. For instance, iron
in the production of distinct types of
bicycles can be directly specified with
each particular type of bicycles
10. Direct Labor
Direct labor costs are that can be directly identified with a specific cost object.
Observation of products physically is used to measure the quantity of labor used
to produce a specific product or supply a service. The direct labor costs are
products that covers the cost of converting the raw materials into a product or
service, such as the expenses of the forklift truck drivers engaged in the
manufacturing process in the production of aluminum production.
Indirect labors also exist as
well as direct labor exists in a
company. Indirect labors are
the opposite word of direct
labor in analyzing cost
objects. For example, an
engineer is an indirect labor,
because, they are not directly
in contact with product.
11.
12. Manufacturing Overhead Costs
Manufacturing overhead cost is the most simplistic and traditional costing systems. It
assigns indirect costs to cost objects using only an overhead rate. These overhead rates
may change according to the related department. Because, some departments or units
use manufacturing overhead more than other departments. For example, electricity, rent,
insurance do not cost same with the other units of the manufacturing company. It means
that if a company produces an ‘’A’’ product. This product is assembled and processed in
different units of the company
13. All of these examples and statements are still used in the companies to
calculate costs of products according to their related department. Using of
accounting origins and classifying of cost objects helps the companies grow
faster..
CONCLUSION