Classification of costs is important for determining, analyzing, and controlling costs. There are various methods of classifying costs, including by elements, functions, identifiability, behavior, and controllability. Costs can be classified as material costs (direct and indirect materials), labor costs (direct and indirect labor), and other expenses (direct and indirect expenses). Overheads include indirect materials, labor, and other expenses. Certain items like financial incomes/charges, appropriations, and abnormals are excluded from cost sheets.
Elements of Cost: Classification of Cost:element wise classification :function wise classification :behavior wise classification: Managerial decision making classification
Elements of Cost: Classification of Cost:element wise classification :function wise classification :behavior wise classification: Managerial decision making classification
Introduction- Meaning and definition- Objectives, Importance and Uses of Cost Accounting, Difference between Cost Accounting and Financial Accounting; Various Elements of Cost and Classification of Cost; Cost object, Cost unit, Cost Centre; Cost reduction and Cost control. Limitations of Cost Accounting.
UNIT - IV: COST CONCEPTS: Classification of costs - Direct and Indirect expenses- Cost
Sheet - Unit Costing - Job Costing - Mechanics & Application of Marginal Costing in terms of
cost control - Profit Planning - concept of CVP relationship; BEP and their applications.
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
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Introduction- Meaning and definition- Objectives, Importance and Uses of Cost Accounting, Difference between Cost Accounting and Financial Accounting; Various Elements of Cost and Classification of Cost; Cost object, Cost unit, Cost Centre; Cost reduction and Cost control. Limitations of Cost Accounting.
UNIT - IV: COST CONCEPTS: Classification of costs - Direct and Indirect expenses- Cost
Sheet - Unit Costing - Job Costing - Mechanics & Application of Marginal Costing in terms of
cost control - Profit Planning - concept of CVP relationship; BEP and their applications.
1.1 identify the elements of costs
1.2 understand various classification of costs
1.3 identify the cost unit
1.4 identify the cost center
1.5 exercise regarding costs concepts
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Scope Of Macroeconomics introduction and basic theories
Cost Accounting.pptx
1.
2. Classification of Costs
PREPARED BY: SANAM
YOUNASI
LECTURER: KARIMULLAH
EZAM
CLASS: 2ND YEAR, 3RD
SEMESTER
Islamic Republic of Afghanistan
Ministry of Higher Education
Kandahar University
3. Table of Contents:
1
Introduction
Need for cost classification
Methods of classification
Classification of costs
Material
• Direct materials
• Indirect materials
Labor
• Direct labor
• Indirect labor
Other Expenses
• Direct Expenses
• Indirect Expenses
Overheads
Items to be excluded from cost sheet
Division of costs
12. Cont..
10
Direct materials Indirect materials
1. Can be identified
2. Form a part of
finished products
3. Directly enter the
product and form a part
of it.
1. Cannot be identified
2. Minor in importance,
small, inexpensive and
do not physically
become a part of
finished goods.
3. Refers to the company
from a part of
company overheads
13. Labor Costs:
ICMA, London: ‘’ the cost of remuneration (wages, salaries, commission,
bonus) of the employees of undertaking.’’
Direct labour
وی شامل کی فعالیتونو تولیدی ډول مستقیم کاریګر
دی شامل کاریګر لرونکی نه مهارت او لرونکی مهارت کی برخه پدی
Indirect labour
وی نه شامل کی فعالیتونو تولیدی ډول مستقیم کاریګر
ډله صفاکارو د لکه
11
14. PRODUCT A PRODUCT B
Feature 1
Feature 2
Feature 3
12
Cont..
Direct Labour Indirect Labour
1. Directly engaged in
production process
2. Wages can be
identified
3. Baker, carpenter, shoe
maker, tailor are
examples
1. Help in production
process.
2. Wages are of a general
character and cant be
identified
3. Supervisor, inspector,
cleaner, watchmen are
examples.
15. Other Expenses:
ICMA, London : ‘’the cost of services provided to an undertaking and the
notional cost of the use of owned assets.’’
Direct Expenses
پر او تولید یو د مصارف ټول نور مصارف قوی کاری مستقیم او مصارف موادو مستقیم له پرته
دا وسی
راځی کی برخه دی
.
Prime costs
جوړوی برخه یو
design and layouts, surveyor’s fees
Indirect expenses
تو یو د مصارف ټول نور مصارف قوی کاری غیرمستقیم او مصارف موادو مستقیم غیر له پرته
او لید
کرایه لکه راځی کی برخه دی دا پروسی
.
13
16. Overheads:
Indirect materials+ indirect labour+ Indirect other expenses=overheads
a) Factory or production or works or manufacturing overheads
b) Office or Administration or establishment or management overheads
c) Selling overheads
d) Distribution overheads
14
18. Financial Incomes:
Capital profits
Dividend received
Brokerage
Commission received
Share transfer fees
received
Interest on investments
Rent received
Bad debts recovery
Interest on loan given
Discount received
Interest on bank deposits
16
19. Financial charges:
Capital losses
Cash discount
Trade discount
Penalties and fines
Share transfer fees paid
Interest on bank loans
Interest on debenture
Preliminary expenses
Income tax
Wealth tax
Underwriting commission
Discount on issue of shares and
debentures
Loss on investments
Capital expenses
Interest on capital
Salary or commission paid to
partners
Interest on debentures
Reconstruction expenses
Development, reorganization
expenses
17
20. Appropriations:
Bad debts
Dividend or bonus paid
Charitable donation
Transfer to reserves
General reserves
Machinery replacement
fund
Investment fluctuation
fund
Debenture redemption
fund
Sinking fund
18
22. Division of costs:
1. Prime cost= direct materials+ direct wages+ direct
expenses
2. Works costs= prime costs+ works overheads
3. Cost of production= works cost+ office and
administration overheads
4. Total cost/ cost of sales= cost of production+ selling
and distribution overheads
5. Selling price= total cost/ cost of sales+ profit or - loss
20
24. THREE TYPES:
Factory cost: all costs incurred in production process i.e. right from the supply of the products till
the completion. Ex. depreciation, material costs, machinery cost…
Administration cost: all those costs incurred from the management decision makings. Ex.
Depreciation on office equipment, insurance, staff wages…
Selling and distribution costs: costs incurred from selling and distribution of the product. Ex.
Wages cost, marketing costs…
Research and development costs: all costs incurred for research and development. Ex. Costs for
searching, design…
26. TWO TYPES
DIRECT COST: it is the cost of main material of the product and is reflected in finished product.
And it contains all direct elements
Ex. Cost of cotton in textile industry, cost of timber in furniture industry
INDIRECT COST: It contains all indirect elements for production. Ex. Rent, salaries of officers,
printing costs…
29. THREE TYPES
FIXED COSTS: are those costs which are fixed and will not change by increase or decrease in
production, but is changeable per unit. Cost of salaries, wages, rent…
VARIABLE COST: which may change in increase or decrease of production but is fixed per unit.
Ex. Cost of raw materials, direct labor cost.
SEMI-VARIABLE OR SEMI-FIXED COSTS: they the mixture of variable and fixed costs. Ex.monthly
telephone charges, indirect labor cost, repairs..
32. TWO TYPES
CONTROLABLE COSTS: all those costs which are under the control of the management.
Variable costs are generally classified as CONTROLLABLE costs. Ex. Advertisement cost, training,
direct cost
UNCONTROLABLE COSTS: Those cost which are not under the control of the management.
fixed costs are classified as UNCONTROLABLE costs. Ex. rent expense, depreciation…
34. TWO TYPES
NORMAL COST: all those cost that are incurred normally in the production process.
Ex: depreciation, carriage inward, actual material cost, actual labor cost…
ABNORMAL COST: all those unusual costs that are incurred.
Ex: stolen materials, destruction due to fire, lock out, shut down …
36. TWO TYPES
HISTORICAL COST: all those which already have been incurred.
- based on recorded facts
- can be verified with the help of supported documents
- objective in nature
PRE-DETERMINED COST: all those costs which have not been incurred but are forecasted by the
managers to determine the performance of the business.
38. TWO TYPES
PRODUCT COST: all those costs which are directly associated with production and can be
transferred to the next year as closing stock.
Ex. Direct labor, direct materials, factory overhead.
PERIOD COSTS: all those costs which are incurred during and particular period and can’t be
transferred to the next year.
Ex. Indirect labor, indirect materials, indirect expenses, administrative expenses, rent, office
depreciation…
40. TWO TYPES
CAPITAL COST: those costs which are intended to benefit in the future.
Ex. Business equipment, purchase of fixed assets, acquisition of intangible assets…
REVENUE COST: costs which will benefit us in current period. Ex. Cost of sales discount,
materials, commissions…
42. TWO TYPES
RELEVANT COSTS : costs which are avoidable and is effected by business decision making and
can effect future cash flow.
Ex. Selling one more unit of product
IRRELEVANT COST: which can’t be avoided and has already incurred and is not effected by
decision making of the business, and are incurred in the past.
43. TYPES OF COSTS
THESE TYPES ARE USED FOR DECISION MAKING OF THE
ORGANIZATION NOT FOR RECORDING.
46. STANDARD COST
It is pre-determined estimated cost by the organization.
CONVERSION COST:
Is the cost of direct elements of converting raw materials to finished goods.
SUNK COST:
Costs which are incurred in the past, can’t be returned and does not have any effect in future decision
making.
47. APPRTUNITY COST:
ICMA, London-defines it as “the value of benefit in favor of an alternative course of action.”
OUT-OF-POCKET COST:
Costs which needs cash payments, It can either be fixed or variable. Ex. Fixed and variable costs, which
can be paid by cash only.
REPLACEMENT COST:
It is current market price of replacing an existing asset. Ex. To sell furniture at the current price.
48. IMPUTED COST:
ICMA, London-defines it as “a hypothetical cost taken into account to represent a benefit
enjoyed by the undertaking in respect of which no actual expense is incurred.”
DIFFERENTIAL COST:
It refers to the difference between the cost of two alternative decisions.
Ex. If the cost of alternative A is 10000$ per year and the cost of alternative B is 8000$ per year.
The difference of 2000$ would be differential cost.
49. AVOIDABLE COSTS:
Can be avoided by discontinuation of particular product or department.
Ex. A manufacturer with many product lines can drop one of the lines, thereby taking away
associated expenses such as labor and material…
UNAVOIDABLE COSTS:
Can’t be avoided by discontinuation of particular product or department.
Ex. Salary of managers, depreciation on assets, property taxes, lease payments, interest cost…
50. JOINT COST:
Are those costs which are incurred during joint process.
Ex. Feeding both cattle and sheep, company can use kernels for roasting and crushing.
RELAVANT AND IRRELEVANT COSTS:
Relevant cost are those costs that would be changed by decision.
Irrelevant cost are those costs that would not be effected by the decision.
51.
52. OTHER TYPES OF COSTS
DISCRETIONARY COST:
avoidable costs that can be eliminated in the short-run without immediate impact on the short-
term profitability of business. Ex. advertising, trainings, R&D, maintenance….
ENGINEERED COST:
Are those costs which vary directly with the level of production. Ex. Direct materials and direct
labor can be directly linked to output, and therefore are considered as engineering cost.
53. SHUT DOWN COST:
Are those costs that still happen although a plant is shut down temporarily and can be saved if
the firm starts its own business. Ex. If the company is shut down but still has to pay the rent
TRACEABLE COSTS:
These are costs which can easily be identified with cost unit or cost centers.
Ex. A company is planning to eliminate an entire product line, and wants to understand which
expenses will be determined when the product line is shutdown. The costs traceable to the
product line include advertising expenses, a marketing specialist, a production line, and a
warehouse.