Cost accounting.UNIT 4.pptx
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This document discusses cost accounting and overhead. Overhead refers to business costs that are not directly related to producing goods or services, such as rent, utilities, insurance, and administration costs. Apportionment of overheads involves distributing indirect costs across multiple cost centers using an equitable basis. Primary apportionment distributes overhead expenses that benefit several departments, while secondary apportionment reapportions service department overhead to production departments. Both primary and secondary apportionment use bases like machine hours or labor hours to allocate costs, with the goal of absorbing all overhead costs into the products.
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UNIT 4.pptx
This document provides information on overhead costs, including:
1. It defines overheads as expenditures that cannot be directly associated with a specific cost unit. It explains that overheads represent a significant portion of total costs.
2. It classifies overheads by function (manufacturing, administration, etc.) and behavior (fixed, variable, semi-variable).
3. It describes the primary distribution of overheads as the initial allocation and apportionment of common costs to departments, and the secondary distribution as the redistribution of service department costs to production departments.
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The procedure for accounting and control of overheads involves the some steps described as follow:
Most of the manufacturing process functionally are different and performed by different departments in a factory. Where such a division of functions has been made, some of the departments would be engaged in actual production of goods while others in providing services ancillary thereto.
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Cost accounting involves classifying costs according to their nature, function, variability, and controllability. There are several types of costs:
- Direct costs like materials and labor that are clearly traceable to production. Indirect costs like utilities that are not directly traceable.
- Fixed costs that do not vary with production like rent. Variable costs that vary with production like materials. Semi-variable costs that vary but not proportionately.
- Controllable costs a manager can influence like direct labor. Uncontrollable costs outside a manager's control like depreciation.
- Normal costs incurred during regular operations. Abnormal costs from unexpected events like fires.
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Group 11 presented information on cost accounting. The objectives of cost accounting are to advise management on cost-efficient actions, help with operations direction and control, and provide immediate information on inventory. Costs are classified as direct, indirect, variable, fixed, semi-variable, or chunky based on their behavior when activity changes. Direct costs are specifically related to a product while indirect costs are not directly tied to a product. Cost centers and cost drivers are used to assign indirect costs in a two-stage process. Designing an effective cost accounting system requires determining the appropriate number of cost centers and how to assign costs to products.
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UNIT 4.pptx
This document provides information on overhead costs, including:
1. It defines overheads as expenditures that cannot be directly associated with a specific cost unit. It explains that overheads represent a significant portion of total costs.
2. It classifies overheads by function (manufacturing, administration, etc.) and behavior (fixed, variable, semi-variable).
3. It describes the primary distribution of overheads as the initial allocation and apportionment of common costs to departments, and the secondary distribution as the redistribution of service department costs to production departments.
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The procedure for accounting and control of overheads involves the some steps described as follow:
Most of the manufacturing process functionally are different and performed by different departments in a factory. Where such a division of functions has been made, some of the departments would be engaged in actual production of goods while others in providing services ancillary thereto.
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Cost accounting involves classifying costs according to their nature, function, variability, and controllability. There are several types of costs:
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01.Understand the concept of ‘Overheads’.
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Hello Friends!
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I also tried to keep the ppt as simple as possible not including any complex language. Hope you will clear all your doubts and will also learn something new in the field of Manufacturing Technology.
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The document defines and describes various types of secondary data sources including journals, newspapers, websites, blogs, diaries, government records, podcasts, case studies, content analysis, statistical analysis, and literature reviews. Journals provide regularly updated information while newspapers contain reliable political and economic data. Government records and regulated websites contain authentic data. Blogs and diaries may contain less reliable information. Case studies, content analysis, and literature reviews analyze existing research and data.
SECOUNDARY DATA
Secondary data refers to data that has already been collected by other parties for their own purposes. It includes data from government agencies, industry organizations, private companies, and other published or unpublished sources. Some key advantages of using secondary data are that the data already exists so there is no need for new collection, and it is generally less expensive than primary data collection. However, the researcher has less control over what data is collected and the quality cannot be verified directly. Common sources of secondary data include census records, market research reports, academic publications, and organizational records.
DIFFERENCE BETWEEN QUESTIONNAIRE AND SCHEDULE
A questionnaire is a tool used by researchers to collect data from respondents, while a schedule is an arrangement of questions and spaces for responses that is filled out by an enumerator interviewing respondents. Questionnaires have a lower response rate than schedules and can cover a larger area but depend more on the quality of the questionnaire. A schedule requires an enumerator to conduct interviews so the respondent's identity is known, while a questionnaire respondent's identity remains unknown. The success of a questionnaire relies on its quality, while a schedule relies on the enumerator's honesty and competence.
A pilot study is a small preliminary study used to test aspects of a planned research design and identify issues before finalizing the design. It allows researchers to address problems
QUESTIONNAIRE
A questionnaire is a research instrument consisting of a set of questions used to collect information from respondents. It can include open-ended and closed-ended questions. Questionnaires were developed in 1838 and collect both qualitative and quantitative data. They are effective tools for measuring attitudes, beliefs, and intentions of large groups. Questionnaires are advantageous because they are inexpensive, generate a lot of data easily, and allow anonymity. However, they also have disadvantages like potential for dishonest answers, fatigue, and difficulty interpreting open-ended responses. Good questionnaires have a clear sequence of questions, uniform formatting, an exploratory nature, and are easy to understand.
SCHEDULE
A schedule is a formalized set of questions and spaces used to collect data from respondents during interviews or observations. It contains questions, statements to elicit opinions, and blank spaces for answers. The schedule provides structure and standardization to ensure objectivity. It acts as a memory aid for interviewers and facilitates analysis. Different types of schedules exist for different data collection purposes, such as rating schedules, document schedules, and observation schedules. Care must be taken to craft schedules that are comprehensive, logically ordered, avoid biasing questions, and reliably collect the intended information.
TYPES OF INTERVIEWS
There are several types of interviews that can be conducted when hiring candidates. Structured interviews are pre-planned with standardized questions, unstructured interviews have no predefined questions, and semi-structured interviews provide flexibility while maintaining basic structure. Other types include group, depth, individual, informal, formal, exit, behavioral, panel, case, and technical interviews.
SURVEYS
Surveys, interviews, and case studies are common methods for collecting primary data. Surveys involve standardized questions to a sample, interviews use open-ended or structured questions with individuals or groups, and case studies provide in-depth analysis of a person, group, or organization through various data collection methods. Other primary data collection methods include observations, experiments, action research, and data from sensors, measurements, user inputs, events, machines, and business processes.
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