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.
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.
,
cost of capital
,
bond
,
preferred stock
,
factors influencing cost of capital determination
,
cost of new common stock
,
cost of debt components
,
cost of preferred stock
,
components of cost of capital
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
Meaning & Definition
Objectives of Cost Accounting
Advantages of Cost Accounting
Difference between Cost Accounting and Financial Accounting
Cost concepts and classifications
Elements of cost
This ppt covers the following points :-
1. introduction of management accounting
2. Definition of management accounting
3. Nature, objective, tools and techniques, significance and limitations of management accounting
4. difference between financial and management accounting and also includes difference between cost and management accounting
5. management accountant and its roles
6. Management accounting organisation
ABC is a costing system where indirect costs are assigned to products and services. The system establishes a relationship between overhead costs and production activities by allocating overhead costs to them with high precision. As a result, overhead costs are allocated more accurately based on their relevant activity levels. The system has eliminated the defects of the traditional/absorption costing system. ABC is used both as a planning tool and as a controlling instrument after the production is finished. ABC provides the basis for pricing decisions, inventory valuation, profitability analysis and overhead allocation. The system can effectively be used for both products and services.
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.
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.
,
cost of capital
,
bond
,
preferred stock
,
factors influencing cost of capital determination
,
cost of new common stock
,
cost of debt components
,
cost of preferred stock
,
components of cost of capital
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
Meaning & Definition
Objectives of Cost Accounting
Advantages of Cost Accounting
Difference between Cost Accounting and Financial Accounting
Cost concepts and classifications
Elements of cost
This ppt covers the following points :-
1. introduction of management accounting
2. Definition of management accounting
3. Nature, objective, tools and techniques, significance and limitations of management accounting
4. difference between financial and management accounting and also includes difference between cost and management accounting
5. management accountant and its roles
6. Management accounting organisation
ABC is a costing system where indirect costs are assigned to products and services. The system establishes a relationship between overhead costs and production activities by allocating overhead costs to them with high precision. As a result, overhead costs are allocated more accurately based on their relevant activity levels. The system has eliminated the defects of the traditional/absorption costing system. ABC is used both as a planning tool and as a controlling instrument after the production is finished. ABC provides the basis for pricing decisions, inventory valuation, profitability analysis and overhead allocation. The system can effectively be used for both products and services.
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.
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.
Life Cycle Costing Critical Evaluation ReportAnkur Aggarwal
Life Cycle Costing (LCC) is an important economic analysis used in the selection of alternatives that impact both pending and future costs. It compares initial investment options and identifies the least cost alternatives for a twenty year period.
A Strategic Approach: GenAI in EducationPeter Windle
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.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Embracing GenAI - A Strategic ImperativePeter Windle
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.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
1. Cost Allocations – Overview
1. Motivation for the importance of cost allocations.
2. How do we allocate costs?
3. Effects of cost allocations?
4. Examples
5. Concluding comments
2. Why are cost allocations important?
Consider the apartment you shared with someone that was
not related to you, how did you pay for the following?
- Rent - Electric
- Phone - Cable
- Food - Gas
Does the method you allocate costs matter? Why?
Will the method you select affect the total cost incurred?
3. Cost Allocations
Consider a very simple example where an individual buys an office
building and rents the building to tenants.
The owner of the office building has a problem. She has to pay for
common area maintenance costs such as:
- Lighting and heating in the lobby and halls
- Snow removal and parking lot maintenance.
- Security
- Building Management
- Roof maintenance
- Property taxes
All of the tenets in the office building benefit from these expenditures.
What should the manager do?
4. Cost Allocations
1. What happens if the manager does not charge
the tenants for these costs?
2. What happens if the manager charges an
average rate per tenant?
3. How are these costs consumed? What is the
cost object?
4. What costs need to be assigned?
5. How would you assign them?
5. Cost Allocations
How would you assign the costs of a
maintenance department to the tenants of
the building?
Why doesn’t the tenants rent include a
CAM charge? Why is this separate from
the rent?
6. Cost Allocations
Now think of the firm as the office building and each of
the tenants as a product the firm manufactures.
Common area costs include the cost of the plant, the
payroll department, the janitorial staff, the benefits office,
the accountants, etc…
These costs must be allocated to the products.
How the costs are allocated is going to affect the profits of
the entire firm, and the behavior of the manager.
7. Why Allocate Costs
- Third Party reimbursements
- Rate regulated industries
- Governmental subsidies
- Cost plus contracts
- External Reporting/Taxes
- FASB and IRS requires allocation.
- Costing products accurately is important.
- Decision Making
- Control
8. Cost Allocations
Southwestern Bell Telephone Co. has acknowledged that
some Washington lobbying expenses incurred by its parent
corporation were improperly included in the company's
regulated interstate rate base.
The lobbying expenses totaled about $1.4 million over a
five-year period and included money spent to promote
changes in the Modified Final Judgment, according to
documents submitted this month to the Federal
Communications Commission.
Charles Mason 04/30/1990
Telephony COPYRIGHT 1990 Intertec Publishing
Corporation
9. Cost Allocations
As part of its costs related to treating Medicaid patients, St.
Elizabeth Medical Center in Covington included $13,466
for Cincinnati Reds box seats. Owensboro-Daviess County
Hospital included a $35,000 payment to settle a sexual-
harassment case against a doctor. And Columbia Suburban
Hospital in Jefferson County put down $117,700 worth of
free meals for doctors. These were among the expenses
that Kentucky hospitals submitted as part of their costs in
reports to the state Medicaid program.
KAY STEWART, The Courier-Journal 10/06/1996
The Courier-Journal
10. Cost Allocation
According to Strategic Cost Management, Free Press,
1993.
There is a billion-dollar-a-year market in strategic cost
management consulting services dominated by such
firms as Bain & Company, Boston Consulting Group,
Booz-Allen & Hamilton, McKinsey etc.
11. Cost Allocation
There are also consulting firms that develop niche groups
that are experts in cost allocations for example:
Brattle Group – Energy Department
We address the economic and financial issues raised by the
allocation of costs over time or among different services
and customers.
12. What costs are allocated?
In a single product firm, that has one customer, and only one division
there is no need to worry about cost allocations.
Most companies are:
- Multi Divisional
- Offer a variety of Products
- Thousands of Customers
Divisions, products, and customers consume common costs at different
rates, or in different amounts.
An effective cost allocation system will more accurately trace the
shared costs of production to the divisions, products and customers that
consume those costs.
13. What are the common Costs of production ?
Overhead
1. How are overhead costs consumed in the plant?
2. Can these costs be traced back to products?
3. What costs can and can not be traced back to individual products?
- Electricity - Maintenance
- Plant costs - Benefits department
- CEO time - Customer service
4. How do we allocated the costs that can not be traced back to the
product?
5. Does the method used to allocate these costs matter?
14. Cost Allocations
The method of allocating costs and the amount of costs allocated are
important for the following reasons:
1. The method of allocating costs will determine the use of common
assets.
- Internal Taxation
- Internal Subsidization
2. The method of allocation may also affect whether divisions
compete or coordinate.
- Insulating Allocation
- Non-insulating allocation.
3. Cost allocations affect performance and compensation.
15. Jolsen International
(Prob 7-7)
See the exercise “Jolsen International”: Problem 7-7 in
Zimmerman, Jerold L. Accounting for Decision Making and
Control (4th Edition). McGraw-Hill/Irwin, 2002, pp 362-3.
16. Bio Labs (Prob 7-13)
See the exercise “Bio Labs”: Problem 7-13 in Zimmerman, Jerold
L. Accounting for Decision Making and Control (4th Edition).
McGraw-Hill/Irwin, 2002, pp 368.
17. Nixon and Ross (prob 7-19)
See the exercise “Nixon and Ross”: Problem 7-19 in Zimmerman,
Jerold L. Accounting for Decision Making and Control (4th Edition).
McGraw-Hill/Irwin, 2002, pp 373-5.
18. Cosmo Inc (Prob 8-3)
See the exercise “Cosmo Inc.”: Problem 8-3 in Zimmerman,
Jerold L. Accounting for Decision Making and Control
(4th Edition). McGraw-Hill/Irwin, 2002, pp 417-8.
19. Cost Allocations Part I - Summary
1. Cost allocations are important for a variety of reasons.
2. The methods used to allocate costs can influence a
manager’s behavior:
- Tax on a particular activity
- Insulate manager
- Subsidize the use of common assets.
3. Start on how cost allocations are done.