The document discusses cost audit, which involves verifying cost accounts and ensuring adherence to cost accounting objectives and plans. It provides definitions of cost audit from professional bodies and outlines objectives like checking accounts, adherence to plans, and efficiency. Key aspects reviewed in a cost audit include materials, labor, overhead charges, depreciation, and work-in-progress. The document also compares cost audit to financial audit.
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
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
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
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.
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
This is one of the hardest topic in Accounting. To make it easier I have prepared this one. It is according to AS 7. These are some of the basics of Contract Accounting. How to account Contact?
Like if it proves to be useful for you.
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
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.
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
This is one of the hardest topic in Accounting. To make it easier I have prepared this one. It is according to AS 7. These are some of the basics of Contract Accounting. How to account Contact?
Like if it proves to be useful for you.
Introduction of costing , its elements & cost sheetKamlesh Shinde
Basically presentation is based on the costing , its various elements, their classification and the illustration on a simple cost sheet and Estimated Cost sheet. It is very useful to beginners in cost accounting , B.Com and M.com Students.
Introduction of cost sheet and cost accounting.
1) Introduction
2) An objective of Cost sheet
3) Classification of Cost sheet
4) Advantage and Dis-advantage of Cost sheet
5) Different between Financial Accounting and Cost Sheet Accounting
Based on the literatures answer the following questionNo to e.docxikirkton
Based on the literatures answer the following question:
No to exceed 600 words in total
What tool do you need to control cost in your profit center?
What is the difference between cash and revenue?
This article explains the essential concepts of cost accounting. The overview provides an introduction to the basic cost accounting objectives and techniques, the roles of the controller and cost accountant within the corporate management structure and the ethical considerations that guide cost accountants. This article also explains the basic cost accumulation methods that are used in cost accounting systems. These methods include job order costing, process costing, backflush costing, hybrid costing and joint and by-product costing. Further, explanations of the most common costs that companies must plan for and control are included, such as direct labor, direct material and factory overhead costs. Finally, this overview describes how cost accounting techniques affect business considerations in areas such as budgeting, pricing and inventory costing methods, which include throughput, direct, absorption and activity-based costing systems.
Keywords Activity-Based Costing; Activity-based Management (ABM); Actual Cost System; Backflush Costing; Balance Sheet; By-product; Controller; Cost Accounting; Cost Accumulation; Cost Driver; Direct Labor; Direct Materials; Factory Cost; Factory Overhead; Fixed Cost; Indirect Cost; Job Order Costing; Joint Cost; Labor Productivity; Process Costing; Sunk Cost; Variable Cost
Accounting > Cost Accounting
Overview
Cost accounting is the application of accounting and costing principles to the tracking, recording and analysis of the costs associated with the products or services a business produces and the activities involved in the production process. Broadly speaking, cost accounting objectives include the preparation of statistical data, application of cost accumulation and cost control methods to production processes and analysis of an organization's profitability as compared with previous periods of time and projected budgets. Cost accountants use basic accounting techniques to compile and analyze data to meet these objectives. In performing these tasks, cost accountants work within the controller's office or the accounting department of most companies. And in addition to any internal company policies that govern their duties, cost accountants must consider the ethical principles that guide the accounting and financial reporting industries. The following sections provide a more in-depth explanation of these concepts.
Introduction to Cost Accounting
Cost accounting identifies, defines, measures, reports and analyzes the various elements of direct and indirect costs associated with producing and marketing goods and services. Cost accounting also measures performance, product quality and productivity. Direct costs can be directly traced to producing specific goods or services, such as the cost of raw mater ...
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.
1.This PPT covers Definition of CCost Acccountng, . Scope of cost accounting, Advantages, Limitations of cost accounting, differences between Financial Accounting and Cost Accounting.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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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
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
2. It is the process of verification of
cost accounts which includes all
the aspects that add to the cost of
production/manufacturing/
assembling of certain kinds of
goods ...
3. “It is the detailed checking of the costing system,
technique and accounts to verify their correctness
and to ensure adherence to the objective of cost
accountancy.”-ICMA LONDON
“An audit of efficiency ,minute details of expenditure
while the work is in progress and not a post –
mortem .cost audit is mainly a preventive measure
,a guide for management policy and decision ,in
addition to being barometer of performance “-
ICWAI INDIA
4. Verify the cost accounts have been
properly maintained
Check the adherence to the cost
accounting plan
5. India was the first country in South Asia
(and perhaps in the world) to make cost
audit mandatory for some of its business
sectors. The Institute of Cost and Works
Accountants of India (ICWAI) refers to cost
audit as an audit of efficiency of minute
details of expenditure while the work is in
progress and not a post-mortem
examination.
6. Objectives of cost audit include the
determination and control of cost together
with providing data for making judgments
and decisions on various matters, such as
operational efficiency.
GOI has added industries involved in the
manufacturing of plantation products
together with the petroleum and
telecommunication industries in 2002 to
the list of industries requiring mandatory
cost audits.
7. To detect errors & frauds
To verify the accuracy
To have a full control on working of
cost dept. of organisation
To reduce the detailed checking of the
external auditor
Help the management to take correct
and timely decision
Moral check on staff of cost
accounting department
8. To bring efficiency in cost accounting
systems & procedures
To bring efficiency in use of material
labour machine ....
9. The Cost Auditor should pay his
attention to the following records:
Record of Materials
Labor Records
Record of Overhead Charges
Depreciation
Work-in-Progress Records
Incomplete Records
Stores and Spare Parts Records
10. The cost of raw materials, both in quantities
and value, as given in the statements, should
be verified.
In case the transport cost of raw materials is a
significant element of cost, as in the case of
cement and sugar industry, the transport
cost is determined separately. In case
of imported raw materials, the various
elements are: ocean freight, insurance, custom
duty, clearing/forwarding and inland freight
Data for raw materials consumption have to be
provided for the year under audit, as well as for
the previous two years, for comparison.
11. Material consumption is worked out by deduc
ting closing inventories, from the receipts
and adding opening balance.
Consumption of materials should be carefully
checked with the issues to production
processes.
Provisions of the cost accounting record rules
should be kept in mind, as the rules
also specify accounting requirements for raw
materials and other direct and indirect
materials.
12. The following particulars relating to wages and
salaries be included in Cost Auditor's Report,
Direct Labor Cost On Production;
Indirect Employees Cost On Production;
Employees Cost On Administration;
Employees Cost On Selling And Distribution;
Bonus To Workers And Employees;
Other Employees Cost, If Any (Including Taxes
And Levies
Total Employees Cost
After the ascertainment of cost is done it has
to be then compared with previous year
figures.
13. The various inventory cost formulas (L
IFO, FIFO, HIFO),weighted average
cost, base stock, specific
identification, latest purchase price
have different effect on costing
and asset valuation.
If an entity follows a formula which is
different from the one generally
followed by the industry, it should be
specially commented upon by the cost
auditor in his report.
14. Cost accounting record order/rules require th
at record of all fixed assets, in respect of
which depreciation is to be provided, shall be
maintained.
Depreciation is charged according to the
depreciation policy of management , which
may be on a straight line or reducing balance
method , based on the useful life of the asset.
Any basis adopted should be consistently
followed. If any basis, other than the useful
life of the asset, is followed, the impact of
providing excess or less depreciation
should be pointed out.
15. The basis of allocation/apportionment
of overhead cost to cost centers
should be in accordance with the
Accepted principles of cost accounting
Quantification of services rendered by
service departments to cost centers.
On the basis of activities which are
cost drivers
16. Principles of Cost Audit
Code of Ethics
Independence of Cost Audit
Integrity and Objectivity
Professional Competence
Confidentiality
Professional Behaviour
18. Financial audit
Audit of financial
account has been
compulsory under
companies Act 1956.
Cost audit
Cost Audit is not
compulsory in all
companies expect in
certain specified
companies which is
notified by central
government from
time to time under
sec 233 B.
19. The Financial
Auditor is required
to report whether
the financial
statement exhibits
true and fair view
of state of affairs
of the business
Financial Auditor
submit his report
to the shareholders
Cost Auditor has to
check the propriety
of each item of
each item of
expenditure and
certify whether they
have been incurred
prudently or not.
Cost Auditor
reports to the Board
of Directors
20. Financial Audit is
mainly to check the
arithmetical accuracy
of different books of
accounts.
Cost Auditor sees
also whether suitable
steps have been
taken to reduce the
cost of production
21. Financial Audit is
conducted every
year in all
companies
Financial
Audit does not
measure the real
efficiency of an
organization.
Cost Audit may be
conducted only
for a particular
year and even for
a specific jobs
Cost Audit
measure the
efficiency of the
organization ,
especially
production
processes.
22. Auditor verifies
whether the closing
stock has been
properly valued.
Financial Audit is a
sort of post-
mortem audit
The Cost Auditor
looks into the
methods followed
and the adequacy
or otherwise of the
stock to meet the
requirements of
the organization.
Cost Audit is
forward looking
with suggestion for
future
23. It has two important aspects:
Propriety Audit
Efficiency Audit
24. Cost audit as a basis of propriety audit serves the
following;
Whether the expenditure is appropriate and
not more than what the situation demands.
Whether any personal benefit has accrued
to the sanctioning authority as a result of
this expenditure.
Whether the expenditure has indeed served
the purpose for which it has been incurred.
Whether the prescribed rules and
regulations have been duly followed.
25. In identifying the areas of
inefficiencies and weaknesses.
In determining the appropriate selling
price of the commodity and services.
In determining appropriate cost of
different products & services.
In ensuring the optimum utilization of
the plant capacity.
In creating an atmosphere, Cost
conscience through out the
organization.
26. The important advantages of cost audit
can be studied as under:
To the Management
To the Shareholders
To the Consumers
To the Government
To the Society
27. Control On Different Elements Of Cost
Assessment Of Profitability
Check On The Role Of Uneconomic
Units
It Helps In Reducing The Prices
Check On Cost Control Techniques
Helpful In Budgetary Control &
Standard Costing
Fixing Responsibilities Of Specific
Person
28. Guarantee Of The Proper Maintenance
Of Records
Fair Return On Investment
Timely & Proper Information
29. It Helps In The Fixation Of Fair Prices
Increase In The Standard Of Living
30. Improve working of uneconomic
industrial units
Guidance
Helpful in providing cost statements &
other relevant information
It facilitates the settlement of trade
disputes
Ceiling prices
Cost plus contract
31.
32. Meaning
The Examination review of various
policies and action of the Management on
the basis of certain specified objectives.
Definition
Management Audit is Independently
Examination of organisation structure,
operation function, Analyzing goals,
Policies, Activities, weaknesses and
Evaluation of earning capacity of the
Management.
33. To identify the level of achievements
of main objectives of organisation
To identify the defects or irregularities
of management executives
To ensure that the management is
going to achieve the objectives
To help management to do efficient
administration of the operations
34. Management functions and processes
in order to improve its efficiency
A change in method of purchase in
beneficial to company
To success or failure of business or
company depends fully on the quality
of management
35. Management audit provides
suggestions to the management which
helps to maintain effective
management
Management audit provides
information about strong and weak
point of the management after
reviewing policies and programs. So, it
helps to the smooth operation of an
organisation
36. Management auditor cannot
understand the practical problems. So,
it suggestion provided by them is
theoretical but not practical
Scope of management audit is vague.
So, it does not help to achieve specific
goal