Cost Sheet-B.V.Raghunandan
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This document provides definitions and explanations of key concepts in cost and management accounting. It defines cost, costing, and cost accounting. It discusses the objectives of cost accounting like cost ascertainment, evaluation, and control. It compares cost accounting to financial accounting and lists advantages of cost accounting like efficient management, cost control, and decision making. It also outlines different methods and techniques of costing used for objectives like ascertainment, evaluation, and control.
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Cost accounting
Cost accounting is a formal system to ascertain and control costs of products and services. It involves determining actual costs incurred through cost ascertainment and estimating future costs. The objectives of cost accounting are cost ascertainment, control, guiding business decisions, and determining selling prices. Cost accounting provides both historical and estimated cost information for management control and decision making.
Intro to cost accounting
This document discusses key concepts in cost accounting, including the meaning and objectives of cost accounting, the relationship between cost accounting and other types of accounting, elements of cost like direct and indirect costs, and cost classification. It defines important cost accounting terms and concepts, explains the general principles and advantages/limitations of cost accounting, and describes how a cost sheet is used to analyze costs.
Scope of cost accounting
The scope of cost accountancy includes costing, cost accounting, cost control, budgeting, and cost auditing. Costing involves collecting and classifying costs and allocating expenses to production. Cost accounting deals with classifying, recording, allocating, summarizing, and reporting costs. Cost control sets targets, tracks actual costs and production, analyzes variances, and takes steps to address unfavorable variations. Budgeting prepares comprehensive operational and financial plans. Cost auditing verifies the accuracy of cost accounts and adherence to cost accounting plans.
Cost accounting
Cost accounting is the process of determining the cost of products or services. It involves recording income and expenditures and preparing periodic reports and statements to ascertain and control costs. The objectives of cost accounting include determining selling prices, controlling costs, providing information for decision-making, ascertaining costs and profits, and facilitating the preparation of financial statements. Cost accounting helps management, employees, consumers, creditors, and supports business policies, budgeting, and ensuring optimal use of resources. However, cost accounting lacks uniform procedures and can be expensive to implement.
Basics of cost accounting
This document provides an overview of cost accounting, including definitions, objectives, key terms, and differences from financial accounting. It defines cost accounting as the process of recording, classifying, and analyzing costs to provide management with information to control costs and make decisions. The objectives of cost accounting are to ascertain costs, control costs, provide information for decision making, and determine selling prices. Key terms explained include cost unit, cost centre, and types of each. Differences between cost and financial accounting are outlined across areas like purpose, statutory requirements, and cost analysis capabilities.
Introduction to cost & management accounting
Cost and management accounting involves three parts: financial accounting, cost accounting, and management accounting. Financial accounting records and reports on financial transactions and statements. Cost accounting records and measures cost information for decision making and performance evaluation. Management accounting provides accounting data to management for planning, decision making, control, and motivation of employees. It has a different structure, principles, users, and timeliness than financial accounting.
Cost accounting By CA Ankush Gupta
Cost accounting measures and reports on the costs of acquiring and using resources. It provides information for management and financial accounting to aid in planning and control decisions. Standard costing involves setting cost standards for materials, labor, and overhead and comparing actual costs to the standards to analyze variances and maintain efficiency. Standards can be either ideal, allowing for no inefficiencies, or practical, allowing for normal production inefficiencies. The standard costing process involves gathering information to set standards and then comparing actual performance to the standards to prepare performance reports.
Cost Accounting
This document provides an introduction to cost and management accounting. It discusses how cost accounting provides management with cost data for products, operations, and functions to compare actual costs to predetermined budgets and standards. It also discusses how management accounting extends cost accounting to provide information for planning, control, decision making, and other functions. The document outlines key elements of cost accounting like cost objects, cost classifications of direct and indirect costs, cost behavior, and comparisons between cost, management, and financial accounting.
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Cost accounting
Cost accounting is a formal system to ascertain and control costs of products and services. It involves determining actual costs incurred through cost ascertainment and estimating future costs. The objectives of cost accounting are cost ascertainment, control, guiding business decisions, and determining selling prices. Cost accounting provides both historical and estimated cost information for management control and decision making.
Intro to cost accounting
This document discusses key concepts in cost accounting, including the meaning and objectives of cost accounting, the relationship between cost accounting and other types of accounting, elements of cost like direct and indirect costs, and cost classification. It defines important cost accounting terms and concepts, explains the general principles and advantages/limitations of cost accounting, and describes how a cost sheet is used to analyze costs.
Scope of cost accounting
The scope of cost accountancy includes costing, cost accounting, cost control, budgeting, and cost auditing. Costing involves collecting and classifying costs and allocating expenses to production. Cost accounting deals with classifying, recording, allocating, summarizing, and reporting costs. Cost control sets targets, tracks actual costs and production, analyzes variances, and takes steps to address unfavorable variations. Budgeting prepares comprehensive operational and financial plans. Cost auditing verifies the accuracy of cost accounts and adherence to cost accounting plans.
Cost accounting
Cost accounting is the process of determining the cost of products or services. It involves recording income and expenditures and preparing periodic reports and statements to ascertain and control costs. The objectives of cost accounting include determining selling prices, controlling costs, providing information for decision-making, ascertaining costs and profits, and facilitating the preparation of financial statements. Cost accounting helps management, employees, consumers, creditors, and supports business policies, budgeting, and ensuring optimal use of resources. However, cost accounting lacks uniform procedures and can be expensive to implement.
Basics of cost accounting
This document provides an overview of cost accounting, including definitions, objectives, key terms, and differences from financial accounting. It defines cost accounting as the process of recording, classifying, and analyzing costs to provide management with information to control costs and make decisions. The objectives of cost accounting are to ascertain costs, control costs, provide information for decision making, and determine selling prices. Key terms explained include cost unit, cost centre, and types of each. Differences between cost and financial accounting are outlined across areas like purpose, statutory requirements, and cost analysis capabilities.
Introduction to cost & management accounting
Cost and management accounting involves three parts: financial accounting, cost accounting, and management accounting. Financial accounting records and reports on financial transactions and statements. Cost accounting records and measures cost information for decision making and performance evaluation. Management accounting provides accounting data to management for planning, decision making, control, and motivation of employees. It has a different structure, principles, users, and timeliness than financial accounting.
Cost accounting By CA Ankush Gupta
Cost accounting measures and reports on the costs of acquiring and using resources. It provides information for management and financial accounting to aid in planning and control decisions. Standard costing involves setting cost standards for materials, labor, and overhead and comparing actual costs to the standards to analyze variances and maintain efficiency. Standards can be either ideal, allowing for no inefficiencies, or practical, allowing for normal production inefficiencies. The standard costing process involves gathering information to set standards and then comparing actual performance to the standards to prepare performance reports.
Cost Accounting
This document provides an introduction to cost and management accounting. It discusses how cost accounting provides management with cost data for products, operations, and functions to compare actual costs to predetermined budgets and standards. It also discusses how management accounting extends cost accounting to provide information for planning, control, decision making, and other functions. The document outlines key elements of cost accounting like cost objects, cost classifications of direct and indirect costs, cost behavior, and comparisons between cost, management, and financial accounting.
Bba ii cost and management accounting u 1
The document discusses key concepts in cost accounting including meaning of costing, cost accounting, elements of cost (material, labor, expenses), classification of costs (fixed, variable, semi-variable), and scope of cost accounting which includes cost ascertainment, cost records, and cost control. It also defines concepts like prime cost, overhead, production overhead, administration overhead, selling and distribution overhead, and total cost. Life cycle costing is introduced as a technique that considers all costs over the lifetime of a product or asset.
Introduction to cost accounting
This document defines key concepts in cost accounting including cost, costing, cost accounting, cost estimation, cost ascertainment, cost allocation, cost apportionment, cost control, cost reduction, absorption costing and others. It explains the objectives and functions of cost accounting as well as the significance and limitations. Components of cost are defined including direct materials, direct labor, factory overheads, administrative overheads and selling overheads. The differences between cost unit and cost center as well as cost estimation and cost ascertainment are also summarized.
Basics of cost accounting
This document provides an overview of cost accounting basics, including:
1. It defines cost accounting and its objectives such as preparation of cost statements, ascertaining profitability, and formulating business policies.
2. It outlines the functions of cost accounting like ascertaining, estimating, and controlling costs to improve efficiency and reduce costs.
3. It describes a cost sheet, which is a report that accumulates all costs associated with a product or job, and can be used for cost control and setting future prices.
Introduction to cost accounting
This document provides an introduction to cost accounting. It defines cost accounting as gathering cost information and attaching it to cost objects to establish actual and standard costs of operations, processes, and products. It then discusses the importance of cost accounting to management for decision making, planning, control, and pricing. Key differences between cost and financial accounting are that cost accounting uses double entry accounting, has internal users, and reports past costs, while financial accounting follows accounting principles with external users and considers future information.
Cost accounting bba 3rd
Cost accounting is concerned with recording, classifying, and summarizing costs to determine the costs of products or services, plan and control costs, and provide information to management for decision making. It involves ascertaining costs through cost finding techniques, applying cost control methods, and calculating the profitability of activities. The objectives of cost accounting are to ascertain, estimate, control, and reduce costs, determine selling prices, facilitate financial reporting, and provide a basis for operational policies.
Cost accounting
The document discusses cost accounting and its evolution from a technique for ascertaining product costs to a technique for cost control and reduction. It defines cost accounting as recording, classifying, and summarizing costs to determine product costs, plan and control costs, and provide information for management decision making. Cost accounting is distinguished from financial accounting in that it focuses on internal cost analysis for management purposes, uses estimated data, and classifies costs as fixed and variable.
Cost Accounting
This presentation introduces cost accounting concepts. It defines cost accounting as identifying and evaluating production costs and discusses key activities like cost determination, recording, analysis, and reporting. It also outlines important differences between cost and financial accounting, elements of costs, components of total cost, the purpose and types of cost sheets, and how cost sheets are used to ascertain costs, control costs, and fix selling prices.
Cost accounting ppt
Cost accounting is a formal system used to ascertain and control costs of products and services. The objectives of cost accounting include ascertaining costs, controlling costs, and guiding business policies. Cost accounting differs from financial accounting in its purpose, statutory requirements, cost analysis, periodicity of reporting, and control aspects. Cost centers, cost units, and methods of costing like job costing and process costing are used to allocate costs. Elements of cost include direct and indirect materials, direct and indirect labor, and expenses like production, administration, selling and distribution overheads. Total cost is made up of prime cost, works cost, cost of production and total cost or cost of sales.
Cost concepts
There are several types of cost accounting methods that are used for different purposes. Job order costing is used for job order industries where each job or order is treated as a cost unit. Process costing is used for industries with continuous production where the output is uniform. Standard costing sets targets and variances are analyzed to take corrective actions. Marginal costing only considers variable costs as product costs. Absorption costing includes both fixed and variable costs. Costs can also be classified as fixed, variable, or semi-variable depending on their behavior with production volume. Direct costs can be traced to a cost object while indirect costs cannot. Historical costs are actual costs incurred while predetermined and estimated costs are budgeted or forecast
Cost accounting and analysis
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.
Cost accountancy historical development @ mba
Cost accounting evolved from manual bookkeeping practices in the 19th century and saw major developments before and after both World Wars. It is encouraged by professional organizations and helps businesses with important tasks like determining selling prices, preparing financial statements, making operating decisions, and establishing accurate unit costs. Adopting cost accounting provides benefits like eliminating inefficiencies, presenting accurate financial reports, and developing cost comparisons to increase efficiency.
Costing
The document discusses various classifications and procedures related to costing. It defines key costing terms like variable costs, fixed costs, direct costs, indirect costs, product costs, period costs, relevant costs, and more. Costs are classified based on their behavior, traceability, purpose, and controllability. The elements of cost - material, labor, and expenses - are also categorized as direct or indirect. Procedures for determining costs include identifying cost elements, classifying costs, and allocating common/indirect costs to arrive at the total cost of cost objects.
Introduction to cost accounting
This document provides an introduction to cost accounting concepts. It defines key terms like cost, costing, cost accounting, and cost control. It explains different types of costs like direct and indirect materials, direct and indirect labor, and direct and indirect expenses. It also shows basic and advanced cost sheet formats that are used to calculate costs of production, cost of goods sold, and profit. The objectives are to define accounting concepts, identify basic cost concepts, calculate costs, and prepare ledger accounts.
Current trends in cost & management accounting
Cost & Management Accounting & Types of costs involvement.
Direct costing as an analysis tool & Cost volume profit analysis.
Target costing & Cost object analysis.
Process analysis & Zero base budgeting.
Cost reduction strategy & Compensation cost reduction.
Procurement cost reduction & Responsibility accounting.
Facilities cost reduction & Finance cost reduction.
Cost management is a form of management accounting.
Cost management is the process of planning and controlling the budget of a business which related to activities achieved by collecting, analyzing, evaluating and reporting cost information used for budgeting, estimating, forecasting, and monitoring costs.
An Introduction to Cost Accounting
An Introduction to Cost AccountingWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
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.
Cost accounting
Cost accounting deals with determining the costs of products and services by recording, classifying, and analyzing expenses and revenues. It provides information internally for cost control and decision making, but does not depict the overall financial position of the company. Some limitations of cost accounting include that it is not an exact science, there is no uniformity in procedures, and it can be an expensive system to implement for some businesses.
Basics of Cost Accounting
The document is a presentation on the basics of cost accounting for business students. It defines key cost accounting terms like cost, cost elements, direct and indirect costs, and overhead costs. It explains the components of cost like material, labor, expenses and overheads. It also outlines the different types of costs like prime cost, factory cost, office cost and total cost and how they are calculated. The presentation provides an overview of basic cost accounting concepts and terminology.
Introduction of Cost Accounting
This document provides an introduction to cost accounting, including its objectives, importance, and key concepts. It discusses the emergence of cost accounting as a field and defines it as a method for accumulating, classifying, and interpreting cost information to aid in planning, control, and decision making. The document also outlines the advantages of cost accounting for management, employees, creditors, and consumers. It emphasizes that cost accounting is important for controlling costs, measuring efficiency, budgeting, and determining prices. Finally, it discusses essential conditions and factors for installing an effective cost accounting system, such as having efficient material and wage payment controls.
cost accounting complete
This document provides an introduction to cost accounting, including its purpose and key concepts. It discusses the limitations of financial accounting and how cost accounting addresses these. The main objectives of cost accounting are to ascertain costs, determine selling prices, set efficiency standards, value inventory, and provide information for decision making. Key cost accounting concepts covered include cost elements, cost classifications, cost sheets, costing methods, and the installation of cost accounting systems. The relationship between cost and financial accounting is also explained.
Introduction to cost managerial accounting
This document provides an introduction to cost accounting concepts from an expert at the Indian Institute of Technology Mumbai. It defines key cost accounting terms like direct costs, indirect costs, fixed costs, variable costs, and period costs. It also outlines different ways to classify costs such as by element, function, variability, and relevance. The objectives of cost accounting are explained as ascertaining costs, cost control and reduction, and assisting management with decision making.
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Overheads in Cost Accounting-B.V.Raghunandan
This document discusses different types and classifications of overheads. It defines overheads as indirect costs that cannot be economically traced to a specific product or service. Overheads are classified by function into manufacturing, administration, and selling & distribution. They are also classified by behavior as fixed, semi-variable, or variable. The document explains the differences between allocation, which assigns a cost directly, and apportionment, which allotts costs between cost centers. It discusses primary and secondary distribution of overheads and different methods used for distribution including direct, step-ladder, repeated, and simultaneous equation methods.
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Bba ii cost and management accounting u 1
The document discusses key concepts in cost accounting including meaning of costing, cost accounting, elements of cost (material, labor, expenses), classification of costs (fixed, variable, semi-variable), and scope of cost accounting which includes cost ascertainment, cost records, and cost control. It also defines concepts like prime cost, overhead, production overhead, administration overhead, selling and distribution overhead, and total cost. Life cycle costing is introduced as a technique that considers all costs over the lifetime of a product or asset.
Introduction to cost accounting
This document defines key concepts in cost accounting including cost, costing, cost accounting, cost estimation, cost ascertainment, cost allocation, cost apportionment, cost control, cost reduction, absorption costing and others. It explains the objectives and functions of cost accounting as well as the significance and limitations. Components of cost are defined including direct materials, direct labor, factory overheads, administrative overheads and selling overheads. The differences between cost unit and cost center as well as cost estimation and cost ascertainment are also summarized.
Basics of cost accounting
This document provides an overview of cost accounting basics, including:
1. It defines cost accounting and its objectives such as preparation of cost statements, ascertaining profitability, and formulating business policies.
2. It outlines the functions of cost accounting like ascertaining, estimating, and controlling costs to improve efficiency and reduce costs.
3. It describes a cost sheet, which is a report that accumulates all costs associated with a product or job, and can be used for cost control and setting future prices.
Introduction to cost accounting
This document provides an introduction to cost accounting. It defines cost accounting as gathering cost information and attaching it to cost objects to establish actual and standard costs of operations, processes, and products. It then discusses the importance of cost accounting to management for decision making, planning, control, and pricing. Key differences between cost and financial accounting are that cost accounting uses double entry accounting, has internal users, and reports past costs, while financial accounting follows accounting principles with external users and considers future information.
Cost accounting bba 3rd
Cost accounting is concerned with recording, classifying, and summarizing costs to determine the costs of products or services, plan and control costs, and provide information to management for decision making. It involves ascertaining costs through cost finding techniques, applying cost control methods, and calculating the profitability of activities. The objectives of cost accounting are to ascertain, estimate, control, and reduce costs, determine selling prices, facilitate financial reporting, and provide a basis for operational policies.
Cost accounting
The document discusses cost accounting and its evolution from a technique for ascertaining product costs to a technique for cost control and reduction. It defines cost accounting as recording, classifying, and summarizing costs to determine product costs, plan and control costs, and provide information for management decision making. Cost accounting is distinguished from financial accounting in that it focuses on internal cost analysis for management purposes, uses estimated data, and classifies costs as fixed and variable.
Cost Accounting
This presentation introduces cost accounting concepts. It defines cost accounting as identifying and evaluating production costs and discusses key activities like cost determination, recording, analysis, and reporting. It also outlines important differences between cost and financial accounting, elements of costs, components of total cost, the purpose and types of cost sheets, and how cost sheets are used to ascertain costs, control costs, and fix selling prices.
Cost accounting ppt
Cost accounting is a formal system used to ascertain and control costs of products and services. The objectives of cost accounting include ascertaining costs, controlling costs, and guiding business policies. Cost accounting differs from financial accounting in its purpose, statutory requirements, cost analysis, periodicity of reporting, and control aspects. Cost centers, cost units, and methods of costing like job costing and process costing are used to allocate costs. Elements of cost include direct and indirect materials, direct and indirect labor, and expenses like production, administration, selling and distribution overheads. Total cost is made up of prime cost, works cost, cost of production and total cost or cost of sales.
Cost concepts
There are several types of cost accounting methods that are used for different purposes. Job order costing is used for job order industries where each job or order is treated as a cost unit. Process costing is used for industries with continuous production where the output is uniform. Standard costing sets targets and variances are analyzed to take corrective actions. Marginal costing only considers variable costs as product costs. Absorption costing includes both fixed and variable costs. Costs can also be classified as fixed, variable, or semi-variable depending on their behavior with production volume. Direct costs can be traced to a cost object while indirect costs cannot. Historical costs are actual costs incurred while predetermined and estimated costs are budgeted or forecast
Cost accounting and analysis
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.
Cost accountancy historical development @ mba
Cost accounting evolved from manual bookkeeping practices in the 19th century and saw major developments before and after both World Wars. It is encouraged by professional organizations and helps businesses with important tasks like determining selling prices, preparing financial statements, making operating decisions, and establishing accurate unit costs. Adopting cost accounting provides benefits like eliminating inefficiencies, presenting accurate financial reports, and developing cost comparisons to increase efficiency.
Costing
The document discusses various classifications and procedures related to costing. It defines key costing terms like variable costs, fixed costs, direct costs, indirect costs, product costs, period costs, relevant costs, and more. Costs are classified based on their behavior, traceability, purpose, and controllability. The elements of cost - material, labor, and expenses - are also categorized as direct or indirect. Procedures for determining costs include identifying cost elements, classifying costs, and allocating common/indirect costs to arrive at the total cost of cost objects.
Introduction to cost accounting
This document provides an introduction to cost accounting concepts. It defines key terms like cost, costing, cost accounting, and cost control. It explains different types of costs like direct and indirect materials, direct and indirect labor, and direct and indirect expenses. It also shows basic and advanced cost sheet formats that are used to calculate costs of production, cost of goods sold, and profit. The objectives are to define accounting concepts, identify basic cost concepts, calculate costs, and prepare ledger accounts.
Current trends in cost & management accounting
Cost & Management Accounting & Types of costs involvement.
Direct costing as an analysis tool & Cost volume profit analysis.
Target costing & Cost object analysis.
Process analysis & Zero base budgeting.
Cost reduction strategy & Compensation cost reduction.
Procurement cost reduction & Responsibility accounting.
Facilities cost reduction & Finance cost reduction.
Cost management is a form of management accounting.
Cost management is the process of planning and controlling the budget of a business which related to activities achieved by collecting, analyzing, evaluating and reporting cost information used for budgeting, estimating, forecasting, and monitoring costs.
An Introduction to Cost Accounting
An Introduction to Cost AccountingWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
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.
Cost accounting
Cost accounting deals with determining the costs of products and services by recording, classifying, and analyzing expenses and revenues. It provides information internally for cost control and decision making, but does not depict the overall financial position of the company. Some limitations of cost accounting include that it is not an exact science, there is no uniformity in procedures, and it can be an expensive system to implement for some businesses.
Basics of Cost Accounting
The document is a presentation on the basics of cost accounting for business students. It defines key cost accounting terms like cost, cost elements, direct and indirect costs, and overhead costs. It explains the components of cost like material, labor, expenses and overheads. It also outlines the different types of costs like prime cost, factory cost, office cost and total cost and how they are calculated. The presentation provides an overview of basic cost accounting concepts and terminology.
Introduction of Cost Accounting
This document provides an introduction to cost accounting, including its objectives, importance, and key concepts. It discusses the emergence of cost accounting as a field and defines it as a method for accumulating, classifying, and interpreting cost information to aid in planning, control, and decision making. The document also outlines the advantages of cost accounting for management, employees, creditors, and consumers. It emphasizes that cost accounting is important for controlling costs, measuring efficiency, budgeting, and determining prices. Finally, it discusses essential conditions and factors for installing an effective cost accounting system, such as having efficient material and wage payment controls.
cost accounting complete
This document provides an introduction to cost accounting, including its purpose and key concepts. It discusses the limitations of financial accounting and how cost accounting addresses these. The main objectives of cost accounting are to ascertain costs, determine selling prices, set efficiency standards, value inventory, and provide information for decision making. Key cost accounting concepts covered include cost elements, cost classifications, cost sheets, costing methods, and the installation of cost accounting systems. The relationship between cost and financial accounting is also explained.
Introduction to cost managerial accounting
This document provides an introduction to cost accounting concepts from an expert at the Indian Institute of Technology Mumbai. It defines key cost accounting terms like direct costs, indirect costs, fixed costs, variable costs, and period costs. It also outlines different ways to classify costs such as by element, function, variability, and relevance. The objectives of cost accounting are explained as ascertaining costs, cost control and reduction, and assisting management with decision making.
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Overheads in Cost Accounting-B.V.Raghunandan
This document discusses different types and classifications of overheads. It defines overheads as indirect costs that cannot be economically traced to a specific product or service. Overheads are classified by function into manufacturing, administration, and selling & distribution. They are also classified by behavior as fixed, semi-variable, or variable. The document explains the differences between allocation, which assigns a cost directly, and apportionment, which allotts costs between cost centers. It discusses primary and secondary distribution of overheads and different methods used for distribution including direct, step-ladder, repeated, and simultaneous equation methods.
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The document discusses various concepts related to cost accounting. It defines cost, costing, cost accounting, and provides explanations of key terms like cost control, cost audit, costing vs cost accounting, financial accounting vs cost accounting. It also describes the different types of costs like direct and indirect costs, different elements of cost including material, labor, expenses. It explains concepts such as overhead costs, prime cost, factory cost, cost of production, and cost of sales. Finally, it discusses different types of costs such as direct, indirect, period, opportunity, replacement and marginal costs.
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Cost Sheet-B.V.Raghunandan
- 1. Cost & Management Accounting-I Basic Concepts
- 2. Meaning & Definition Cost- “ the amount of expenditure (actual or notional) incurred on, or attributable to a specified thing or activity”-CIMA, London Costing-”the techniques and processes of ascertaining cost”-CIMA, London
- 3. Cost Accounting “Cost Accounting is the application of accounting and costing principles, methods and techniques in the ascertainment of costs and the analysis of savings and/or excesses as compared with previous experience or with standards”-CIMA, London
- 4. “ the application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and the ascertainment of profitability. It includes presentation of information for the purpose of managerial decision-making”-CIMA, London Cost Accountancy
- 5. Cost Ascertainment Cost Evaluation Cost Control Cost Reduction Price Fixing Data for Decision-making: level of output. Product –mix, profitability of products and processes, comparative cost schedules Objectives of Cost Accounting
- 6. Limitations of Financial Accounting Historical Unclassified Whole Organisation No Material Control No Wage Control No Overheads Control No Normalcy Approach No Cost Evaluation Price Fixation difficult No Cost Reduction Tenders & Quotations Data for Reporting Elimination of loss Manipulation No Comparison
- 7. Cost Accounting Financial Accounting External Reporting Annual Reporting Historical Objective Information Wholesome Approach Compulsory Rigid Preparation Accurate Independent Audit Internal Reporting Periodic Reporting Historical/Prospective Subjective Divisional Voluntary Flexibility Approximation dependant No Audit Differences Between Financial Accounting & Cost Accounting
- 8. Advantages of Cost Accounting Efficient Management of Resources Elimination of Wastages Cost Control Facilitating Price Fixation Helping Decision-making Preparation of Budgets Profit Planning
- 9. Fair Wages Recognition of Efficiency Incentive System of Payment Cordial Relation Higher Share of Profit Advantages to Workers
- 10. Advantages to the Government Resolving Tax Disputes Policy Framing Planning Price Control Measuring Efficiency Quantum of Subsidy
- 11. Where the Objective is cost ascertainment: Process Costing: Unit Costing, Operating Costing, and Operation Costing Job Costing: Job Costing, Batch Costing and Contract Costing Methods of Costing
- 12. Where the objective is cost evaluation: Standard Costing Historical Costing Systems of Costing:
- 13. Where the objective is cost control and cost reduction: Marginal costing Absorption Costing Techniques of Costing
- 14. THANK YOU