This was a class assignment for Economics course handled by Prof. P.C.Thomas sir of T.K.M Institute of Management
"To err is human. Please forgive if i have made any mistakes."
This was a class assignment for Economics course handled by Prof. P.C.Thomas sir of T.K.M Institute of Management
"To err is human. Please forgive if i have made any mistakes."
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
This presentation covers Accounting of Services and Operations like - Cinema Hall, Canteen, Hospital, Transport, Costing etc.
an important part in MBA Financce
Meaning & Definition
Objectives of Cost Accounting
Advantages of Cost Accounting
Difference between Cost Accounting and Financial Accounting
Cost concepts and classifications
Elements of cost
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
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
This presentation is about flexible budgeting and how it helps in adjusting the necessary changes in volume of activity. It is opposite of static budget, which remains fixed or at one amount regardless of the volume of activity.
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
This presentation covers Accounting of Services and Operations like - Cinema Hall, Canteen, Hospital, Transport, Costing etc.
an important part in MBA Financce
Meaning & Definition
Objectives of Cost Accounting
Advantages of Cost Accounting
Difference between Cost Accounting and Financial Accounting
Cost concepts and classifications
Elements of cost
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
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
This presentation is about flexible budgeting and how it helps in adjusting the necessary changes in volume of activity. It is opposite of static budget, which remains fixed or at one amount regardless of the volume of activity.
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.
I've tried my level best to indulge in arranging and providing the best information regarding this topic. check it out ,i hope it caters to your requirements.
Dont just copy paste, take reference and i am sure you can make it better than me.
Have a good day.!
Regards : Manik Dutt
Glossary of management accounting by shimul sarkarShimul Sarkar
it will very helpful for any viva exam. Glossary of management accounting terms
The definition of one word or phrase may depend on understanding another word or phrase defined elsewhere in the reference list. Words in bold indicate that such a definition is available.
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 ...
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.
Similar to Costing chapter 1 basics of costing (20)
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
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.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
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!
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
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.
1. COST,COSTING,COST ACCOUNTING & COST ACCOUNTANCY
Cost can be defined as
The measurement of the resources used to
manufacture a product or to provide services.
This includes :
Raw material used to manufacture a product
Labour used to manufacture a product
Other expenses used to manufacture a product
Expenses incurred to store the raw material
Expenses incurred to store the finished product
Expenses incurred to sell the product
2. CostAccounting
recording cost spent on any process, service, product or anything else in the
organization.
examining cost spent on any process, service, product or anything else in the
organization.
summarizing cost spent on any process, service, product or anything else in the
organization.
study the cost spent on any process, service, product or anything else in the
organization.
Costing
It is the process of ascertainment of cost.
COST,COSTING,COST ACCOUNTING & COST ACCOUNTANCY
3. CostAccountancy
It is the application of :
Cost and cost accounting principles
Methods and techniques of cost control
Ascertainment of profitability
Presentation of information to the management for
decision making
COST,COSTING,COST ACCOUNTING & COST ACCOUNTANCY
4. LIMITATIONSOF FINANCIAL ACCOUNTING
Financial accounting provides the information about the financial activities as a
whole and not product or job-wise, department-wise etc.
Control of cost is not possible since the costs are known at the end of the financial
year or a specified period of time. So nothing can be done to control either the
account of expense or the cost.
Financial information relates to past records and all financial decisions are taken on
the basis of past financial data which may be incorrect.
Financial accounting does not record the price fluctuations or change in price level.
As a result it does not present the correct information
Total cost (i.e., fixed cost, variable cost, direct cost and indirect cost of a product)
depends on many factors, all such factors cannot be supplied by financial
accounting.
5. LIMITATIONSOF FINANCIAL ACCOUNTING
Without proper knowledge of principles and conventions of accounting it is not
possible to analyse the financial data to take any financial decision.
No Uniformity regarding Accounting Principles. As there are IndianAccounting
Standards and International Accounting Standards which differ a lot.
Financial accounting presents only profit or loss and financial positions of the
business as a whole. So actual performance cannot be compared with the budgeted
figure
Sometimes profit may be reduced in order to reduce tax and to avoid bonus to the
employees. In the same way, more profit may be shown to issue new equity shares or
to pay more dividend to attract the shareholders, creditors and money lenders.
6. ORIGIN OF COSTING
As the traditional financial accounting does not provide the necessary information
for carrying on an efficient business, costing was introduced.
Although the cost accounting principles were given importance and were developed
before the Second World War, Cost Accounting principles were introduced at the
beginning of 14th century. But by the end of the 19th century the current cost
accounting procedure was set up.
However, when industrialization speeded up, these businesses had to differentiate
the ‘variable costs’ from ‘fixed costs’. Variable costs are those costs which are
directly related to the production and vary quantitatively. Fixed costs are those costs
which are not directly related to the production of goods or services. Some examples
of fixed costs are salaries, depreciation, rent, insurance premium, etc.
Managers and businessmen found costing necessary to be undertaken for decision
making, pricing, and product development. Thus modern cost accounting was
originated.
7. ORIGIN OF COSTING
All businesses and organization can keep track of their activities and costs with the
help of cost accounting.
Thus cost accounting is a branch of financial accounting. Though cost accounting
emerged, the financial accounting has not lost it’s importance.
Cost helps to
Take appropriate decisions
Price a product
Develop a product
8. OBJECTIVES OF COST ACCOUNTING
To Ascertainment the cost of aproduct
To analysis of cost viz, fixed, variable, semi – variable, direct costsand indirect
costs, etc.
To detect the wastage of material, time, expenses and measures to control them.
To fix the selling price of a product once costs are ascertained.
To determine the profit and measures to maximize theprofit.
To control the stocks of raw material, work-in-progress and finished product.
To represent and interpret the data to the management for decision making.
To prepare the budgets and implement them.
To formulate the plans regarding wages and the incentives thereon.
To organise cost reduction programmes through management.
9. ADVANTAGES OF COST ACCOUNTING
To Ascertain the cost of a product and improve the efficiency.
To understand the profitable and unprofitable activities and take decisions thereon.
To fix a price for its products on the basis of the cost of production.
Costs, properly ascertained, will guide management to reduce the price even below
the total cost.
To make proper planning of work and avoid overwork and idle time.
To have a control on excess storage and optimum stock levels can be maintained
To reveal the reason of losses, and to improve the capacity of production.
To prepare the budgets and implement them.
To formulate the plans regarding wages and the incentives thereon.
To reconcile the cost statements with those of financial statements.
10. DISADVANTAGES OF COST ACCOUNTING
It is expensive for small concern. So small concern do not afford to implement it.
It is not necessary as without costing many industries have yet prospered.
Unnecessary paper work
Lack of uniformity
Unable to determine taxliability
11. DIFFERENCE BETWEEN COST ACCOUNTING AND FINANCIALACCOUNTING
Definition
Cost Accounting is the art and science of
applying costing methods and techniques
so as to reduce the cost of products and
earn more profits.
CostAccounting FinancialAccounting
Definition
Financial accounting is the art and science
of accumulating, summarizing, recording
and analysis business transactions as per
the principles and rules of accounts.
Objective
Provides information to management of
decision making
Objective
Prepare financial statements to know the
profit or loss of the business and the
fianancial position of the business.
Scope
Maximum use is for internal purpose. The
records are used by the management for
reduction of cost and improving the
productivity.
Scope
It is useful for management as well as
creditors, money lenders and shareholders
as well.
Basis
Cost Accounting is based on standards
and actuals
based on
Basis
Financial accounting is not
estimates but only on actuals
12. DIFFERENCE BETWEEN COST ACCOUNTING AND FINANCIALACCOUNTING
Period
There is no specific period for cost
accounting. It is done as per requirement
of the management.
CostAccounting FinancialAccounting
Period
Financial accounting has a fixed period of
one year, which is compulsory to find the
profit of the business for tax calculation.
Cost Reduction
Cost accounting helps management to
reduce the cost of production by way of
costing methods and techniques.
Cost Reduction
Financial accounting does not deal with
cost reduction technique and methods.
Efficiency
Cost Accounting measures the efficiency
of the job, labour, department, idle time,
etc. which helps management to improve
the efficiency of the business
Efficiency
Financial Accounting has no such tools to
measure the efficiency of the business, as
it maintains the records of the business as
a whole.
13. COST UNIT
A cost unit is defined as “a unit of quantity of product, service or
time (or a combination of these) in relation to which costs may
be ascertained or expressed”.
In other words, a cost unit is a standard or unit of measurement
of the goods manufactured or service rendered.
Cost unit may be in terms of number, length, area, weight,
volume, time and value.
14. CHARACTERISTICS OF COST UNIT
Expenditure can be conveniently associated with unit.
It must be appropriate or natural to business operations and
the product.
It must be certain or definite and not changing from time to
time.
It must be simple to understand and to quote.
It must have universal acceptability.
15. TYPES OF COST UNIT
There are two types of Cost Units
Simple Cost Unit : It involves the use of a single standard or
unit of measurement of the goods manufactured e.g., per piece,
per kilogram, per quintal, per tonne, per gallon, per meter etc.
Composite Cost Unit : It is a combination of two simple units
e.g., per passenger-kilometer, per tonne-kilometer, per kilowatt-
hour etc.
16. COST CENTRE
The Institute of Cost and Management Accountants, London has defined cost
center as “a location, a person or an item of equipment (or group of these) in
or connected with an undertaking in relation to which costs may be
ascertained and used for the purpose of cost control.”
Thus cost center is “a location, a person or an item of equipment (or group of
these) for which costs may be ascertained.
It may be any place, person, machine, department, function, activity within the
organisation through which costs can be allocated.
17. ROLE OF A COST ACCOUNTANT IN ANORGANISATION
A cost accountant in a manufacturing organisation plays several
important roles
Establish a cost accounting department in his concern.
ascertain the requirement of cost information which may be useful
to organisational managers
develop a manual, which specifies the functions to be performed
by the cost accounting department
18. ROLE OF A COST ACCOUNTANT IN ANORGANISATION
Usually, the functions of the cost accounting department include :
Cost Ascertainment : Classification of costs as direct and indirect
are ascertained. Indirect cost includes various overheads, viz
Factory overheads, Office & Administrative Overheads, Selling
Overheads and Distribution overheads.
Cost comparison : The standard cost so determined may be
compared with the actual cost to determine the variances. Cost
accountant ascertains the reasons for the occurrence of these
variances for taking suitable action.
Cost Analysis : Cost accountant also plays a key role in the
preparation of cost reports that help the business concern in
reviewing it’s own performance and in identifying the weak areas,
where enough control measures may be taken in future.
19. ROLE OF A COST ACCOUNTANT IN ANORGANISATION
Cost Reduction : With the help of cost data and reports the cost
accountant can help the management to reduce the costs.
Cost Control : Reduction of the cost simultaneously will control
the cost of every aspect of the production.