You have heard it as rising cost of living,these imbalance in total supply of goods and services to rise in commodities, is analysed in Inflation Accounting.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
Management Accounting - Meaning, Definition, Characteristics, Scope, Objectiv...RajaKrishnan M
Meaning Definition Characteristics Scope Objectives and Function Financial accounting and Management accounting - Management accounting and Cost accounting - Cost accounting and Management accounting and Financial accounting - Tools and Technics- Advantages and limitations
You have heard it as rising cost of living,these imbalance in total supply of goods and services to rise in commodities, is analysed in Inflation Accounting.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
Management Accounting - Meaning, Definition, Characteristics, Scope, Objectiv...RajaKrishnan M
Meaning Definition Characteristics Scope Objectives and Function Financial accounting and Management accounting - Management accounting and Cost accounting - Cost accounting and Management accounting and Financial accounting - Tools and Technics- Advantages and limitations
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 presentation is made by Toran Lal Verma. Meaning, nature, and scope of Financial Management are discussed. scope and objectives of financial management have been discussed along with merits and demerits.
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
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 presentation is made by Toran Lal Verma. Meaning, nature, and scope of Financial Management are discussed. scope and objectives of financial management have been discussed along with merits and demerits.
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
The presentation covers the basics of Cost Accounting.
It gives a birds eye view of the subject of Cost Accounting.
The advantages, limitations, need, scope, classification are covered.
COST ACCOUNTING Cost accounting is a process of collecting, recording, classifying, analyzing, summarizing, allocating and evaluating various alternative courses of action & control of costs.
Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability.
Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.
Definitions Cost accounting is the process of determining and accumulating the cost of product or activity.
It is defined as, 'the establishment of budgets, standard costs and actual costs of operations, processes, activities or products and the analysis of variances, profitability or the social use of funds.
Objectives of Cost AccountingTo control cost by using various techniques such as budgetary control, standard costing, and inventory control
To provide information for decision making and planning to formulate operative procedures
To help in directing and controlling operations
To ascertain costing profit
motivate to achieve the organization's goals
Scope of Cost Accounting Cost book-keeping
It involves maintaining complete record of all costs incurred from their incurrence to their charge to departments, products and services. Such recording is preferably done on the basis of double entry system.
Cost System
Proper accounting for costs requires systems and procedures.
Cost Ascertainment
Cost ascertainment forms the basis of managerial decision making for planning and control.
Cost Analysis
It involves the process of finding out the causal factors of actual costs varying from the budgeted costs and fixation of responsibility for cost increases.
Cost Comparisons
Cost accounting also includes comparisons between cost from alternative courses of action over a period of time.
Cost Control
Cost accounting is the utilization of cost information for exercising control. It involves a detailed examination of each cost in the light of benefit derived from the incurrence of the cost.
Cost Reports
The ultimate function of cost accounting is the presentation of reports. These reports are primarily for use by the management at different levels. Cost reports form the basis for planning and control, performance appraisal and managerial decision making.
Importance of Cost Accounting1. To Management
• Helps in ascertainment of cost of process, product, activity, by using different techniques such as job costing and process costing..
• Aids in price fixation by using demand and supply, activities of competitors, market condition to a great extent, also determine the price of product and cost to the producer does play an important role. The producer can take necessary help from costing records.
Helps in cost reduction by applying cost reduction pro gramme and improved methods are tried to reduce costs.
Elimination of wastage by checking the forms of waste, such as time and expenses et
“Cost accounting is Accounting for costs classifiction and analysis of expenditure as will enable the total cost of any particular unit of production to be ascertained with reasonable degree of accuracy and at the same time to disclose exactly how much total cost is constituted
Similar to Inflation accounting or price level accounting (20)
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
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!
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.
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.
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
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.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
2. Definition of inflating accounting
• According to Roy A. Foulke
Inflation accounting is a method of converting
values by means of an index number from the
cost or depreciated cost to current economic
values.
3. •Objectives of inflation accounting
• To reveal the truth and fair view of the
operational results and financial position of the
business.
• To maintain operational efficiency of the
business.
• To ensure adequate funds for the replacement
of various assets.
• To indicate the real worth of the business.
• To strengthen decision making process.
4. Advantages of inflation accounting
• Changes in the value of money recognized.
• Logical application of matching principle concept
• Reported profits--- a realistic picture.
• Fixed assets shown at economic value.
• Ensures funds for replacement of assets
• Valuation of business at current prices
5. Methods of inflation accounting
• Current purchase power method..
• Replacement cost accounting techniques.
• Current value accounting techniques.
• Current cost accounting techniques.
6. Current purchase power method
• In this method historical amounts are adjusted
for changes in the general price level.
• This method is known by different names such
as general price level adjustment method or
current purchasing power method or current
rupee accounting.
7. Example
• Suppose the cost of machinery in 2010 is Rs
100,000 and general price index was 200 and
current price index is 400 .we calculate
100,000*400/200 = Rs 200,000 so the value
of the machine today is Rs 200,000.s
8. 2. Replacement cost accounting
techniques
• In this techniques the index used are those
directly relevant to the company ‘s particular
assets and not the general price index.
9. 3.Current value accounting techniques
• In this techniques all the assets and liabilities
are shown in the balance sheet at their
current values. The value of the assets at the
beginning and at the end of the accounting
period is ascertained and the difference in the
value in the beginning and the end is termed
as profit or loss.
10. 4. Current cost accounting techniques
• It is recommended by Sandilands committee in th
the year 1975.
The current cost accounting techniques is the
preparation of financial statements on the
current values of individual items and not on
historical or original cost .
Characteristic
1. The fixed assets are shown in the balance sheet
at their current values and not in the historical
costs.
11. 2. Inventories are shown at market value rather than market or
cost price whichever less as in the historical system .
3. Revaluation surplus are transferred to current cost
accounting reserve but not distributed as dividend to
shareholders.
4. Depreciation of fixed assets is to be calculated at
replacement value.
5. Two types of profit i.e. profit from operation and profit from
revaluation are calculated.
6. Liabilities are recorded in their original value because there
is no any change in monetary un
12. Important adjustment required under
CCA techniques
Current cost of sales adjustment (COSA)
• under this CCA techniques cost of sales are
calculated on the basis of cost of replacing the
goods at the time they are sold.
• In this current cost must be matched with
current revenues.
• But in case of inventories certain adjustment
will have to made known as cost of sales
adjustment.
13. 2. Depreciation adjustment
• Under this method assets are shown in the
balance sheet on the current replacement
cost after allowing for depreciation.
• Formula is
• Opening current value of the assets +closing
value of the assets /2*life of the assets .
