This document provides an overview of managerial accounting concepts related to classifying and assigning costs. It discusses the different needs of financial versus managerial accounting. It also covers various cost classifications including direct vs indirect costs, product vs period costs, variable vs fixed vs mixed costs, and relevant vs irrelevant costs. The purpose of these classifications is to properly assign costs, prepare financial statements, predict cost behavior, and make decisions. Examples are provided for each classification type.
This document discusses various ways that costs are classified for different business purposes. It defines direct materials, direct labor, and manufacturing overhead as the three basic manufacturing cost categories. Costs are also classified as direct or indirect for assigning costs to cost objects, as product or period costs for financial reporting, and as variable, fixed, or mixed costs for predicting cost behavior. Differential, opportunity, and sunk costs are classifications used for making business decisions.
This document discusses various cost classifications that are important for managerial accounting. It covers direct and indirect costs, which are used to assign costs to cost objects. The three basic manufacturing cost categories are direct materials, direct labor, and manufacturing overhead. Product costs and period costs are important for preparing financial statements. Variable costs fluctuate with activity levels, while fixed costs remain constant; mixed costs have both variable and fixed components. Understanding these cost classifications is essential for managerial decision making and control.
The document discusses different types of costs that are relevant for business decision making including accounting costs, economic costs, explicit costs, implicit costs, opportunity costs, fixed costs, variable costs, average fixed costs, average variable costs, and total costs. It provides definitions and examples of each type of cost to explain the key differences between them.
This document provides an overview of different classifications of costs that are important for managerial accounting. It discusses direct materials, direct labor, and manufacturing overhead as the three main classifications of manufacturing costs. It also defines product costs, which become part of inventory, and period costs, which are expensed immediately. Additionally, it examines classifications of costs based on their behavior when activity changes, including variable, fixed, and mixed costs. Differential costs, opportunity costs, and sunk costs are identified as important classifications for decision making.
This document discusses the classification of costs. It covers different types of costs like direct costs, indirect costs, fixed costs and variable costs. It also discusses cost objects, cost accumulation, cost assignment, absorption costing and variable costing. The document provides learning outcomes on topics like distinguishing between direct and indirect costs, job and process costing, relevant and irrelevant costs. It also discusses how costs are treated differently in manufacturing, merchandising and service sectors.
1. Managerial accounting provides information to managers inside a company to help with planning, controlling, and decision making, while financial accounting provides information to external parties like creditors and regulators.
2. There are two main formats for the income statement - the traditional format which classifies all costs as expenses, and the contribution format which separates costs into fixed and variable categories to help managers.
3. The contribution format shows contribution margin and is more useful for management decision making as it highlights the impact of changes in sales volume on operating income.
The document discusses cost classification and cost sheets. It describes various bases for classifying costs, such as by nature, relation to cost centers, function, behavior, time, controllability, and normality. It also explains the components and advantages of a cost sheet, including determining total cost, profit/loss, and aiding in price fixation and budget preparation. Cost sheets classify costs to calculate prime cost, works cost, cost of production, cost of sales, and profit.
This document provides an overview of managerial accounting concepts and practices. It discusses the purpose of managerial accounting which is to familiarize students with managerial accounting concepts, practices, use of information for decision making, and pitfalls. It then describes the differences between financial and managerial accounting, cost accounting terminology including the three basic costs of managerial accounting (decision making, product costing, planning and control), and cost classification including direct vs indirect costs and variable vs fixed costs.
This document discusses various ways that costs are classified for different business purposes. It defines direct materials, direct labor, and manufacturing overhead as the three basic manufacturing cost categories. Costs are also classified as direct or indirect for assigning costs to cost objects, as product or period costs for financial reporting, and as variable, fixed, or mixed costs for predicting cost behavior. Differential, opportunity, and sunk costs are classifications used for making business decisions.
This document discusses various cost classifications that are important for managerial accounting. It covers direct and indirect costs, which are used to assign costs to cost objects. The three basic manufacturing cost categories are direct materials, direct labor, and manufacturing overhead. Product costs and period costs are important for preparing financial statements. Variable costs fluctuate with activity levels, while fixed costs remain constant; mixed costs have both variable and fixed components. Understanding these cost classifications is essential for managerial decision making and control.
The document discusses different types of costs that are relevant for business decision making including accounting costs, economic costs, explicit costs, implicit costs, opportunity costs, fixed costs, variable costs, average fixed costs, average variable costs, and total costs. It provides definitions and examples of each type of cost to explain the key differences between them.
This document provides an overview of different classifications of costs that are important for managerial accounting. It discusses direct materials, direct labor, and manufacturing overhead as the three main classifications of manufacturing costs. It also defines product costs, which become part of inventory, and period costs, which are expensed immediately. Additionally, it examines classifications of costs based on their behavior when activity changes, including variable, fixed, and mixed costs. Differential costs, opportunity costs, and sunk costs are identified as important classifications for decision making.
This document discusses the classification of costs. It covers different types of costs like direct costs, indirect costs, fixed costs and variable costs. It also discusses cost objects, cost accumulation, cost assignment, absorption costing and variable costing. The document provides learning outcomes on topics like distinguishing between direct and indirect costs, job and process costing, relevant and irrelevant costs. It also discusses how costs are treated differently in manufacturing, merchandising and service sectors.
1. Managerial accounting provides information to managers inside a company to help with planning, controlling, and decision making, while financial accounting provides information to external parties like creditors and regulators.
2. There are two main formats for the income statement - the traditional format which classifies all costs as expenses, and the contribution format which separates costs into fixed and variable categories to help managers.
3. The contribution format shows contribution margin and is more useful for management decision making as it highlights the impact of changes in sales volume on operating income.
The document discusses cost classification and cost sheets. It describes various bases for classifying costs, such as by nature, relation to cost centers, function, behavior, time, controllability, and normality. It also explains the components and advantages of a cost sheet, including determining total cost, profit/loss, and aiding in price fixation and budget preparation. Cost sheets classify costs to calculate prime cost, works cost, cost of production, cost of sales, and profit.
This document provides an overview of managerial accounting concepts and practices. It discusses the purpose of managerial accounting which is to familiarize students with managerial accounting concepts, practices, use of information for decision making, and pitfalls. It then describes the differences between financial and managerial accounting, cost accounting terminology including the three basic costs of managerial accounting (decision making, product costing, planning and control), and cost classification including direct vs indirect costs and variable vs fixed costs.
This document discusses different types of cost classifications used in managerial accounting. It covers classifications used for assigning costs, preparing financial statements, and predicting cost behavior. Costs can be direct or indirect, fixed or variable. Direct costs can be traced to specific cost objects, while indirect costs are common to multiple objects. Product costs attach to inventory items while period costs are expensed immediately. Variable costs fluctuate with activity levels while fixed costs remain constant.
1. The document discusses key cost accounting concepts such as direct costs, indirect costs, product costs, period costs, variable costs, fixed costs, and mixed costs.
2. It explains how to classify costs as variable, fixed, or mixed based on how they change with activity levels. Variable costs change proportionately with activity while fixed costs remain constant.
3. The document provides an example of calculating manufacturing overhead rates and assigning overhead costs to jobs or cost objects using a traditional overhead allocation method.
Ch-1 (B) Cost Concepts, Classificaions and Terms (3).pptxObsaKamil
This document discusses various cost concepts, classifications and terminologies. It defines cost and explains that costs measure the use of resources like materials and labor. Costs are always related to a cost object or purpose. Costs can be classified in different ways such as by behavior (variable, fixed, mixed costs), by organizational responsibility (production, service departments), by function (manufacturing, selling etc.), or by the time period they are charged to revenue (product, period costs). Cost drivers are factors that cause costs to change. Relevant range refers to the level of activity where cost behavior is valid. Opportunity costs and sunk costs are also discussed in relation to decision making.
Carrying costs include expenses related to holding inventory such as storage, maintenance, insurance, opportunity costs and losses from theft. Examples of carrying costs are money tied up in inventory, storage costs, insurance premiums, taxes, inventory obsolescence and spoilage. Contribution margin is a measure of profitability calculated as revenue minus variable costs. It can be used to analyze the ability of a product or company to cover variable costs. Conversion costs are manufacturing costs other than the costs of raw materials, such as direct labor and overhead required to transform raw materials into finished goods.
This document discusses cost classification and terminology. It covers classifying costs according to whether they relate to a product or period, and how they behave in relation to activity levels. Fixed, variable and mixed costs are defined. Methods for separating mixed costs are provided. The document also discusses classifying costs as relevant or irrelevant for decision making, defining opportunity, differential and avoidable costs. Sunk costs are identified as irrelevant. Examples are given throughout to illustrate the cost classification concepts.
This document discusses identifying direct and indirect costs for cost units. It defines direct costs as those that can be specifically identified with the cost unit being costed, such as direct material, direct labor, and direct expenses. Indirect costs are those that cannot be directly attributed to a specific cost unit, such as overhead costs. The document provides examples to illustrate the difference between direct and indirect costs. It also clarifies that direct costs are not necessarily bigger than indirect costs, and that indirect costs are still important. The document then briefly introduces the topic of inventory valuation methods.
1.1 identify the elements of costs
1.2 understand various classification of costs
1.3 identify the cost unit
1.4 identify the cost center
1.5 exercise regarding costs concepts
Direct materials used, direct labor cost, prepare statement of wip, prepare income statement. The document provides information on materials purchased and on hand at the beginning and end of the year, as well as direct labor hours worked and costs. It requests the calculation of direct materials used, direct labor cost, and the preparation of a statement of work in process and income statement.
Managerial accounting assists management in planning, decision-making, and controlling operations. It provides both financial and non-financial information to internal users like managers. Managerial accounting determines product costs, evaluates performance, plans budgets, and evaluates decisions. It differs from financial accounting which prepares external financial reports for shareholders and regulators. Manufacturing costs include direct materials, direct labor, and factory overhead. Product costs become inventory until goods are sold, then become cost of goods sold. Period costs are expenses matched to a time period like selling and administrative costs.
Managerial accounting assists management in planning, decision-making, and controlling operations. It provides both financial and non-financial information to internal users like managers. Managerial accounting determines product costs, evaluates performance, plans budgets, and evaluates decisions. It differs from financial accounting which prepares external financial reports for shareholders and regulators. Manufacturing costs include direct materials, direct labor, and factory overhead. Product costs become inventory until goods are sold, then become cost of goods sold. Period costs are expenses matched to a time period like selling and administrative costs.
Group 11 presented information on cost accounting. The objectives of cost accounting are to advise management on cost-efficient actions, help with operations direction and control, and provide immediate information on inventory. Costs are classified as direct, indirect, variable, fixed, semi-variable, or chunky based on their behavior when activity changes. Direct costs are specifically related to a product while indirect costs are not directly tied to a product. Cost centers and cost drivers are used to assign indirect costs in a two-stage process. Designing an effective cost accounting system requires determining the appropriate number of cost centers and how to assign costs to products.
Ppt on Cost accounting and its classifications Susheel Tiwari
Cost accounting involves classifying costs according to their nature, function, variability, and controllability. There are several types of costs:
- Direct costs like materials and labor that are clearly traceable to production. Indirect costs like utilities that are not directly traceable.
- Fixed costs that do not vary with production like rent. Variable costs that vary with production like materials. Semi-variable costs that vary but not proportionately.
- Controllable costs a manager can influence like direct labor. Uncontrollable costs outside a manager's control like depreciation.
- Normal costs incurred during regular operations. Abnormal costs from unexpected events like fires.
This document discusses different types of costs and their classification. It begins by defining direct and indirect costs, as well as fixed and variable costs. Direct costs include direct materials, direct labor, and direct expenses that can be traced to a specific product. Indirect costs cannot be traced to a specific product. Fixed costs remain constant regardless of production volume, while variable costs change in proportion to production volume.
It then discusses how costs are classified for different purposes, such as stock valuation, decision-making, and control. For stock valuation, costs are classified as product costs (included in inventory valuation) or period costs (expensed immediately). For decision-making, costs are classified as relevant (those that change with a decision
This document discusses the classification and distribution of overhead costs. It defines overhead costs as expenses that cannot be directly traced to specific products or services but support overall production. Overheads are classified by function (e.g. production, administration), element (e.g. indirect materials, labor, expenses), and behavior (fixed, variable, semi-variable). The document outlines the steps to distribute overheads, including classification, allocation, apportionment, re-apportionment, and absorption across cost centers and final products.
The document discusses different types of cost behavior including variable costs, fixed costs, and mixed costs. It provides examples of variable costs, fixed costs, and mixed costs for different types of organizations. Methods for analyzing mixed costs are presented, including the high-low method, scattergraph method, and least-squares regression method. The trends toward more fixed costs in organizations are also discussed.
This document discusses various cost classifications used in managerial accounting. It begins by explaining the differences between managerial accounting and financial accounting. Managerial accounting provides information to managers within an organization, while financial accounting reports information externally. The document then covers classifications for assigning costs, preparing financial statements, predicting cost behavior, and making decisions. It defines direct costs, indirect costs, product costs, period costs, variable costs, fixed costs, and mixed costs. Examples are provided for each classification type. The overall purpose is to understand how costs are classified and used for different managerial accounting purposes.
The document discusses key concepts in cost management and activity-based costing. It begins with definitions of important cost terms like direct costs, indirect costs, and cost objects. It then explains traditional cost accounting systems and their limitations. Specifically, it notes traditional systems often fail to provide an accurate picture of product costs due to the use of arbitrary allocation methods. The document introduces activity-based costing as an alternative that links costs to activities and assigns costs based on cost drivers rather than arbitrary allocation rates. Activity-based costing provides more accurate product costs and helps identify unprofitable products and processes.
UNIT - IV: COST CONCEPTS: Classification of costs - Direct and Indirect expenses- Cost
Sheet - Unit Costing - Job Costing - Mechanics & Application of Marginal Costing in terms of
cost control - Profit Planning - concept of CVP relationship; BEP and their applications.
This document discusses various classifications of costs used in managerial accounting. It addresses classifications used for assigning costs, preparing financial statements, and predicting cost behavior. Key points include: managerial accounting provides information for internal decision making; direct costs can be traced to a cost object while indirect costs cannot; manufacturing costs include direct materials, direct labor, and manufacturing overhead; product costs attach to inventory while period costs are expensed; and classifying costs as variable, fixed or mixed helps predict how they change with activity levels.
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This document discusses different types of cost classifications used in managerial accounting. It covers classifications used for assigning costs, preparing financial statements, and predicting cost behavior. Costs can be direct or indirect, fixed or variable. Direct costs can be traced to specific cost objects, while indirect costs are common to multiple objects. Product costs attach to inventory items while period costs are expensed immediately. Variable costs fluctuate with activity levels while fixed costs remain constant.
1. The document discusses key cost accounting concepts such as direct costs, indirect costs, product costs, period costs, variable costs, fixed costs, and mixed costs.
2. It explains how to classify costs as variable, fixed, or mixed based on how they change with activity levels. Variable costs change proportionately with activity while fixed costs remain constant.
3. The document provides an example of calculating manufacturing overhead rates and assigning overhead costs to jobs or cost objects using a traditional overhead allocation method.
Ch-1 (B) Cost Concepts, Classificaions and Terms (3).pptxObsaKamil
This document discusses various cost concepts, classifications and terminologies. It defines cost and explains that costs measure the use of resources like materials and labor. Costs are always related to a cost object or purpose. Costs can be classified in different ways such as by behavior (variable, fixed, mixed costs), by organizational responsibility (production, service departments), by function (manufacturing, selling etc.), or by the time period they are charged to revenue (product, period costs). Cost drivers are factors that cause costs to change. Relevant range refers to the level of activity where cost behavior is valid. Opportunity costs and sunk costs are also discussed in relation to decision making.
Carrying costs include expenses related to holding inventory such as storage, maintenance, insurance, opportunity costs and losses from theft. Examples of carrying costs are money tied up in inventory, storage costs, insurance premiums, taxes, inventory obsolescence and spoilage. Contribution margin is a measure of profitability calculated as revenue minus variable costs. It can be used to analyze the ability of a product or company to cover variable costs. Conversion costs are manufacturing costs other than the costs of raw materials, such as direct labor and overhead required to transform raw materials into finished goods.
This document discusses cost classification and terminology. It covers classifying costs according to whether they relate to a product or period, and how they behave in relation to activity levels. Fixed, variable and mixed costs are defined. Methods for separating mixed costs are provided. The document also discusses classifying costs as relevant or irrelevant for decision making, defining opportunity, differential and avoidable costs. Sunk costs are identified as irrelevant. Examples are given throughout to illustrate the cost classification concepts.
This document discusses identifying direct and indirect costs for cost units. It defines direct costs as those that can be specifically identified with the cost unit being costed, such as direct material, direct labor, and direct expenses. Indirect costs are those that cannot be directly attributed to a specific cost unit, such as overhead costs. The document provides examples to illustrate the difference between direct and indirect costs. It also clarifies that direct costs are not necessarily bigger than indirect costs, and that indirect costs are still important. The document then briefly introduces the topic of inventory valuation methods.
1.1 identify the elements of costs
1.2 understand various classification of costs
1.3 identify the cost unit
1.4 identify the cost center
1.5 exercise regarding costs concepts
Direct materials used, direct labor cost, prepare statement of wip, prepare income statement. The document provides information on materials purchased and on hand at the beginning and end of the year, as well as direct labor hours worked and costs. It requests the calculation of direct materials used, direct labor cost, and the preparation of a statement of work in process and income statement.
Managerial accounting assists management in planning, decision-making, and controlling operations. It provides both financial and non-financial information to internal users like managers. Managerial accounting determines product costs, evaluates performance, plans budgets, and evaluates decisions. It differs from financial accounting which prepares external financial reports for shareholders and regulators. Manufacturing costs include direct materials, direct labor, and factory overhead. Product costs become inventory until goods are sold, then become cost of goods sold. Period costs are expenses matched to a time period like selling and administrative costs.
Managerial accounting assists management in planning, decision-making, and controlling operations. It provides both financial and non-financial information to internal users like managers. Managerial accounting determines product costs, evaluates performance, plans budgets, and evaluates decisions. It differs from financial accounting which prepares external financial reports for shareholders and regulators. Manufacturing costs include direct materials, direct labor, and factory overhead. Product costs become inventory until goods are sold, then become cost of goods sold. Period costs are expenses matched to a time period like selling and administrative costs.
Group 11 presented information on cost accounting. The objectives of cost accounting are to advise management on cost-efficient actions, help with operations direction and control, and provide immediate information on inventory. Costs are classified as direct, indirect, variable, fixed, semi-variable, or chunky based on their behavior when activity changes. Direct costs are specifically related to a product while indirect costs are not directly tied to a product. Cost centers and cost drivers are used to assign indirect costs in a two-stage process. Designing an effective cost accounting system requires determining the appropriate number of cost centers and how to assign costs to products.
Ppt on Cost accounting and its classifications Susheel Tiwari
Cost accounting involves classifying costs according to their nature, function, variability, and controllability. There are several types of costs:
- Direct costs like materials and labor that are clearly traceable to production. Indirect costs like utilities that are not directly traceable.
- Fixed costs that do not vary with production like rent. Variable costs that vary with production like materials. Semi-variable costs that vary but not proportionately.
- Controllable costs a manager can influence like direct labor. Uncontrollable costs outside a manager's control like depreciation.
- Normal costs incurred during regular operations. Abnormal costs from unexpected events like fires.
This document discusses different types of costs and their classification. It begins by defining direct and indirect costs, as well as fixed and variable costs. Direct costs include direct materials, direct labor, and direct expenses that can be traced to a specific product. Indirect costs cannot be traced to a specific product. Fixed costs remain constant regardless of production volume, while variable costs change in proportion to production volume.
It then discusses how costs are classified for different purposes, such as stock valuation, decision-making, and control. For stock valuation, costs are classified as product costs (included in inventory valuation) or period costs (expensed immediately). For decision-making, costs are classified as relevant (those that change with a decision
This document discusses the classification and distribution of overhead costs. It defines overhead costs as expenses that cannot be directly traced to specific products or services but support overall production. Overheads are classified by function (e.g. production, administration), element (e.g. indirect materials, labor, expenses), and behavior (fixed, variable, semi-variable). The document outlines the steps to distribute overheads, including classification, allocation, apportionment, re-apportionment, and absorption across cost centers and final products.
The document discusses different types of cost behavior including variable costs, fixed costs, and mixed costs. It provides examples of variable costs, fixed costs, and mixed costs for different types of organizations. Methods for analyzing mixed costs are presented, including the high-low method, scattergraph method, and least-squares regression method. The trends toward more fixed costs in organizations are also discussed.
This document discusses various cost classifications used in managerial accounting. It begins by explaining the differences between managerial accounting and financial accounting. Managerial accounting provides information to managers within an organization, while financial accounting reports information externally. The document then covers classifications for assigning costs, preparing financial statements, predicting cost behavior, and making decisions. It defines direct costs, indirect costs, product costs, period costs, variable costs, fixed costs, and mixed costs. Examples are provided for each classification type. The overall purpose is to understand how costs are classified and used for different managerial accounting purposes.
The document discusses key concepts in cost management and activity-based costing. It begins with definitions of important cost terms like direct costs, indirect costs, and cost objects. It then explains traditional cost accounting systems and their limitations. Specifically, it notes traditional systems often fail to provide an accurate picture of product costs due to the use of arbitrary allocation methods. The document introduces activity-based costing as an alternative that links costs to activities and assigns costs based on cost drivers rather than arbitrary allocation rates. Activity-based costing provides more accurate product costs and helps identify unprofitable products and processes.
UNIT - IV: COST CONCEPTS: Classification of costs - Direct and Indirect expenses- Cost
Sheet - Unit Costing - Job Costing - Mechanics & Application of Marginal Costing in terms of
cost control - Profit Planning - concept of CVP relationship; BEP and their applications.
This document discusses various classifications of costs used in managerial accounting. It addresses classifications used for assigning costs, preparing financial statements, and predicting cost behavior. Key points include: managerial accounting provides information for internal decision making; direct costs can be traced to a cost object while indirect costs cannot; manufacturing costs include direct materials, direct labor, and manufacturing overhead; product costs attach to inventory while period costs are expensed; and classifying costs as variable, fixed or mixed helps predict how they change with activity levels.
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