Marginal cost
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Marginal costing has several advantages and disadvantages according to the document. The key advantages are that it allows for better cost control by avoiding arbitrary allocation of fixed overhead, is simpler to understand than other costing methods, eliminates varying unit charges, helps with short-term profit planning using break-even analysis, and prevents illogical carry forwards in stock valuation. However, the document also notes some disadvantages, including that segregating all costs into fixed and variable may sometimes give misleading results, ignoring fixed costs in closing stock valuation gives a distorted picture of profits, it does not consider semi-variable costs, and there can be issues with under or over-recovery of overhead estimates.
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Marginal cost
Marginal costing is a technique that treats only variable manufacturing costs as product costs, while regarding fixed manufacturing overheads as period costs. It is helpful for managerial decision making and control by classifying costs as fixed or variable and determining profitability through contribution and cost-volume-profit analysis. Some key advantages include simplicity, meaningful reporting, ignoring the effect of fixed costs, and profit planning and cost control. Limitations include difficulties classifying some costs and not being suitable for external reporting or long-term decision making. Marginal costing differs from absorption costing in its treatment of fixed costs, stock valuation, impact on profits when sales vary, and emphasis on short-term decisions making and pricing.
Marginal costing
Marginal costing is a technique where variable costs are considered for product costing, inventory valuation, and management decisions by focusing on the additional costs from increased output, ignoring fixed costs. The advantages include a realistic valuation approach and facilitating cost control, profit planning, and management reporting. However, limitations include difficulties in classification and application of costs and it could provide the wrong basis for pricing decisions.
4 marginal cost
This document defines and explains marginal costing. It states that marginal cost is the same as variable cost, which is the increase in costs from producing one additional unit within existing capacity. Marginal cost is calculated as direct materials, labor, expenses and variable overheads. It also explains the differences between absorption costing and marginal costing and how marginal costing is useful for decision making.
Marginal costing
It describes Marginal cost and Marginal costing and also compares Absorption costing with Marginal costing.
applications of marginal costing
Marginal costing is an accounting technique that charges variable costs to cost units while writing off fixed costs for the period. It is useful for short-term decision making where fixed costs are excluded. There are four main applications of marginal costing: cost control, profit planning, performance evaluation, and decision making. Marginal costing can help with decisions like fixing selling prices, making or buying, selecting an optimal product mix, and understanding the effect of changes in sales price.
Marginal costing
The document provides an introduction to marginal costing. Some key points:
- Marginal costing distinguishes between fixed and variable costs. Variable costs are considered product costs, while fixed costs are treated as period costs.
- Contribution is calculated as sales revenue minus variable costs. Contributions from all products are summed and fixed costs are deducted from the total contribution to determine profit.
- Marginal costing focuses on variable costs and contributions to aid short-term decision making, while absorption costing allocates both fixed and variable costs.
Marginal costing
Marginal costing considers fixed costs as period costs and does not apportion them. It reduces total period costs from total contribution to arrive at net profit. The results are the same as total costing, only the presentation differs. Semi-variable costs have fixed and variable components. Marginal costing is defined as accounting that charges variable costs to cost units and writes off fixed costs against aggregate contribution. Contribution is sales minus marginal costs. Profit-volume ratio measures profitability as contribution over sales. Break-even point is when contribution equals fixed costs. Marginal costing supports managerial decision making by evaluating a concern's position.
Marginal costing
Marginal costing is an accounting technique that separates total costs into fixed and variable components. It only includes variable costs when determining the cost of producing an additional unit. This helps management compare costs between time periods and determine profitability. CVP (cost-volume-profit) analysis studies the relationships between selling price, costs, volume, and profits. It shows how costs and profits change with volume and can help with decision making, budgeting, and performance evaluation. While useful for short-term analysis, marginal costing has limitations such as difficulty separating fixed and variable costs.
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Marginal cost
Marginal costing is a technique that treats only variable manufacturing costs as product costs, while regarding fixed manufacturing overheads as period costs. It is helpful for managerial decision making and control by classifying costs as fixed or variable and determining profitability through contribution and cost-volume-profit analysis. Some key advantages include simplicity, meaningful reporting, ignoring the effect of fixed costs, and profit planning and cost control. Limitations include difficulties classifying some costs and not being suitable for external reporting or long-term decision making. Marginal costing differs from absorption costing in its treatment of fixed costs, stock valuation, impact on profits when sales vary, and emphasis on short-term decisions making and pricing.
Marginal costing
Marginal costing is a technique where variable costs are considered for product costing, inventory valuation, and management decisions by focusing on the additional costs from increased output, ignoring fixed costs. The advantages include a realistic valuation approach and facilitating cost control, profit planning, and management reporting. However, limitations include difficulties in classification and application of costs and it could provide the wrong basis for pricing decisions.
4 marginal cost
This document defines and explains marginal costing. It states that marginal cost is the same as variable cost, which is the increase in costs from producing one additional unit within existing capacity. Marginal cost is calculated as direct materials, labor, expenses and variable overheads. It also explains the differences between absorption costing and marginal costing and how marginal costing is useful for decision making.
Marginal costing
It describes Marginal cost and Marginal costing and also compares Absorption costing with Marginal costing.
applications of marginal costing
Marginal costing is an accounting technique that charges variable costs to cost units while writing off fixed costs for the period. It is useful for short-term decision making where fixed costs are excluded. There are four main applications of marginal costing: cost control, profit planning, performance evaluation, and decision making. Marginal costing can help with decisions like fixing selling prices, making or buying, selecting an optimal product mix, and understanding the effect of changes in sales price.
Marginal costing
The document provides an introduction to marginal costing. Some key points:
- Marginal costing distinguishes between fixed and variable costs. Variable costs are considered product costs, while fixed costs are treated as period costs.
- Contribution is calculated as sales revenue minus variable costs. Contributions from all products are summed and fixed costs are deducted from the total contribution to determine profit.
- Marginal costing focuses on variable costs and contributions to aid short-term decision making, while absorption costing allocates both fixed and variable costs.
Marginal costing
Marginal costing considers fixed costs as period costs and does not apportion them. It reduces total period costs from total contribution to arrive at net profit. The results are the same as total costing, only the presentation differs. Semi-variable costs have fixed and variable components. Marginal costing is defined as accounting that charges variable costs to cost units and writes off fixed costs against aggregate contribution. Contribution is sales minus marginal costs. Profit-volume ratio measures profitability as contribution over sales. Break-even point is when contribution equals fixed costs. Marginal costing supports managerial decision making by evaluating a concern's position.
Marginal costing
Marginal costing is an accounting technique that separates total costs into fixed and variable components. It only includes variable costs when determining the cost of producing an additional unit. This helps management compare costs between time periods and determine profitability. CVP (cost-volume-profit) analysis studies the relationships between selling price, costs, volume, and profits. It shows how costs and profits change with volume and can help with decision making, budgeting, and performance evaluation. While useful for short-term analysis, marginal costing has limitations such as difficulty separating fixed and variable costs.
UNDERSTANDING MARGINAL COSTING
This document provides an overview of marginal costing. It defines marginal costing as a technique that differentiates between fixed and variable costs to determine the effect of changes in volume or output on profit. Marginal cost is defined as the additional cost of producing one more unit. The key features, assumptions, and advantages of marginal costing are outlined, including how it is used for decision making, cost control, and determining profitability. Formulas for calculating break-even point, margin of safety, and other metrics using marginal costing are also presented.
Marginal costing
This document discusses marginal costing, which is a technique for determining costs that differentiates between fixed and variable costs. Fixed costs are charged to contribution, while only variable costs are charged to products. Marginal cost is defined as the change in total cost from producing one additional or fewer unit of output. It is used for managerial decision making like make-or-buy decisions and determining product mix. Absorption costing, in contrast, allocates both fixed and variable costs to cost units. Marginal costing is more suitable for internal reporting and short-term decision making.
Marginal costing
This document provides an overview of marginal costing and cost-volume-profit (CVP) analysis. It defines key terms like marginal cost, contribution, fixed and variable costs. It explains the differences between marginal and absorption costing approaches. The objectives and concepts of CVP analysis are outlined, including break-even point, margin of safety, contribution ratio and angle of incidence. Formulas for calculating items like break-even sales, break-even point and composite break-even point are presented. Advantages and limitations of marginal costing are listed.
Marginal costing basics
This document provides an overview of marginal costing and key concepts in strategic cost management. It defines marginal costing and differentiates between fixed and variable costs. The basic equations of marginal costing relating contribution, fixed costs, and profit are explained. Advantages and limitations of marginal costing for management decision making are summarized. Key terms like contribution, profit-volume ratio, break-even point, and margin of safety are defined.
Marginal costing
Marginal costing is a technique that differentiates between fixed and variable costs. It considers only variable costs for decision making purposes. Some key points:
- Marginal cost is the cost of producing one additional unit of output and includes any additional variable costs.
- Marginal costing focuses on contribution, which is the amount of sales remaining after deducting variable costs. Contribution helps cover fixed costs and determine profit.
- Important ratios in marginal costing include contribution ratio, break-even point, and margin of safety. These ratios help management with decision making and performance evaluation.
- While marginal costing is useful for short-term decisions, it has limitations such as the difficulty in segreg
Marginal cost
The document discusses concepts related to marginal cost, contribution, break-even analysis, and profit-volume ratio. It provides examples and calculations to illustrate these concepts. Marginal cost is defined as the change in total cost from producing one additional unit of output. Contribution is the difference between sales revenue and marginal cost. Break-even point is where total sales equal total costs, resulting in no profit or loss. Profit-volume ratio examines the relationship between contribution and sales volume.
Marginal Costing for Decision Making Techniques
The document discusses marginal costing and cost-volume-profit (CVP) analysis techniques for decision making. It defines marginal costing as the separation of total costs into fixed and variable costs to understand the effect of changes in output on profit. The key assumptions and terminologies of marginal costing like contribution, break-even point, profit-volume ratio, and margin of safety are explained. CVP analysis expresses the relationship between sales volume, costs, and profits and can be used to answer questions about break-even revenues, effects of price and cost changes, and achieving budgeted profit levels.
marginal cost accounting
This document provides an overview of marginal costing, including definitions, features, advantages, limitations, and differences from absorption costing. It also covers cost-volume-profit analysis, including concepts like fixed costs, variable costs, contribution, break-even point, margin of safety, and angle of incidence. Key points include:
- Marginal costing focuses on additional cost of producing one more unit and is useful for short-term decision making.
- It involves classifying costs as fixed or variable and calculating contribution.
- Cost-volume-profit analysis examines the relationship between costs, sales volume, and profits using various metrics like break-even point.
- Graphs like break-even charts can visually depict
Marginal costing
Marginal cost is the change in aggregate costs from increasing or decreasing output by one unit. Marginal costing involves differentiating between fixed and variable costs. Absorption costing includes all costs, resulting in different unit costs at different output levels, while marginal costing only includes variable costs. Cost-volume-profit analysis uses marginal costing concepts like contribution margin, break-even point, and margin of safety to aid managerial decision making regarding pricing, production levels, and profit planning.
Marginalcosting
Marginal costing is a technique that classifies costs as either fixed or variable. Fixed costs remain the same regardless of production volume, while variable costs change directly with output. Under marginal costing, only variable costs are considered when calculating the unit cost of a product. The difference between sales revenue and variable costs is known as the contribution, which is useful for decision making like determining the breakeven point where total contribution covers total fixed costs. Marginal costing focuses on maximizing contribution by controlling variable costs and increasing sales volume.
Marginal costing
Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
Marginal cost
Marginal costing is a technique that classifies costs as either fixed or variable. Variable costs are considered the marginal costs and are charged to each unit, while fixed costs are written off for the period. Marginal cost is calculated as direct material + direct labor + direct expenses + variable overheads. It is used to determine the additional cost of producing one more unit and to understand the impact of variable costs on output volume. Marginal costing helps with managerial decisions like product profitability or order acceptance by considering only the additional variable costs.
Marginal cost
Marginal costing is a technique that differentiates between fixed and variable costs. It involves ascertaining marginal cost by focusing only on the variable costs associated with increasing or decreasing output by one unit. Some key benefits of marginal costing include providing clearer insights into the impact of sales fluctuations on profitability and the relative profitability of different products. Marginal costing is useful for managerial decisions related to pricing, order acceptance, make-or-buy analysis, product mix selection, and other areas.
Marginal costing
Marginal costing is a technique that focuses only on variable costs when calculating the cost of producing a product or service. It excludes fixed costs from the calculation. Under marginal costing, inventory is valued at variable cost rather than total cost. Marginal costing is useful for decision making, determining the breakeven point, and showing the contribution margin of each product. However, it can provide misleading results by ignoring fixed costs and is not suitable for large, long-term industries.
Accounts : Marginal Costing
Marginal costing is a technique that classifies costs into fixed and variable costs. Only variable costs are considered in calculating the cost per unit of a product. The difference between sales revenue and variable costs is known as the contribution, which is used to cover fixed costs and determine profitability. Marginal costing helps managers make decisions around pricing, production levels, and profitability by focusing on the relationship between contribution and sales volume. The breakeven point is where total sales revenue equals total costs, indicating no profit or loss.
Marginal cost-Introduction
This document discusses different types of costs including fixed costs, variable costs, and semi-variable costs. It defines fixed costs as those that do not vary with output over a short period of time, variable costs as those that change directly with output volume, and semi-variable costs as being partly fixed and partly variable. Marginal costing is then introduced as a technique that analyzes costs and profits based on how they change with increases or decreases in output volume, differentiating between fixed and variable costs. The key assumptions and uses of marginal costing are also summarized.
Mrginal accounting
difference between marginal cost and decision making made by KARISHMA SHARMA , SUNNY GUPTA , ANUJ GARG, J PRATEEK KUNDU , GUNJA KUMARI
BREAK EVEN ANALYSIS
INFORMATION ABOUT
B.E.P.
Definition
Cost Volume Profit analysis & Application
Assumption of BEP analysis
Calculation
Method
Formula
Target profit
Margin of safety
Definition
Formula
Limitation of B.E.P.
Basic equation of Marginal Costing
Uses Of CVP Analysis
Limitations Of CVP Analysis
Profit Volume (P/V) Ratio
Marginal costing
Determination Of Marginal Cost
Features of Marginal Costing
break even analysis
The document discusses break even analysis, which is a technique used to determine the sales volume needed to cover total costs. It defines key terms like fixed costs, variable costs, contribution margin, and break even point. The document then covers approaches to calculating the break even point using formulas or charts. It discusses applications of break even analysis and provides examples. While simple, break even analysis helps companies assess risk, make production and pricing decisions, and evaluate choices between projects.
Marginal costing and break even analysis
Under this technique all costs are classified into fixed costs and variable costs. Only variable costs are considered product costs and are allocated to products manufactured. These costs include direct materials, direct labor, direct expenses and variable overhead. Fixed costs are not considered for computing the cost of products or valuation of inventory.
Cost CARVE
The document discusses the different types of costs that firms face: fixed costs that cannot change in the short run, variable costs that change with output, and total costs which are the sum of fixed and variable costs. It also examines average costs which are total costs divided by quantity, and marginal costs which are the change in total costs from a one-unit change in output. Graphs are used to illustrate how these different cost concepts relate and form U-shaped curves over different levels of production.
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UNDERSTANDING MARGINAL COSTING
This document provides an overview of marginal costing. It defines marginal costing as a technique that differentiates between fixed and variable costs to determine the effect of changes in volume or output on profit. Marginal cost is defined as the additional cost of producing one more unit. The key features, assumptions, and advantages of marginal costing are outlined, including how it is used for decision making, cost control, and determining profitability. Formulas for calculating break-even point, margin of safety, and other metrics using marginal costing are also presented.
Marginal costing
This document discusses marginal costing, which is a technique for determining costs that differentiates between fixed and variable costs. Fixed costs are charged to contribution, while only variable costs are charged to products. Marginal cost is defined as the change in total cost from producing one additional or fewer unit of output. It is used for managerial decision making like make-or-buy decisions and determining product mix. Absorption costing, in contrast, allocates both fixed and variable costs to cost units. Marginal costing is more suitable for internal reporting and short-term decision making.
Marginal costing
This document provides an overview of marginal costing and cost-volume-profit (CVP) analysis. It defines key terms like marginal cost, contribution, fixed and variable costs. It explains the differences between marginal and absorption costing approaches. The objectives and concepts of CVP analysis are outlined, including break-even point, margin of safety, contribution ratio and angle of incidence. Formulas for calculating items like break-even sales, break-even point and composite break-even point are presented. Advantages and limitations of marginal costing are listed.
Marginal costing basics
This document provides an overview of marginal costing and key concepts in strategic cost management. It defines marginal costing and differentiates between fixed and variable costs. The basic equations of marginal costing relating contribution, fixed costs, and profit are explained. Advantages and limitations of marginal costing for management decision making are summarized. Key terms like contribution, profit-volume ratio, break-even point, and margin of safety are defined.
Marginal costing
Marginal costing is a technique that differentiates between fixed and variable costs. It considers only variable costs for decision making purposes. Some key points:
- Marginal cost is the cost of producing one additional unit of output and includes any additional variable costs.
- Marginal costing focuses on contribution, which is the amount of sales remaining after deducting variable costs. Contribution helps cover fixed costs and determine profit.
- Important ratios in marginal costing include contribution ratio, break-even point, and margin of safety. These ratios help management with decision making and performance evaluation.
- While marginal costing is useful for short-term decisions, it has limitations such as the difficulty in segreg
Marginal cost
The document discusses concepts related to marginal cost, contribution, break-even analysis, and profit-volume ratio. It provides examples and calculations to illustrate these concepts. Marginal cost is defined as the change in total cost from producing one additional unit of output. Contribution is the difference between sales revenue and marginal cost. Break-even point is where total sales equal total costs, resulting in no profit or loss. Profit-volume ratio examines the relationship between contribution and sales volume.
Marginal Costing for Decision Making Techniques
The document discusses marginal costing and cost-volume-profit (CVP) analysis techniques for decision making. It defines marginal costing as the separation of total costs into fixed and variable costs to understand the effect of changes in output on profit. The key assumptions and terminologies of marginal costing like contribution, break-even point, profit-volume ratio, and margin of safety are explained. CVP analysis expresses the relationship between sales volume, costs, and profits and can be used to answer questions about break-even revenues, effects of price and cost changes, and achieving budgeted profit levels.
marginal cost accounting
This document provides an overview of marginal costing, including definitions, features, advantages, limitations, and differences from absorption costing. It also covers cost-volume-profit analysis, including concepts like fixed costs, variable costs, contribution, break-even point, margin of safety, and angle of incidence. Key points include:
- Marginal costing focuses on additional cost of producing one more unit and is useful for short-term decision making.
- It involves classifying costs as fixed or variable and calculating contribution.
- Cost-volume-profit analysis examines the relationship between costs, sales volume, and profits using various metrics like break-even point.
- Graphs like break-even charts can visually depict
Marginal costing
Marginal cost is the change in aggregate costs from increasing or decreasing output by one unit. Marginal costing involves differentiating between fixed and variable costs. Absorption costing includes all costs, resulting in different unit costs at different output levels, while marginal costing only includes variable costs. Cost-volume-profit analysis uses marginal costing concepts like contribution margin, break-even point, and margin of safety to aid managerial decision making regarding pricing, production levels, and profit planning.
Marginalcosting
Marginal costing is a technique that classifies costs as either fixed or variable. Fixed costs remain the same regardless of production volume, while variable costs change directly with output. Under marginal costing, only variable costs are considered when calculating the unit cost of a product. The difference between sales revenue and variable costs is known as the contribution, which is useful for decision making like determining the breakeven point where total contribution covers total fixed costs. Marginal costing focuses on maximizing contribution by controlling variable costs and increasing sales volume.
Marginal costing
Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
Marginal cost
Marginal costing is a technique that classifies costs as either fixed or variable. Variable costs are considered the marginal costs and are charged to each unit, while fixed costs are written off for the period. Marginal cost is calculated as direct material + direct labor + direct expenses + variable overheads. It is used to determine the additional cost of producing one more unit and to understand the impact of variable costs on output volume. Marginal costing helps with managerial decisions like product profitability or order acceptance by considering only the additional variable costs.
Marginal cost
Marginal costing is a technique that differentiates between fixed and variable costs. It involves ascertaining marginal cost by focusing only on the variable costs associated with increasing or decreasing output by one unit. Some key benefits of marginal costing include providing clearer insights into the impact of sales fluctuations on profitability and the relative profitability of different products. Marginal costing is useful for managerial decisions related to pricing, order acceptance, make-or-buy analysis, product mix selection, and other areas.
Marginal costing
Marginal costing is a technique that focuses only on variable costs when calculating the cost of producing a product or service. It excludes fixed costs from the calculation. Under marginal costing, inventory is valued at variable cost rather than total cost. Marginal costing is useful for decision making, determining the breakeven point, and showing the contribution margin of each product. However, it can provide misleading results by ignoring fixed costs and is not suitable for large, long-term industries.
Accounts : Marginal Costing
Marginal costing is a technique that classifies costs into fixed and variable costs. Only variable costs are considered in calculating the cost per unit of a product. The difference between sales revenue and variable costs is known as the contribution, which is used to cover fixed costs and determine profitability. Marginal costing helps managers make decisions around pricing, production levels, and profitability by focusing on the relationship between contribution and sales volume. The breakeven point is where total sales revenue equals total costs, indicating no profit or loss.
Marginal cost-Introduction
This document discusses different types of costs including fixed costs, variable costs, and semi-variable costs. It defines fixed costs as those that do not vary with output over a short period of time, variable costs as those that change directly with output volume, and semi-variable costs as being partly fixed and partly variable. Marginal costing is then introduced as a technique that analyzes costs and profits based on how they change with increases or decreases in output volume, differentiating between fixed and variable costs. The key assumptions and uses of marginal costing are also summarized.
Mrginal accounting
difference between marginal cost and decision making made by KARISHMA SHARMA , SUNNY GUPTA , ANUJ GARG, J PRATEEK KUNDU , GUNJA KUMARI
BREAK EVEN ANALYSIS
INFORMATION ABOUT
B.E.P.
Definition
Cost Volume Profit analysis & Application
Assumption of BEP analysis
Calculation
Method
Formula
Target profit
Margin of safety
Definition
Formula
Limitation of B.E.P.
Basic equation of Marginal Costing
Uses Of CVP Analysis
Limitations Of CVP Analysis
Profit Volume (P/V) Ratio
Marginal costing
Determination Of Marginal Cost
Features of Marginal Costing
break even analysis
The document discusses break even analysis, which is a technique used to determine the sales volume needed to cover total costs. It defines key terms like fixed costs, variable costs, contribution margin, and break even point. The document then covers approaches to calculating the break even point using formulas or charts. It discusses applications of break even analysis and provides examples. While simple, break even analysis helps companies assess risk, make production and pricing decisions, and evaluate choices between projects.
Marginal costing and break even analysis
Under this technique all costs are classified into fixed costs and variable costs. Only variable costs are considered product costs and are allocated to products manufactured. These costs include direct materials, direct labor, direct expenses and variable overhead. Fixed costs are not considered for computing the cost of products or valuation of inventory.
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The document discusses the different types of costs that firms face: fixed costs that cannot change in the short run, variable costs that change with output, and total costs which are the sum of fixed and variable costs. It also examines average costs which are total costs divided by quantity, and marginal costs which are the change in total costs from a one-unit change in output. Graphs are used to illustrate how these different cost concepts relate and form U-shaped curves over different levels of production.
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The document discusses performance management and control. It covers key topics such as:
1) Performance measurement aims to establish how well an entity is doing against its plan through financial and non-financial indicators. Regular measurement is vital for planning and control.
2) Control involves measuring actual results against the plan and taking action to adjust performance or change the plan. Feedback control is the process of comparing actual results to targets, analyzing differences, and taking management action.
3) Effective feedback and control systems have clear, comprehensive, and timely information communicated without irrelevant details.
4) Budgetary control compares actual costs and revenues to budgets. Flexible budgets recognize different cost behaviors at varying activity levels for more meaningful control.
costing project
This document provides an overview of marginal costing. It begins with an introduction to marginal costing, defining it as a technique that differentiates between fixed and variable costs. It then covers key aspects of marginal costing including its meaning, features, advantages, and disadvantages. Examples of how marginal costing can be used for decision making are also provided. The document concludes with sections on absorption costing, the differences between marginal and absorption costing, contribution analysis, break-even analysis, and cost-volume-profit analysis.
Marginal costing
Marginal costing is a technique that differentiates between fixed and variable costs. It assigns only variable costs to cost units and writes off fixed costs for the period against total contribution. Contribution is calculated as sales revenue minus variable costs. Marginal costing is useful for decision making as it shows the effect on profit of changes in volume or product mix. Key aspects include classifying costs, calculating contribution, and using contribution to determine the break-even point where total revenues equal total costs. Marginal costing provides information on product and segment profitability without needing to allocate fixed overhead costs.
chapter 8Responsibility Concepts and Sound Decision-Maki.docx
chapter 8
Responsibility Concepts and Sound
Decision-Making Analytics
Learning Objectives
• Understand concepts in responsibility accounting.
• Be able to provide a framework for rational business decision making, and understand
how to apply these concepts for specific types of situations.
• Apply capital budgeting methods and discounted cash flow concepts.
• Know how to make proper long-term investment decisions.
istockphoto
waL80281_08_c08_189-212.indd 1 9/25/12 1:03 PM
CHAPTER 8Section 8.1 Responsibility Accounting Concepts
Chapter Outline
8.1 Responsibility Accounting Concepts
Accumulation of Information to Match Centers
Management by Exception
Rational Decision Making
Sunk Costs
8.2 A General Framework for Making Sound Business Decisions
Applying the General Framework to an Example: Bulk Orders
Applying the General Framework to an Example: Offshoring
8.3 Capital Expenditures
Future Value
Annuity
Present Value
8.4 Making Decisions About Long-Term Investments
Net Present Value
Internal Rate of Return
Simpler Capital Budgeting Methods
Recap of Using Capital Budgeting Tools for Decision Making
8.1 Responsibility Accounting Concepts
In general, managers should be held accountable for the results of their decisions and business execution. Without accountability based on performance-related feedback, the
business will not perform at its best, and areas in need of improvement may not be iden-
tified on a timely basis. Business feedback is often based on financial results. You have
already seen how budgets and variances are used to help identify areas for improvement.
Because managers are accountable for their decisions, actions, and outcomes, their perfor-
mance measures should align around the department, product, division, or other business
for which they are responsible. In other words, the attribution of responsibility tends to
follow the organizational structure of the business.
Sometimes, a business has a highly dispersed design, with decisions nested with lower
level managers. Other businesses generate decisions only at the upper levels, and
lower level personnel are basically charged with execution of defined actions. Proper
implementation of responsibility accounting concepts stipulates that performance mea-
sures be aligned with the business organization structure. In other words, accountability
should map to responsibility. Proper design of performance measurement systems there-
fore requires that the management accountant carefully consider the organizational struc-
ture. Sometimes performance measures are only appropriate on an aggregated basis, such
as where the organization is structured as a top–down, command-and-control, central-
ized decision-making entity. As lower level managers are given increased authority, so
too should the accountability system be modified to provide more disaggregated perfor-
mance measures. Although quite logical, this presents measurement challenges.
waL80281_ ...
Em mod 6
1. The document discusses profits, determinants of short-term and long-term profits, and break-even analysis. It defines profit as the residual income left after paying all costs of production.
2. Determinants of profit include excess of income over costs, risk management, uncertainty bearing, innovation, price level changes, and imperfect competition. Determinants of short-term profit are economic growth, market structure, and demand. Long-term profit is determined by new products and design changes.
3. Break-even analysis studies the relationship between costs, volume, and profits. It identifies the sales volume where total revenue equals total costs, which is the break-even point.
Cost accounting project on AMUL ice cream
Marginal costing is a technique that differentiates between fixed and variable costs. It involves charging only variable costs to cost units and treating fixed costs as period costs. This allows marginal costing to provide useful information for management decision making like cost control, profit planning, and performance evaluation. Some key advantages of marginal costing include simplicity, improved cost control by avoiding arbitrary allocation of fixed costs, and better analysis of alternative production/sales policies. However, marginal costing also has limitations like difficulty separating fixed and variable costs precisely and not representing profits fully by excluding fixed costs from inventory valuation.
Fixed & flexible budget
There are two types of budgets: fixed budgets which remain unchanged regardless of activity levels, and flexible budgets which can be adjusted for different activity levels. Flexible budgets are prepared for multiple capacity levels and divide costs into fixed, variable and semi-variable categories so the budget can change based on production volume. They allow for easier comparison of actual to budgeted figures and better cost control.
Chapter 10Cost Estimation and Cost- Volume-Profit Relati.docx
Chapter 10
Cost Estimation and Cost-
Volume-Profit Relationships
Learning Objectives
• Understand the significance of cost behavior to decision making and control.
• Identify the interacting elements of cost-volume-profit analysis.
• Explain the break-even formula and its underlying assumptions.
• Calculate the effect on profits of changes in selling prices, variable costs, or fixed costs.
• Calculate operating leverage, determine its effects on changes in profit, and under-
stand how margin of safety relates to operating leverage.
• Find break-even points and volumes that attain desired profit levels when multiple
products are sold in combination.
• Obtain cost functions by account analysis and the high-low method.
James Forte/National Geographic/Getty Images
eps81189_10_c10.indd 207 12/20/13 9:45 AM
CHAPTER 10Introduction
Chapter Outline
Introduction
10.1 Significance of Cost Behavior to Decision Making and Control
Decision Making
Planning and Control
Trends in Fixed Costs
10.2 Cost-Volume-Profit (CVP) Analysis
Basics of CVP Analysis
A Desired Pretax Profit
A Desired Aftertax Profit
10.3 Graphical Analysis
The Break-Even Chart
Curvature of Revenue and Cost Lines
The Profit-Volume Graph
10.4 Analysis of Changes in CVP Variables
Sales Volume
Variable Costs
Price Policy
Fixed Costs
Ethical Considerations When Changing CVP Variables
10.5 Measures of Relationship Between Operating Levels and Break-Even Points
Operating Leverage
Margin of Safety
10.6 The Sales Mix
10.7 Cost Estimation
Account Analysis
High-Low Method
Ethical Considerations in Estimating Costs
Other Issues for Cost Estimation
Introduction
Managers need to understand cost behavior and cost estimation to be in a better posi-tion to plan, make decisions, and control costs. As we discussed in Chapter 9, cost
behavior describes the relationship between costs and an activity as the level of activ-
ity increases or decreases. Determining cost behavior is important to management’s
eps81189_10_c10.indd 208 12/20/13 9:45 AM
CHAPTER 10Section 10.1 Significance of Cost Behavior to Decision Making and Control
understanding of overhead costs, marketing costs, and general and administrative
expenses, as well as for proper implementation of budgets and budgetary controls. With
knowledge of cost behavior, managers can also estimate how costs are affected as future
activity levels change, which can lead to better decisions. In addition, knowledge of cost
behavior can assist managers in analyzing the interactions among revenues, costs, and
volume for profit-planning purposes. These interactions are covered later in this chapter.
10.1 Significance of Cost Behavior to Decision Making and Control
To understand more fully the significance of a manager’s analysis of cost behavior, we look at three areas: decision making, planning and control, and trends in fixed costs.
Decision Making
Cost behav ...
Cost accounting-ppt
By:
Dr. Pankaj Chaudhari
Assistant Professor,
Ph. D., M. Com., MBA (Finance & HR), B. Ed., GDC&A
Department of Commerce and Business Management
Cost, volume, profit Analysis. for decision making
Part 1 discusses different cost behaviors such as fixed, variable, and semi-variable costs. It also covers topics like direct vs indirect costs, marginal costing, and operational gearing.
Part 2 is about cost-volume-profit (CVP) analysis. It discusses how CVP is used to determine the break-even point and analyze how costs and profits are affected by changes in sales volume. The assumptions of CVP analysis and formulas for calculating the break-even point in terms of units and sales volume are also presented.
Controlling detailed.pdf .
Controlling involves measuring performance against standards and correcting deviations from plans to ensure objectives are met. It is a process that includes establishing standards, measuring performance against those standards, and correcting any variations. Managers at all levels are responsible for controlling. Standards can be physical, cost-based, related to capital, revenue, programs, goals, or intangible. Budgets, statistical reports, analysis, audits, and observation are control techniques used to monitor performance.
Chapter 8Responsibility Concepts and Sound Decision-Making Ana.docx
Chapter 8
Responsibility Concepts and Sound Decision-Making Analytics
Image of multicolored canvas painting.
istockphoto
Learning Objectives
Understand concepts in responsibility accounting.
Be able to provide a framework for rational business decision making, and understand how to apply these concepts for specific types of situations.
Apply capital budgeting methods and discounted cash flow concepts.
Know how to make proper long-term investment decisions.
8.1
Responsibility Accounting Concepts
In general, managers should be held accountable for the results of their decisions and business execution. Without accountability based on performance-related feedback, the business will not perform at its best, and areas in need of improvement may not be identified on a timely basis. Business feedback is often based on financial results. You have already seen how budgets and variances are used to help identify areas for improvement. Because managers are accountable for their decisions, actions, and outcomes, their performance measures should align around the department, product, division, or other business for which they are responsible. In other words, the attribution of responsibility tends to follow the organizational structure of the business.
Sometimes, a business has a highly dispersed design, with decisions nested with lower level managers. Other businesses generate decisions only at the upper levels, and lower level personnel are basically charged with execution of defined actions. Proper implementation of responsibility accounting concepts stipulates that performance measures be aligned with the business organization structure. In other words, accountability should map to responsibility. Proper design of performance measurement systems therefore requires that the management accountant carefully consider the organizational structure. Sometimes performance measures are only appropriate on an aggregated basis, such as where the organization is structured as a top–down, command-and-control, centralized decision-making entity. As lower level managers are given increased authority, so too should the accountability system be modified to provide more disaggregated performance measures. Although quite logical, this presents measurement challenges.
Different types of units must be evaluated using alternative models. For example, some units do not generate any revenue. They exist to provide support services to other departments within the entity. Other business segments may have clear cost and revenue functions, and they might be evaluated on their profits. Given this observation, it is common for businesses to characterize areas of specific responsibility as cost centers, profit centers, or investment centers.
A cost center usually lacks clear revenue functions. Typical departments that are regarded as cost centers include accounting, human resources, maintenance, and most administrative groupings. Cost control is the key eval ...
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.
Cost Accounting
Cost accounting is the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information about the costs of products, services, or activities. It provides information to management for planning and control, cost analysis and reductions, decision-making, and profitability analysis. The document outlines the meaning, objectives, advantages, and disadvantages of cost accounting. The key advantages are that it helps measure efficiency, identify profitable and unprofitable activities, set prices, guide cost reductions, and provide information for planning. The main disadvantages include that cost accounting systems are expensive to implement and maintain, complex, not applicable to all businesses, and lack complete accuracy and uniformity.
A Textbook of Cost Accounting (Calicut University)
This document provides an introduction to cost accounting. It begins by outlining the limitations of financial accounting that led to the development of cost accounting. These include an inability to identify operating efficiencies, weaknesses, determine product prices, or provide detailed cost analysis. The document then defines costing and cost accounting, and outlines their general principles and objectives, which include cost control, analysis, and providing information to aid management decision making. The key differences between financial and cost accounting are also summarized.
Management Accounting complete
This document provides an overview of management accounting. It defines management accounting as accounting that assists management in creating policy and day-to-day operations. The key functions of management accounting are to provide, modify, analyze, and interpret accounting data to facilitate management control and decision-making. Management accounting furnishes both financial and qualitative information to managers.
Activity Based Profitability Management
Activity Based Profitability Management (ABPM) and Activity Based Budgeting (ABB) offers organizations a complete tool to gain a competitive advantage and provides crucial information to support the process of making strategic and operational decisions in the current business environment. It might seem that having this type of information for the management of profits, costs and budgets is not necessary to implement Digital Transformation solutions because the implementation of new technologies does not require an evaluation of this type, and it is assumed that it must be implemented independently of what it implies and at any cost, but this is an error because it will always require business processes, products or services, customers or users, service channels, etc. that must be evaluated from the financial and business process point of view, implemented, measured and improved within a competitive and market environment. In this sense, the profitablitiy, cost and budget information provided by the approach of ABPM and ABB will lead to better business decisions that significantly increase the performance and profits of the companies.
Responsibility center mcs ch.4
This document discusses management control systems and responsibility centers. It defines management control as ensuring resources are used efficiently and effectively to accomplish organizational goals. Responsibility centers are organizational units headed by managers responsible for activities and objectives. There are several types of responsibility centers including engineered expense centers, discretionary expense centers, profit centers, and revenue centers. The document outlines the characteristics, budgeting processes, and performance measurement for each type. It also addresses challenges with administrative centers, R&D centers, and discretionary expenses.
5044319.ppt
This document provides an overview of responsibility centers, including cost centers, profit centers, and investment centers. It also discusses segmented reporting and how to construct segmented income statements. Key points covered include identifying traceable versus common fixed costs, and that traceable fixed costs of one segment can become common fixed costs of another segment. The document uses an example of the Superior Foods Corporation to illustrate different types of responsibility centers and segmented reporting.
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chapter 8Responsibility Concepts and Sound Decision-Maki.docx
chapter 8Responsibility Concepts and Sound Decision-Maki.docx
Chapter 10Cost Estimation and Cost- Volume-Profit Relati.docx
Chapter 10Cost Estimation and Cost- Volume-Profit Relati.docx
Cost, volume, profit Analysis. for decision making
Cost, volume, profit Analysis. for decision making
Chapter 8Responsibility Concepts and Sound Decision-Making Ana.docx
Chapter 8Responsibility Concepts and Sound Decision-Making Ana.docx
A Textbook of Cost Accounting (Calicut University)
A Textbook of Cost Accounting (Calicut University)
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Marginal cost
- 1. Marginal Cost Advantages and disadvantages PRESENTED BY: Joel Maxim Pais 16018 MBA II 2010-2012 Aloysius institute of management and information technology(AIMIT)
- 2. Advantages of Marginal Costing: Cost Control: Practical cost control is greatly facilitated. By avoiding arbitrary allocation of fixed overhead, efforts can be concentrated on maintaining a uniform and consistent marginal cost useful to the various levels of management.
- 3. Simplicity Marginal Costing is simple to understand and operate; it can be combined with other forms of costing, such as, budgetary costing, standard costing without much difficulty.
- 4. Elimination of varying charge per unit: In marginal Costing fixed overheads are not charged to the cost of production due to this the effect of varying charges per unit is avoided.
- 5. Short-Term Profit Planning: It helps in short-term profit planning by break-even charts and profit graphs. Comparative profitability can be easily assessed and brought to the notice of the management for decision-making.
- 6. Prevents Illogical Carry forwards It prevents the illogical carry-forwards in stock-valuation of some proportion of current years fixed overhead.
- 7. Accurate Overhead Recovery Rate: It eliminates large balances left in overhead control accounts, which indicate the difficulty of ascertaining an accurate overhead recovery rate.
- 8. Maximum return to the business: The effects of alternative sales or production policies can be more readily appreciated and assessed, and decisions taken will yield the maximum return to the business.
- 9. Disadvantages of Marginal Costing Misleading Results: It is very difficult to segregate all costs into fixed and variable costs very clearly, since all costs are variable in the long run. Hence such segregation sometimes may give misleading results.
- 10. Distorted Picture of Profits: The closing stock consists of variable cost only and ignores fixed costs. This gives Distorted Picture of Profits.
- 11. Avoids Semi-Variable Costs: Semi-Variable costs are not considered in the analysis.
- 12. Problem of Recovery of Overheads: There is problem of under or over-recovery of overheads, since variable costs are apportioned on estimated basis and not on the actuals.
- 13. Ignorance of Time Factor: Since the time factor is completely ignored; comparison of performance between two periods on the basis of contribution alone will give the misleading results.