Pcm Mngt Acctg Conclusion
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RMSThis document discusses different costing methods and their appropriate uses: - Full costing is best for long-term strategic decisions while variable/direct costing and cost-volume-profit (CVP) analysis are better for short-term decisions. - Both methods have limitations, such as questionable allocation of indirect costs and fixed costs per unit calculations. - Activity-based costing is more useful given increasingly complex products and processes with high indirect fixed costs. - Target costing also considers the entire product lifecycle from a market perspective.
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5. Methods of Measuring Cost Functions
6. Cost Management System
ABC System (Concept and Principles)
7. Various Basis of Overhead Distribution
8. Different Cost for Different Decisions
Costing chapter 1 MEANING
COSTING means recording of all the costs incurred in a business in a way that can be used to improve its management. this is useful or commerce students and professional. BCOM, CA,CMA,CS
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.
Method of costing
The document discusses various methods and concepts in cost accounting, including:
1. Different types of costing methods like unit costing, job costing, contract costing, batch costing, operating costing, process costing, and multiple/uniform costing.
2. The need to reconcile cost and financial accounts when they are maintained separately, to check for differences in reported profit/loss.
3. Key aspects of cost sheets like classifying cost components, ascertaining product costs, fixing selling prices, and aiding cost control and management decisions.
cost accounting.ppt
This document provides an introduction to cost accounting. It defines cost accounting as the process of accounting for costs from when they are incurred to how they are allocated to cost centers and cost units. The objectives of cost accounting are also outlined, including cost ascertainment, estimation, control, and reduction to aid management decision making. Key cost accounting terminology is defined, such as cost, costing, cost control, job costing, and batch costing. The elements of cost - materials, labor, and other expenses - are also explained in terms of direct and indirect categories.
Cost accounting
The document defines several types of costs that are important to consider in business:
Differential cost is the difference in cost between alternative decisions or options. Marginal cost is the additional cost of producing one more unit of a product or service. Standard cost is a predetermined cost that takes into account all factors affecting production costs. Estimated costs are predetermined costs that consider past costs and future cost factors. Cost control involves monitoring actual costs against budgets and taking action if actual costs are higher than planned. Conversion cost refers to the costs of transforming raw materials into finished goods.
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Managing costs & mcs by bhawani nandan prasad iim calcutta
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