Topic 11 Cost Accounting And Management
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Cost accounting and management involves analyzing costs based on their behavior and classification. There are three types of costs: variable costs that change with activity level, fixed costs that remain constant regardless of activity level, and mixed costs that have both fixed and variable components. It is important to properly identify costs as fixed or variable for business decisions around pricing, production levels, and profitability. Manufacturing costs include direct materials, direct labor, and manufacturing overhead, which make up the cost of goods manufactured. Period costs are non-manufacturing expenses.
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- Composition of manufacturing costs including direct materials, direct labor, and manufacturing overhead.
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This document summarizes key concepts from Chapter Eight of a management accounting textbook, including:
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3) Cost concepts including classification of costs by behavior, function, and period.
4) Preparing financial statements for manufacturing companies including statements of cost of goods manufactured and income.
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This document provides an introduction to cost accounting concepts. It defines key terms like cost, costing, cost accounting, and cost control. It explains different types of costs like direct and indirect materials, direct and indirect labor, and direct and indirect expenses. It also shows basic and advanced cost sheet formats that are used to calculate costs of production, cost of goods sold, and profit. The objectives are to define accounting concepts, identify basic cost concepts, calculate costs, and prepare ledger accounts.
Elements of costs and classification of expenditure
The objective of the ppt of Elements of Costs and classification of expenditure is to have precise information, especially for the non commerce management students. I believe this would help them to understand the subject easily.
Elements of cost ppt k@pil
The document discusses various aspects of classifying and defining costs. It defines direct costs as costs that can be traced to a specific cost object, like direct materials and direct labor. Indirect costs are costs that cannot be directly traced to a cost object, like manufacturing overheads. It provides examples of different types of direct and indirect costs such as direct materials, direct labor, indirect materials, and indirect labor. The document also discusses classifying costs by their nature into material, labor, and expenses costs. It defines various cost elements and cost centers.
Basic cost concepts
The document provides an overview of basic cost concepts. It defines key terms like cost, costing, cost accounting and cost accountancy. It describes the advantages of cost accounting such as cost determination, price determination, product profitability analysis, decision making, cost control and reduction, and statutory compliance. It distinguishes between financial accounting and cost accounting. It also covers concepts like classification of costs, contribution, break-even point, product pricing, and pricing strategies.
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This document discusses cost accounting and its classification. It defines cost as a monetary valuation of efforts, materials, resources, time, utilities consumed, and risks incurred in business. Cost accounting provides detailed cost information to help management control operations and plan for the future. Costs are classified according to elements like materials, labor, and overheads, and according to behavior as fixed costs, variable costs, or semi-variable costs. Fixed costs remain unchanged with production volume while variable costs change directly with units produced and semi-variable costs have both fixed and variable components.
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Similar to Topic 11 Cost Accounting And Management
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This document discusses key concepts in managerial accounting, including:
1. The differences between managerial and financial accounting in terms of users, reports, purposes, and verification.
2. The importance of managerial accounting information for decision making through planning, directing, and controlling.
3. Key cost concepts like classifications of costs by behavior, function, and period.
4. Preparing key statements for manufacturing companies including the statement of cost of goods manufactured, income statement, and balance sheet.
cost accounting , Element & cost sheet.pptx
The document discusses various cost accounting methods like standard costing, marginal costing, and absorption costing that are used to record, classify, and summarize costs to determine product or service costs. It also outlines different costing techniques like job costing, process costing, and contract costing. Finally, it defines the key elements of cost accounting like direct and indirect materials, direct and indirect labor, expenses, and overheads.
Cost Concepts.pptx
The document discusses various cost accounting concepts including:
- Cost accounting refers to recording, classifying, and summarizing costs over a period of time.
- Costs are classified as direct or indirect, relevant or irrelevant, and fixed, variable, or mixed.
- Costs are summarized using different costing methods like job order costing or process costing.
.Costing-and-Pricingpptx
The document discusses costing and pricing methods for a cooperative. It provides information on calculating costs, including material costs, labor costs, expenses, overhead, and the different components and types of costs. The document then outlines 10 steps for costing products, which include calculating raw materials, labor expenses, direct and indirect costs, total product cost, producer's price, and retail price. It discusses working backwards from the retail price to determine the ex-works or FOB price. The goal is to help the cooperative assess its current pricing practices and implement improved costing and pricing methods.
Cost concepts
The document discusses various cost and managerial accounting concepts including:
1) The cost of a gift given to a friend is $0 as the original purchase price of the wine is not relevant, only the current market value of $75 matters.
2) Cost objects can be anything whose cost is being determined such as a product, process, location, or person. Direct costs are easily traceable to the cost object while indirect costs are shared among multiple cost objects.
3) Total costs are analyzed by elements including direct and indirect materials, direct and indirect labor, and overhead costs which include both direct and indirect expenses.
Slide of Chapter 1.pdf
Based on the historical data provided, I would estimate the cost of factory power for 10,200 units of output in 20X5 using the scatter graph method as follows:
1. Plot the units of output and cost of factory power for each year on a scatter graph
2. Draw a best fit line through the data points
3. Use the best fit line to estimate the cost of factory power for 10,200 units of output
This would provide a more accurate estimate than simply selecting a single data point, by utilizing the trend in the relationship between units of output and factory power costs. Of course, the estimate would still involve some subjective judgement in drawing the best fit line.
Cost terms & purposes
The document defines and discusses key cost accounting terms and concepts. It describes how costs flow through a manufacturing company, from raw materials to work in process to finished goods. It also covers cost accumulation procedures like job order costing and process costing, and how costs move from the balance sheet to the income statement. Cost classification categories like direct vs indirect, variable vs fixed, and product vs period costs are also summarized.
Lec 1.pptx
The document outlines lecture 1 of a textile costing and management course, which introduces important concepts such as defining costs and their components, the role and advantages of cost accounting, classifying costs as fixed, variable, or semi-variable, and how to summarize total manufacturing costs by nature, department, or in a combined format. The lecture also discusses learning outcomes around understanding cost and management techniques, evaluating waste costs, and developing documentation for fabric cost sheets.
Ch-1 (B) Cost Concepts, Classificaions and Terms (3).pptx
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.
sumit kumar dhanwar.pptx
This document provides information about cost accounting concepts. It defines cost accounting as recording, classifying, and summarizing costs to determine product or service costs and provide information for management decision making. It discusses the key elements of cost accounting like cost determination, recording, analysis, and reporting. It also explains concepts like cost sheet, components of total cost including prime cost, factory cost, office cost and total cost. Finally, it classifies costs as fixed, variable, semi-variable and step costs based on their behavior with changes in production volume.
MODULE 4 Managerial Economics.pptx
The document discusses key concepts in managerial economics including:
- Accounting costs consider explicit costs while economic costs consider both explicit and implicit costs.
- Fixed costs do not vary with production while variable costs do vary with production. Common fixed costs include rent and salaries while common variable costs are raw materials and labor.
- Average cost is total cost divided by output while marginal cost is the change in total cost from producing one additional unit of output.
- The relationship between average cost and marginal cost is that when marginal cost is diminishing, total cost increases at a diminishing rate, and when marginal cost is rising, total cost increases at an increasing rate. The lowest point of marginal cost corresponds to the minimum point of
Cost Accounting
This document defines key concepts in cost accounting and cost management. It discusses how cost accounting provides information for both management and financial accounting by measuring and reporting costs. It also describes different types of costs like direct, indirect, fixed and variable costs. Finally, it summarizes standard costing and analysis of variance, which are techniques used to evaluate actual performance against pre-established cost standards.
M.com (4)
This document provides an overview of managerial accounting. It discusses the differences between managerial and financial accounting, managerial cost concepts including direct materials, direct labor, and manufacturing overhead, and job order cost accounting. Job order cost accounting involves accumulating manufacturing costs, assigning costs to work in process and finished goods, and recognizing cost of goods sold. Costs flow through the job cost sheet which tracks costs by job.
Cost behaviour marginal costing
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
Cost accountingppt
Cost accounting is a formal system to ascertain and control costs of products and services. It involves determining actual costs incurred and estimating future costs. The objectives of cost accounting are to ascertain, control, and guide business policies by determining costs. It differs from financial accounting in its purpose, statutory requirements, cost analysis, periodicity, and type of transactions recorded. Cost centers, cost units, and costing methods like job order costing and process costing are used to classify and assign costs. Elements of cost include direct and indirect materials, labor, expenses and overheads which make up the total cost.
Cost in production
The document defines and differentiates between various types of costs including total, variable, fixed, average, and marginal costs. It also discusses the differences between short run and long run costs. Total cost is the sum of fixed and variable costs. Variable costs change with output while fixed costs do not. In the long run, all costs are variable. Marginal cost is the change in total cost from producing one additional unit of output. Average cost is total cost divided by units of output. The relationship between average and marginal cost depends on whether average costs are increasing, decreasing, or constant.
Part III-Managerial Accounting.pptx
Cost and management accounting provides managers with detailed cost information to control operations and plan for the future. Cost accounting information is used for financial accounting and by managers for decision making. Management accounting provides economic and financial information for internal users. Cost concepts like cost objects, cost pools, and cost drivers are introduced. Costs are classified by elements, functions, traceability, behavior, and controllability. Product costs include direct materials, direct labor, and manufacturing overhead and become inventory until goods are sold. Period costs are expenses of the current period. Job order costing and process costing are introduced as costing systems. Just-in-time processing, activity-based costing, cost-volume-profit analysis, contribution margin,
Accounting cost classification p pt.
This document provides an overview of cost classification. It defines cost and outlines several ways costs can be classified, including by function, nature/elements, ease of traceability, timing, behavior, and relevance to decision making. Specifically, it discusses classifying costs as manufacturing vs non-manufacturing, material vs labor vs expenses, direct vs indirect, variable vs fixed vs mixed. Examples are provided for each classification.
Module 1 lesson 2 cost classifications according to purpose
Cost classifications are used for four main purposes: preparing external financial statements, predicting cost behavior, assigning costs to cost objects, and making decisions. For financial statements, costs are classified as either product costs (recognized as assets until goods are sold) or period costs (expensed in the period incurred). Direct costs can be traced to specific cost objects, while indirect costs cannot. Variable costs change with activity level, while fixed costs remain constant. Only differential costs that differ between alternatives are relevant for decision making.
cost sheet element [Autosaved].pptx
There are three main elements of cost: material, labor, and expenses. Each element can be direct or indirect. Direct costs include raw materials, labor for production workers, and expenses directly connected to production like freight. Indirect costs include materials and labor that are not directly tied to production output as well as administrative expenses. A cost sheet formally documents all fixed and variable direct and indirect costs incurred during production. It calculates prime cost, works cost, cost of production, and cost of sales to present the total cost per unit and help set selling prices, control costs, formulate production policy, and communicate cost information.
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securitization+musyarakah+murabahah+and+ijarah
Securitization involves pooling various financial assets and issuing securities backed by those assets. Securitization of musharakah involves issuing certificates of ownership in a joint business venture that can be traded on the secondary market. Musharakah certificates directly represent ownership in project assets, unlike conventional bonds which represent a loan. Murabahah contracts cannot be securitized since they represent a monetary debt that must be transferred at par value. Ijarah contracts can be securitized by issuing certificates representing ownership in the leased asset that convey rights to rental income and liability for asset loss.
Glossary islamic finance intruments
This document provides definitions for major Islamic finance instruments and terms. It defines instruments like Murabahah (cost-plus financing), Mudarabah (profit-sharing), Musharakah (joint venture), and Ijarah (leasing). It also defines prohibited terms like riba (interest) and gharar (uncertainty). The definitions cover instruments, legal concepts, and prohibited elements in Islamic commercial and financial transactions.
securitization+musyarakah+murabahah+and+ijarah
Securitization involves pooling various financial assets and issuing securities backed by those assets. There are several types of Islamic securitization, including those based on musharakah, murabahah, and ijarah contracts. Musharakah certificates represent direct ownership in the securitized assets. Murabahah contracts cannot be securitized to create negotiable instruments since the amount must be transferred at par value. Ijarah certificates represent proportionate ownership of the leased asset.
teori percampuran dan pertukaran musyarakah
The document discusses various theories and concepts in Islamic finance, including the theories of mixing (tecouri percampuran) and exchange (teori pertukaran). It explains different types of contracts in Islamic finance such as mudharabah, musharakah, and murabahah. It also compares conventional and Islamic banking systems and their roles as lenders, investors, and custodians of assets. Key concepts like wa'd (promise) and akad (contract) are defined and distinguished.
sukuk - islamic bond
Sukuk are financial certificates that comply with Islamic law and its investment principles, which prohibit charging or paying interest. Sukuk represent ownership in tangible assets or business activities and provide investors returns from those assets or activities. There are different types of Sukuk based on principles like Murabaha, Ijarah, Musharakah, and Mudarabah. While Sukuk aim to enable organizations to raise capital in a Sharia-compliant way, some structures have faced criticism for replicating interest-based bonds too closely. Guidelines on appropriate underlying assets and tradability in secondary markets continue to be discussed.
securitization and musyarakah+murabahah and ijarah
The document discusses various aspects of Islamic capital markets including key components, Shariah compliant stocks, Islamic funds, and sukuk. It also covers securitization in Islamic finance, explaining different types of securitization such as for musharakah, murabahah, and ijarah. Securitization involves evaluating risks, designing credit enhancement structures, and pricing residual risk. Benefits include risk distribution and specialization. Certain conditions must be met for various structures to be Shariah compliant.
shirkah dan mudharabah
Shirkah refers to partnership in Islamic commercial law. There are two main types: shirkah al milk which is joint ownership of property, and shirkah al 'aqd which is a joint commercial enterprise where partners share capital and profit. Mudharabah is a specific type of partnership where one partner provides capital to another to invest in a business venture. The capital provider shares profit according to a profit ratio but bears any losses. Double mudharabah allows the capital from one mudharabah partnership to be invested in another mudharabah contract.
bai as-salam and istisna
1. Bai As-Salam refers to a contract where advance cash payment is made for goods to be delivered later. The seller undertakes to supply specific goods to the buyer at a future date in exchange for the advanced price paid in full.
2. Salam transactions require full payment of the purchase price at the time of sale. This ensures the seller has the liquidity expected and the basic purpose of the transaction is not defeated.
3. Parallel or back-to-back salam involves three parties, where one party enters into two consecutive salam contracts to manage risks from price fluctuations between the contracts.
al ijarah
Ijara or leasing is an Islamic financing contract where the financier buys an asset and leases it to a business owner for a rental fee. There are several types of ijara contracts: basic ijara for leasing services or assets; ijara muntahia bittamleek which allows the lessee to purchase the asset; and al-ijarah wa al-iqtina which is a lease-to-own agreement commonly used for home financing. The ijara contract must meet conditions such as clearly specifying the purpose and responsibilities of both parties, and cannot involve uncertainty around prices, interest, or penalties.
murabaha and bai bithaman ajil (kontrak jual beli)
The document discusses Murabaha, an Islamic financing structure where a bank purchases an asset from a supplier and sells it to a customer at a marked-up price, either for immediate or deferred payment. It defines Murabaha, explains how it works in practice including an example, compares it to Musawama, and outlines conditions to ensure it complies with Shariah such as disclosure of costs, fixed pricing, and separation of transactions.
transaksi yang dilarang dlm syariah islam
Dokumen tersebut membahas tentang transaksi yang dilarang dalam Syariah Islam. Terdapat tiga jenis transaksi yang dilarang yaitu: 1) transaksi yang objeknya haram, 2) transaksi yang memiliki unsur ketidakpastian atau penipuan, dan 3) transaksi yang melibatkan riba. Dokumen ini juga menjelaskan berbagai jenis riba seperti riba jual beli, riba hutang piutang, serta alasan larangan riba dalam Islam.
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- 1. Topic 10 Cost Accounting and Management
- 2. Learning Objectives Cost behaviour analysis - variable, fixed and mixed cost behaviour. Explain the costs involved in manufacturing activities – direct material, direct labour and overhead.
- 3. Cost Behaviour Analysis Cost behaviour analysis: Examines how costs behave when levels of business activity change: Some costs change Some costs stay the same Helps in planning and choosing between alternatives. Starts with identification of key activities and their relationships with various costs.
- 4. Variable Costs Variable costs change in total with increases and decreases in activity level. e.g. direct materials, direct labour, COGS, freight costs, fuel They are identified on a per-unit basis Variable costs stay the same per unit as activity level changes. Total variable costs change in proportion to change in activity level.
- 6. Fixed Costs Fixed costs do not change with increases and decreases in activity level. e.g. rates, rent, insurance, supervisors’ salaries Fixed cost per unit = total cost divided by units of activity level. Total fixed costs stay the same. Fixed cost per unit changes as activity level changes.
- 8. Mixed Costs Mixed costs are also called semi-variable costs. Mixed costs includes a fixed cost component plus a variable cost according to activity level. e.g. telephone (fixed line charge plus charge per unit consumed) Mixed costs are often separated into fixed and variable components at end of period.
- 10. Importance of Identifying Costs Identification of costs as fixed or variable is important for business decisions: 1. Effect on profitability of reduction in sales price. Effect on activity level when expenses increase per unit to keep current profitability. Minimum level of sales to cover costs. Costs of maintaining level of production for different manufacturing methods.
- 12. Direct labour: the work of factory employees that are directly involved in producing the product.
- 14. Product Costs – costs that are necessary and integral part of producing the finished product. Direct labour and manufacturing overhead are incurred in converting raw materials into finished goods, these costs elements are often referred to as conversion costs. Period costs– costs that are identified with a specific time period rather with a salable product. These costs relate to non-manufacturing costs and therefore are not inventorial costs.
- 15. Manufacturing Costs in Financial Statements Format Manufacturing Accounts ABC Manufacturing Company Manufacturing account for the year ended December 2007 Direct MaterialsRMRM Raw material as at 1 January 2007 xx Add: Purchases of Raw Material xx Carriage Inward xx Import Duty xx Total Raw Material Available for Use xxx (-) Raw material as at 31 December 2007 (xx) DIRECT MATERIAL USED xxx Direct Labour Wages xxx Direct Expensesxxx PRIME COSTS xxx
- 16. Continue.. PRIME COSTS xxx Overhead Costs Indirect Labor xx Factory repairs xx Depreciation – factory machine xx TOTAL OVERHEAD COSTSxxx TOTAL MANUFACTURING COSTS xxx Add: WIP – Opening xx Less: WIP – Closing (xx) COST OF GOODS MANUFACTUREDXXX
- 17. ABC Manufacturing Company Income Statement for the year ended December 2007 RMRM Sales xxx Less: Cost of Goods Sold: Finished goods – 1 Jan xx Add:Cost of goods manufacturedxx Goods Available for Sale xx Less: Finished goods – 31 Dec (xx) COST OF GOOD SOLDxx GROSS PROFIT XX Less: Operating Expenses Selling and Distribution Expenses xx Administrative Expenses xx NET / LOSS XX
- 18. Mutiara Ltd incurs the following manufacturing costs and expenses during the month of May. 1. Assembly line wages 2. Raw materials used directly in product 3. Depreciation on office equipment 4. Property taxes on factory building 5. Rent on factory building 6. Sales commissions 7. Depreciation on factory equipment 8. Factory utilities 9. Wages for factory maintenance workers 10. Advertising 11. Indirect materials used in production 12. Factory manager's salary
- 19. Complete the following matrix by placing an X mark under the appropriate headings.