COST ACCOUNTING ASSIGNMENT HELP
It is one of the most concepts of finance and Cost Accounting Assignment Help course is the idea of Cost Accounting Assignment. It has introduced proficient cost accounting assignment help by experts. The concept is related to cost accounting help and explains them in simple terms. For detailed information, you can refer to our cost accounting assignment help.
What Is Cost?
The concept of cost is a short-cut methods and easy to understand. The monetary value of the total amount of expenditure for supplies, services, labor, products and equipment’s and other items purchased for use by a business or any other item purchased for use by the business.
Types Of Cost With Examples
Actual Account :-
The cost is involved in manufacturing a good or giving a service to the customer is called the actual cost to company. For example, Cost of raw material and wage bill.
Opportunity Cost :-
The opportunity cost is the value of the best possible alternative or the value of the opportunities lost and it is undertaken in order to produce the current goods and services. For example, Suppose a company has a certain amount of land at its disposal which it is currently not using. The factory could have rent the land out and earned some money.
Sunk Cost :-
The costs which do not vary or alter because of level or nature of business activity are called sunk costs. They are also known as inescapable or unavoidable cost. For example, Depreciation cost is a good example of sunk cost.
Incremental Cost :-
Incremental cost are exactly opposite to sunk cost which vary or increase according to the changes in the business activity are called incremental cost. For example, Costs incurred due to changes in the distribution network or the costs incurred due to product recall.
Explicit Cost :-
It is also known as paid out cost. It is actually paid by the firm. For example, Interested payment on borrowed capital, rent payment etc.
Implicit Cost :-
Implicit cost are those which do not shown on the account books of the company. For example, Rent on idle land, depreciation cost on property, it is use and interest paid on equity capital.
Book Cost :-
Book costs are those costs which do not pay directly but a provision is made for the costs in the profit and loss statements. For example, provision of depreciation and the unpaid amount of owner’s capital.
Accounting Cost :-
Accounting costs are a outlay cost that are already incurred on a particular process or production. For example, cost accounting assignment help experts, all sunk costs are also called accounting costs.
Economic Cost :-
Economic cost plays a major part in the business decision that are not yet incurred or nonetheless. For example, economic costs are similar to opportunity and implicit costs.
Direct Cost :-
Those costs which have direct relation with the unit operation/manufacture are called direct costs.
Indirect Cost :-
The cost which are related to the production process are called indirect cost. For example, Costs of machinery.
Elements Of Costs
In order to determine costs of goods sold, we must understand the basic elements of costing.
Direct Material Cost :-
Direct material cost refers to the sum total of the costs of the raw materials which are directly involved in manufacturing a particular product.
Direct Labor Cost :-
It refers to the total costs of the work done by the workers who actually make the product are called direct labor costs.
Manufacturing Overhead Cost :-
The Manufacturing Overhead Cost is the sum total of all costs that are related to the cost object but cannot be directly traced back to the cost object in an economically feasible way.
How To Determine Cost Of Goods Sold ?
Find out the number of units manufactured and the costs of those items per unit.
Start with the number of units at the beginning of the work in process.
Cost of beginning work in process + Production Cost – Cost of ending work in process = Costs of goods manufactured.
The total number of units and total costs of the goods manufactured. Divide them to get the COGS per unit.
What Is Cost Accounting?
Types Of Cost Accounting
Standard Or Standardized Cost Accounting :-
The experts should be practices are historically derived and they are with accordance with the Generally Accepted Accounting Principles. The cost accounting are fixed and calculated with variable costs.
Lean Accounting :-
The purpose of lean accounting is to support a lean enterprise. A lean enterprise originated in post war Japan in order to do away with wastage associated with the manufacturing process. It takes into consideration the incremental cost that the company has to undertake in order to produce 10,000 units of that good.
Activity Based Accounting :-
The activity is based on accounting and also called ABC. It is another accounting practice that assigns the cost of each activity with resources to all products and services. It helps to separate three types of cost: fixed cost, variable cost and overhead cost.
Target Costing :-
It can be defined as the maximum amount of cost that can be incurred on a product with the firm earning the profit margin required and the method used by firm.
Resource Consumption Accounting :-
It gives information support for optimization of the business enterprise.
Life Cycle Assessment :-
LCA is another specialized type of environmental accounting and takes into account into the potential increase in the environmental costs that may occur through the life cycle of a product.
Environmental Accounting :-
The idea of both economic and environmental information is formulating the cost of a good. It is a new concept of the cost accounting assignment help.
What Are The Benefits Of Cost Accounting
Cost Accounting helps company in various ways :
- Standard cost accounting is the basic concept that takes into account the different parts of the cost of a product to be indirect.
- Marginal and Incremental costs can be taken into account if there is any change of the production process.
- Some accounting principles are environmental accounting and life cycle assessment help companies in the long run.
- The accounts are separate dealt with cost of labor, land and raw materials.
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It is the measurement, processing and communication of financial information about economic entities. It can be divided into several subfields. They are financial accounting, managerial accounting, auditing and tax accounting. Student takes cost accounting assignment can be helped by a no. of benefits.
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