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Cost Accounting
Cost accounting has been defined via many accounting scholars in different forums. There is no single watertight definition of cost accounting, however the various definitions all point to specific common aspects to the subject. Underneath are some definitions provided by certain authorities as:
"That part of management accounting such establishes standard costs and budgets and actual costs of processes or operations, products or departments and the analysis of variances, social or profitability use of funds" by Chartered Institute of Management Accountants - CIMA. "Which identities, such defines measures, analyses and reports the different elements of indirect and direct costs associated along with producing and marketing goods and services. However Cost accounting measures performance, productivity of quality and product quality" by Letricia Gayle Rayburn. "The systematic process of summarizing and collecting, recording data regarding the different resources and activities into a firm hence like to calculate the basis of production costs employed in financial accounting or making another relevant decisions in a firm by Horngren C.T
Conversely Cost accounting is broad and extends beyond to calculate production costs for inventory valuation that government-reporting requirements largely dictate. Though accountants do not permit external reporting requirements to find out how they measure and control internal organizations activities. During this fact, cost accounting focus is shifting for financial reporting from inventory valuation to costing for decision making. The most important objective of cost accounting is communicating financial information to management for planning, evaluating and controlling performance, and to assist management also to create more informed decisions. Its data is employed by managers to guide their decisions.
Comparison between Marginal Costing and Absorption Costing There are accountants who favour all costing method. Arguments in favour about absorption costing are specified a
Example of Economic Order Quantity The EOQ model supposes : - Annual demand is recognized - Hold costs are constant and recognized - Ordering costs are recognized a
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How would I calculate the debt amortization for a bond issued at discount with a maturity of 12 years, market interest rate at issue 10% annually, 5% semi annually, and has a state
Determine When to Stock It will be influence with the inventory system in place as given: 1. Periodic order system. The firm obtains a new order of the amo
Cost accounting as a descriptive or analytical discipline
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diff between cost estimation and cost accounting
interaction with an expert/cost accountant to know the overhead absorbtion policies and procedure followed
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