What is cost accounting, Cost Accounting

Assignment Help:

This can be explained as the process of accumulating, calculating, analyzing, interpreting and reporting cost information that is both helpful and relevant to the internal and external stakeholders of a business entity. External stakeholders are those who have a vested financial interest in a business or organization. For example banks (loans), financial houses (mortgages), investors (investments), etc. Internal stakeholders are the business or organization directors, managers, division heads, etc.


One of the many advantages of cost accounting is that it turns data into information, knowledge and wisdom about a business entity's operations that is useful for:

? measuring performance
? Decreasing or managing costs
? determining the fees or prices for goods and services
? deciding to authorize, alter or discontinue a program or activity

 


Related Discussions:- What is cost accounting

Ppe, is ppe taxable

is ppe taxable

Process costing, If question (CA IPCC) is silent which method to follow: av...

If question (CA IPCC) is silent which method to follow: avg cost or fifo or lifo?

Overhead variances, OVERHEAD VARIANCES Unlike labour and direct materia...

OVERHEAD VARIANCES Unlike labour and direct material, the manufacturing overhead is not completely variable with the level of production.   So, standard costs for factory overh

Calculate the cost of job - manufacturing overhead, Cube Manufacturing bega...

Cube Manufacturing began two jobs during May 200X. The company had no beginning inventory. The following information is available:

Exercise I do not understand, what would your answer be to the following pr...

what would your answer be to the following problem, please show detailed calculations: The XYZ Company manufacturers Part 123 for use in its production line. The manufacturering co

Relationship among variances, Relationship among variances We cannot o...

Relationship among variances We cannot over emphasize the central aim of variance analysis as outlined in the above paragraphs:  that is to assign responsibility for a particu

Cgs, asdfdf afd s

asdfdf afd s

The weaknesses of an incremental budgeting system, Traditional budgeting  s...

Traditional budgeting  systems are  incremental  in nature and  tend  to  focus on  cost  centres.  Activity-based  budgeting  links  business  planning  to  the  budgeting  proces

What is cmm, CMM is an internationally recognized standard for calculating ...

CMM is an internationally recognized standard for calculating the maturity of an organization's software development processes and has become the primary benchmark multinational co

Physical measure and net realizable value, Physical Measure and Net Realiza...

Physical Measure and Net Realizable Value Physical Measure/Unit Joint costs are assigned to the joint products according to the ratio of physical measurement of the outpu

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd