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Cost Accounting Assignment Help
As you are aware that Assignment Hut inspires the students to carry on the path of learning, so we help the students to improve themselves through education with the help of our qualified professional team. At this juncture, we are providing you the epigrammatic knowledge about the Cost Accounting.
Cost accounting is a branch of accounting that involves classification, accumulation, assignment and control of costs. According to J.W. Neuner : "Cost accounting is an expanded phase of the general or financial accounting of a business concern which provides management promptly with the cost of producing or selling each article or of rendering a particular service".
Main aim of Cost Accounting is to systematically record all the expenses and then to analyze them to ascertain the cost of each manufactured product or services rendered by any organization. This all information will help organization to know where to save on costs, what price to fix and how to maximize profit etc.
Cost Accounting provides invaluable aid to management. It provides detailed costing information to the management to enable them to keep control over stores and inventory to check wastage and losses and thus helps in optimum utilization of resources. It facilitates delegation of responsibility for important tasks and rating of employees. For all these, the management should be capable of using the information provided by cost accounts in a proper way.
Cost accounting helps to analyze and categorize all expenditures into the cost of products and operations. It helps to calculate the cost of production of each unit, job, operation, process, etc. Cost Accounting helps management in making short term decisions such as : Special price to special customers, pricing during slump, Make-Buy decision etc.
Techniques of costing includes historical or conventional costing, standard costing, marginal costing, uniform costing, direct costing, absorption costing and activity based costing.
Methods of costing covers job costing, contract costing, batch, terminal, operation, process costing, etc.
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