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Cost accounting Essays & Research Papers

Best Cost accounting Essays

  • Cost Accounting - 11176 Words Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures, a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the... 11,176 Words | 44 Pages
  • Cost Accounting - 2353 Words SYLLABUS FOR MANAGEMENT ACCOUNTING – ACCT 5100/7100 PROFESSOR LINDA BAMBER Fall 2012 Date 8/14 Tue. Topic Introduction to Management Accounting and Professionalism Chapter and Reading Course Outline Syllabus eLC Student Orientation: /index.html Assignment Due Today 1) Hand in your ACCT 5100/7100 profile. 2) Form teams of four with no more than one MBA student per team (I will try to fill out teams of two or three). One team member should... 2,353 Words | 12 Pages
  • Cost Accounting - 2706 Words Harvard Business School 9-192-068 Rev. May 1, 1993 DO A Brief Introduction to Cost Accounting T NO Organizations and managers are almost always interested in and concerned about costs. Control of past, present, and future costs is part of every manager’s job. In companies that try to earn profits, control of costs directly affects the amount of profit earned. Knowledge of the cost of products or services is indispensable for decisions about pricing or product and service mix.... 2,706 Words | 12 Pages
  • Cost Accounting - 102714 Words MANAGEMENT ACCOUNTING Study Material Prepared By INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA for Junior Accounts Officer(Civil) Examination Conducted By CONTROLLER GENERAL OF ACCOUNTS 1 BASICS OF COST ACCOUNTING 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 Evolution of Cost Accounting, Cost Concepts and Cost Classification Introduction Evolution of Cost Accounting Financial Accounting and Cost Accounting Management Accounting Financial, Cost and... 102,714 Words | 359 Pages
  • All Cost accounting Essays

  • Cost Accounting - 3182 Words Origins All types of businesses, whether service, manufacturing or trading, require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution, when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial... 3,182 Words | 12 Pages
  • Cost Accounting - 3193 Words INTRODUCTION Cost accounting is an important tool in the management of any business firm or organization, which includes those in the small scaled industry. In the cause of our research instrument indicated the maintenance of improper and inadequate records coupled with the fact that cost methods used, through sometimes effective, were unconventional. For a small scale business to approach profit maximization level, it must be effective in cost control procedures and appropriate... 3,193 Words | 14 Pages
  • Cost Accounting - 4008 Words CHAPTER 14: PROCESS COSTING AND THE COST ACCOUNTING CYCLE Multiple Choice c 1. ABC Company made the following journal entry. Work in Process Inventory $200,000 Direct Labor $188,000 Direct Labor Rate Variance 12,000 From this entry we can tell that ABC uses a. job-order costing. b. process costing. c. standard costing. d. normal costing. d 2. CDE... 4,008 Words | 21 Pages
  • Cost Accounting - 2978 Words CHAPTER 1 The Accountant’s Role in the Organization If you have not already read the Introduction page, do so now. It describes the purposes and contents of the Student Guide and recommends a six-step approach for using the Student Guide with the textbook. Overview Welcome to the study of cost accounting. This introductory chapter explains the intertwining roles of managers and management accountants in choosing an organization’s strategy, and in planning and controlling its... 2,978 Words | 18 Pages
  • Cost Accounting - 1756 Words 1. In an accounting information system, which of the following is NOT a transformational process? a. collecting data b. analyzing data *c. performance reporting d. summarizing data 2. Which of the following is NOT a process associated with an accounting information system? *a. auditing existing data b. collecting and recording data c. providing information to users d. analyzing and managing data 3. In an accounting information system, the inputs are usually a.... 1,756 Words | 11 Pages
  • Cost accounting - 676 Words Discussion Question Chapter 4 Cost pool: A cost pool is a grouping of individual indirect cost items. Cost tracing: The assigning of direct costs to the chosen cost object. Cost allocation: a process of attributing cost to particular cost centers. Cost-allocation base: a systematic way to link an indirect cost or group of indirect costs. Job costing involves the detailed accumulation of production costs attributable to specific units or groups of units and process costing involves the... 676 Words | 3 Pages
  • Cost Accounting - 1840 Words Accounting is the collection and aggregation of information for decision makers including managers, investors, regulators, lenders, and the public. Accounting systems affect behavior and management and have affects across departments, organizations, and even countries. This paper will give the reader an understanding about cost accounting. This paper will discuss: Why is cost accounting so important to the success of the firm; what are the various methods of cost accounting and how are they... 1,840 Words | 5 Pages
  • cost accounting - 22365 Words ᭢ 6 Master Budget and Responsibility Accounting Learning Objectives 1. Describe the master budget and explain its benefits 2. Describe the advantages of budgets 3. Prepare the operating budget and its supporting schedules 4. Use computer-based financial planning models for sensitivity analysis 5. Describe responsibility centers and responsibility accounting 6. Recognize the human aspects of budgeting 7. Appreciate the special challenges of budgeting in multinational... 22,365 Words | 135 Pages
  • Cost Accounting - 1175 Words Cost Accounting Applied Janet Rivera-Cruz Bryan Womack ACC 350 Cost Accounting What Is Cost Accounting? Apple Inc. has proven its successes over the past few years, and the proof lies in its three-year financial history (2009-2011). According to the report (Figure 1), Apple has effectively allocated its costs to divisions, plants, departments, contracts, and products. Using a basic calculation to find out how its net income behaves, and then compare that to the changes in sales, operating... 1,175 Words | 4 Pages
  • Cost Accounting - 2321 Words Multiple Choice Questions 16. Which terms would make the following sentence true? Manufacturing companies that benefit the most from activity-based costing are those where overhead costs are a _________ percentage of total product cost and where there is ___________ diversity among the various products that they produce. A) low, little B) low, considerable C) high, little D) high, considerable 17. Would factory security and... 2,321 Words | 11 Pages
  • Cost Accounting - 1091 Words Cost Allocation Paper Cost Accounting Abstract This article’s focus is how cost accounting allocates costs of a manufacturing plant. All things are hypothetical. The conclusions of this report regarding costing of commercial services provided by Goodyear Tire should be recognized as a theory of the way Goodyear Tire conducts business activities, rather than suggestions of how Goodyear Tire should conduct business. Goodyear Tire is a publically traded company, which has many... 1,091 Words | 4 Pages
  • Cost Accounting - 2163 Words ETHICAL ISSUES IN MANAGERIAL ACCOUNTING The aim of this paper is to highlight in the light of the empirical researches conducted previously the presence of ethical issues and dilemmas in managerial accounting. The implications of which can be disastrous bringing colossal giants crumbling to their knees. The prime aim is to throw light at the subtle inconsistencies that can cost the companies far more than just money but their entire image. The asset of ‘good will’ has its nemesis in these... 2,163 Words | 7 Pages
  • cost accounting - 1545 Words Assignment 1 You are required to explain how you would calculate the cost of an individual product, service or activity using relevant examples. In doing this you should clearly explain any areas where judgement was required or limitations in your methodology. Finnally you should comment on whether or not you would be happy to use your calculations for decision making purposes. Introduction Cost accounting as an important job of cost management, it aims to reflect the costs of... 1,545 Words | 9 Pages
  • Cost Accounting - 883 Words  ACCT1110 February 22, 2014 Quiz 6 If you are starting out in a new business, especially a service/manufacturing business, understanding the cost accounting system and which cost accounting system will work best for your company, is the first step to being successful. Once you find someone to help you navigate those waters, let them help you sail the rough seas of direct and indirect inventory, direct and indirect labor costs, and how to allocate factory overhead as well. While it all... 883 Words | 4 Pages
  • Cost Accounting and Job Order Cost Priceline case 1. (a) Joe Delong is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Joe. (b) What is an important feature of a cost accounting system? 2. (a) Distinguish between the two types of cost accounting systems. (b) May a company use both types of cost accounting systems? 3. What type of industry is likely to use a job order cost system? Give some examples. 4. What type of industry is likely to use a process cost... 546 Words | 3 Pages
  • cost accounting module - 2309 Words  CHAPTER 6 Joint Product and By-Product Costing LEARNING OBJECTIVES After studying this chapter, you should be able to: 1. Identify the characteristics of the joint production process. 2. Allocate joint product costs according to the benefits-received approaches and the relative market value approaches. 3. Describe methods of accounting for by-products. 4. Explain why joint cost allocations may be misleading in management decision making. 5. Discuss why joint production is... 2,309 Words | 8 Pages
  • COST ACCOUNTING BAKERY FEASIBILTY INDUS UNIVERSITY DEPARTMENT OF BUSINESS ADMINISTRATION COST ACCOUNTING PROJECT To open a new manufacturing company and show at least 5 jobs statement of goods manufactured. FEASIBILITY REPORT (BAKERS AND CONFECTIONARY) Submitted to: Sir Wasim Submitted by: Madiha Muhamad Aslam MBA -13D (669-2013) NAME: Sweet Warehouse MISSION STATEMENT: “Our aim to make your all sweet ideas come true.” OVER VIEW: The bakery is proposed as a means of additional income for the family... 479 Words | 11 Pages
  • Responsibility Accounting and Cost Control Topic:Responsibility Accounting and Cost Control. Subject: Management control systems Index: |Sr.No |Topic |Page No | |1 |Meaning of Responsibility Accounting |3 | |2 |Steps involved in Responsibility Accounting... 9,103 Words | 37 Pages
  • The historical cost accounting convention. INTRODUCTION Realised-profit, matching-based, historical cost accruals accounting (HCA) has for over fifty years been repeatedly challenged as being an inadequate basis for the measurement of "income" which reports increments in the value of businesses. Such challenges continue unabated and are made by both accounting standards regulators and by academic commentators. Despite its obvious deficiencies for measuring valuation based income, and subject to concept of prudence, internationally HCA... 2,266 Words | 7 Pages
  • Bank Cost Accounting - 4774 Words elevance of Managerial Concepts in the Banking Industry by Zabihollah Rezaee Ph.D., CPA, CMA, INTRODUCTION In the past, bank accountants paid little or no attention to the use of managerial accounting concepts in the banking industry. Viewing managerial accounting from the perspective of the banking industry provides a unique opportunity to explore the development of the internal reporting structure. While the use of internal cost and profitabiHty reports is widespread in merchandising,... 4,774 Words | 14 Pages
  • Cost Accounting and Flow Controllers 101B 第一組 Case 2 Managerial Accounting Sippican Corporation 指導教授: 陳國泰老師 曾智揚老師 會計組 P01744015 紀淑梅 國企組 P01746046 堀瀨靖 財金組 P01745026 朱世榮 商學組 P01748030 黃中平 國企組 P01746020 李佳勳 報告日期:2012 年 8 月 4 日 Page 1/6 Sippican 2012/8/4 101B 第一組 紀淑梅,朱世榮,李佳勳,堀瀬靖,黃中平 1.Given some of the apparent problems with Sippcan’s cost system, should executives abandon overhead assignment to products entirely and adopt a contribution margin approach in which manufacturing overhead is... 6,425 Words | 161 Pages
  • Advantages of Cost Accounting - 576 Words ADVANTAGES OF COST ACCOUNTING 1. Fixation of responsibility: Whenever a cost center is established, it implies establishing a kind of relationship between superior and subordinates. Thus responsibilities are fixed on every individual who is concerned with incurrence of cost. 2. Measures economic performance: By applying cost control techniques such as budgetary control and standard costing it helps in assisting the performance of business. 3. Fixation of price: By providing... 576 Words | 3 Pages
  • Cost Accounting Role - 790 Words Cost Accounting Role Cost accounting is valuable to an organization if it significantly improves the decision making process within the organization by providing accurate and timely input regarding the cost behavior in organizations. Generally based on standard accounting practices, cost accounting is one of the tools that managers utilize to determine what type and how much expenses is involved with maintaining the current business model. At the same time, the principles of cost... 790 Words | 3 Pages
  • COST ACCOUNTING-OVERHEADS - 1746 Words Cost Accounting Level -1 Sep - Jan 2014 Semester. Module Name Cost Accounting Level -1 Module Code AC 02-1 Assessment No. I Weighting 40 % Assessment Type: INDIVIDUAL STUDENT MCUC NUMBER: Please note that a grade will only be given to those whose student number is noted on this form. Please ensure that the student numbers from all group members are recorded accurately. 2012868 Submission Date: 3rd... 1,746 Words | 7 Pages
  • Overhead Cost Accounting - 2968 Words OVERHEAD COSTS ACCOUNTING Overheads are indirect costs which can not directly be traced to cost units. The task of the cost accountant is to charge these overhead costs to cost units/products. There are two approaches of charging overhead costs to cost units Viz i. Traditional/conventional absorption costing method and, ii. Activity Based Costing (ABC) Classification of overheads Overheads can be classified as production or non production overheads. Production overheads are those... 2,968 Words | 15 Pages
  • ACC310 Cost Accounting University Of AS ACC310 Cost Accounting University of ASHFORD Click above Link to get this A Graded Material For More information visit our website: ACC310 Cost Accounting University of ASHFORD ACC 310 Week 1 DQ 1 Information for Decision Making and Cost Concepts and Behavior Complete Exercise 1-18 and 2-19. Remember to complete all parts of the problems and report the results of your analysis.... 235 Words | 2 Pages
  • Chapter 3 Cost Accounting chapter 3 Exe# 6 In question direct labor hours is not given, we can find D.Labor hours through this formula Direct labor cost = 40000 = 6250 Hours Per D.Labor hours rate 6.40 1) Prime Cost (2) Conversion Cost Material opening 24000 Direct labor 40000 + purchase 56000 FOH Applied Material available for use 80000 6250 [email protected] 8 50000 - Material ending (20000) Conversion cost 90000 Material used 60000 + Direct labor 40000 Prime Cost 100000... 1,436 Words | 11 Pages
  • Cost Accounting and Flow Controllers Wilkerson Case Study 1. The competitive situation is different between the products. Pumps are commodity products, produced in high volumes for a market with high price competition - price cutting by competitors led to a drop of Wilkerson’s pre-tax margin to under 3%, gross margin on sales for pump sales has fallen below 20%. Flow controllers are customized products, sold in a less competitive market with inelastic demand at the current price range. Valves are standard, produced and... 1,389 Words | 5 Pages
  • Cost Accounting System - 549 Words The old saying goes, you have to spend money to make money. This rings true throughout almost all aspects of the business world. One key job of managers and executives in business is to ensure that cost does not exceed the profits. This could be done by simply looking at the ratio between income and costs, however, it is much more beneficial to really know and understand where the money is spent and where it is being made; this is where cost accounting systems come in. A cost accounting system... 549 Words | 2 Pages
  • Abc, Cost Accounting Excersises GUILLERMO VAJDA COST ACCOUNTING ASSIGNEMENT 3 CHAPTER 5 Exercises 5-29, 5-42, 5-44, 5-46, 5-50, and Problem 5-56 5-29 Al’s Speedy Gourmet, a small hamburger shop, has identify the following resources used in its operations. Each customer order is a batch. 1 Classify its costs as unit-level, batch level, product level or facilities level costs. 2 Suggest a proper driver for each item. Bread. Unit-level. Hamburger Hourly help- facilities level. Labor Store rent – Facility-level. Ground... 788 Words | 5 Pages
  • Methods / Techniques of Cost Accounting Ex-MBA 2011-2014 ( Batch - Weekend ) Semester - 2 Subject: Managerial Accounting ------------------------------------------------- Title : Methods / techniques of cost accounting Submitted by : Vishwajeet Gaikwad – 2011G04 Submitted to :... 5,013 Words | 17 Pages
  • Cost Accounting Project - 8039 Words [Type the document title] [Type the document subtitle] [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] compaq [Type the company name] [Pick the date] Contents Concept of Cost Accounting……………………………………………………………………03 Introduction……………………………………………………………………………………..03 Traditional costing v/s activity based... 8,039 Words | 30 Pages
  • Ch 4 Cost Accounting Ch4 #32, 34, 41 ACC307 #32 1) Professional Labor Hours Indirect Costs Direct Costs Legal Support Indirect-Cost Pool Cost-Allocation Base Cost Object: Direct Labor Job for clients Direct Costs 2) 2008 budgeted direct-cost rate per hour of professional labor $104,000 / 1600 hours = $65 per professional labor hour 3) 2008 budgeted indirect-cost rate per hour of professional labor $2,200,000 / (25 x 1600... 816 Words | 4 Pages
  • Cost Accounting System of Bpl 1.1 Origin of the Report This report was originated to make a study about the cost accounting system of Beximco Pharmaceuticals Ltd. for the requirement of completion of 1st semester of Master of Business Administration (MBA) program of the Department of Accounting & Information Systems, University of Dhaka. This term paper was an attempt to acquaint the students with the real world situations so that the knowledge gained from the classroom is further strengthened. As the classroom... 5,546 Words | 20 Pages
  • Cost Accounting: Test Questions Question Bank MODULE - 1 1. Explain the following terms: (DEC, 2010) 1. Direct Cost 2. Indirect Cost 3. Cost Object 4. Cost Driver 5. Cost Allocation 6. Cost Sheet 7. Semi variable cost 2. Write a detailed note on Target Costing. (DEC, 2010) 3. Write a note on methods of absorption of overheads. (DEC, 2010) 4. Write a note on classification of overheads. (DEC, 2010) 5. Write short notes on the following: i. Product Costs ii. Period costs iii. Out of pocket... 1,209 Words | 4 Pages
  • 244142550 Principles Of Cost Accounting Principles of Cost Accounting Vanderbeck 16th Edition Test Bank Click here to download the test bank INSTANTLY!!! Principles of Cost Accounting Vanderbeck 16th Edition Test Bank Principles of Cost Accounting Vanderbeck 16th Edition Test Bank ***THIS IS NOT THE ACTUAL TEXTBOOK. YOU ARE PURCHASING the Test Bank in e-version of the following textbook*** Name: Principles of Cost... 7,248 Words | 82 Pages
  • Cost Accounting Standard - 1730 Words of determining the Overheads. 1.2 This standard deals with the principles and methods of classification, measurement and assignment of Overheads, for determination of the cost of product or service, and for the presentation and disclosure in cost statements. 2. Objective The objective of this standard is to bring uniformity and consistency in the principles and methods of determining the Overheads with reasonable accuracy. 3. Scope This standard shall be applied to cost statements, which... 1,730 Words | 6 Pages
  • Cost Accounting Practices - 1882 Words SOAL LATIHAN CHAPTER 18 ASISTENSI COST ACCOUNTING UNIVERSITAS BAKRIE 1. 18-16 The following data, in physical units, describe a grinding process for January : WIP, beginning 19,000 Started during current period 150,000 To account for 169,000 Spoiled units 12,000 Good units completed and transferred out 132,000 WIP,ending 25,000 Accounted for 169,000 Inspection occurs at the 100% completion stage. Normal spoilage is 5 % of the good units passing... 1,882 Words | 7 Pages
  • Essential Concepts of Cost Accounting Based on the literatures answer the following question: No to exceed 600 words in total What tool do you need to control cost in your profit center? What is the difference between cash and revenue? This article explains the essential concepts of cost accounting. The overview provides an introduction to the basic cost accounting objectives and techniques, the roles of the controller and cost accountant within the corporate management structure and the ethical considerations that... 6,145 Words | 19 Pages
  • Cost Accounting Answers - 9270 Words CHAPTER 4 JOB COSTING 4-1 Cost pool––a grouping of individual indirect cost items. Cost tracing––the assigning of direct costs to the chosen cost object. Cost allocation––the assigning of indirect costs to the chosen cost object. Cost-allocation base––a factor that links in a systematic way an indirect cost or group of indirect costs to cost objects. 4-2 In a job-costing system, costs are assigned to a distinct unit, batch, or lot of a product or service. In a process-costing... 9,270 Words | 57 Pages
  • Cost Calculations - Managerial Accounting Problem 1 Page 40 a- Cost of goods manufactured = Direct cost + Indirect cost = [Direct Cost of Material + Direct Cost of Labor] + [Indirect Cost of Material + Indirect Cost of Labor + Utilities Overhead] = Total Cost of Material + Total Cost of Labor + Utilities Overhead = 120,000 + 90,000 + 40,000 = $ 250,000 b- Total Cost of Operation = Cost of goods manufactured + Selling, General admin. and expenses. = 250,000 + 60,000 = $ 310,000 c- Prime Cost =Direct... 818 Words | 6 Pages
  • Cost Accounting of Nursing Home Cost Accounting of Nursing Home Introduction Cost accounting is traditionally viewed as manufacturing support system so it is usually used for product related systems. Nursing homes are the entities that provide healthcare services to patients seeking special treatments. The cost accounting for nursing homes will revolve around the services provided by them and we considered them as our major ‘cost objects’. It offers the most extensive care a person can get outside a hospital.... 269 Words | 2 Pages
  • Cost Accounting Midterm - 2741 Words ADM 3346A COST ACCOUNTING Solution Fall 2010 Midterm Examination STUDENT NAME: _________________________________________________ STUDENT NUMBER: ________________________________________________ 90 minutes INSTRUCTIONS 1. 2. 3. 4. Books and notes are not permitted, except language dictionaries. Non programmable calculators are permitted. Put all answers in the question booklet Questions concerning possible errors in the exam only will be answered. Questions Max... 2,741 Words | 18 Pages
  • Cost Accounting Question Paper 1. Human resource is an example of (an): (Points : 2) Unit-level activity. Batch-level activity. Product-level activity. Organization-sustaining activity. 2. Which of the following is not a limitation of activity-based costing? (Points : 2) Maintaining an activity-based costing system is more costly than maintaining a traditional direct labor-based costing system. Changing from a traditional direct labor-based costing system to an... 831 Words | 4 Pages
  • cost accounting reviewer - 14992 Words  11. A total variance is best defined as the difference between total a. actual cost and total cost applied for the standard output of the period. b. standard cost and total cost applied to production. c. actual cost and total standard cost of the actual input of the period. d. actual cost and total cost applied for the actual output of the period. 12. The term “standard hours allowed” measures a. budgeted output at actual hours. b. budgeted output at standard hours. c.... 14,992 Words | 202 Pages
  • Impact of Cost Accounting - 3127 Words IMPACT OF COST ACCOUNTING ON FINANCIAL DECISION INTRODUCTION In the modern business world, the nature and functioning of business organizations have become very complicated. They have to serve the needs of variety of parties who are interested in the functioning of the business. These parties constitute the owners, creditors, employees, government agencies, tax authorities, prospective investors, and last but not the least the management of the business. The business has to serve the... 3,127 Words | 10 Pages
  • Cost Accounting Questions - 306 Words Below is a free essay on "Acct505 Midterm Exam" from Anti Essays, your source for free research papers, essays, and term paper examples. Week 4 : ABC and Budgeting - Midterm March 29, 2013 1. (TCO A) Wages paid to an assembly line worker in a factory are a (Points : 6) | Prime Cost YES.....Conversion Cost NO. Prime Cost YES.....Conversion Cost YES. Prime Cost NO....Conversion Cost NO. Prime Cost NO.....Conversion Cost YES. | 2.... 306 Words | 2 Pages
  • Cost Accounting-Chapter 1 Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole, using historical, quantitative, monetary, and factual data. It is more formal and requires the use of GAAP. The information financial... 899 Words | 3 Pages
  • Cost Accounting Analysis - 1768 Words 3.0 Variance Analysis 3.1 Flexible-Budget Variance Analysis In Barnes Scuba Diving case, the main comparison for the flexible-budget variance analysis would be between the actual results and flexible budget. Static budget would not be useful for this comparison due to the different sales unit output which may result in a misleading and inaccurate result comparison. With reference to the Flexible Budget Section attached in Annex X, Flexible-Budget Variance for Revenues was identified to be a... 1,768 Words | 6 Pages
  • difference between cost accounting and financial accounting In recent years, the range of accounting application is expanding rapidly, along with the increasing demand of economic market. As is well known, accounting is a key aspect of business. And in the accounting profession, there has been already existed interpenetration and overlapping among the different kinds of accounting. Cost accounting and financial accounting are two main components of accountancy. The former one is a part of accounting. In cost accounting, it dramatically researches the... 1,267 Words | 4 Pages
  • Describe the Difference in Managerial Accounting vs. Cost Accounting Describe how managerial accounting is different from cost accounting. Cost accounting is the process of tracking, recording and analyzing costs associated with a company’s product or project. Internal managers are the ones who normally use cost accounting information. Direct Costs, Indirect Costs and Overhead/Absorbed Costs are usually what are measured in Cost Accounting. This information is then used by managers when decisions are made dealing with company costs and how to improve the... 1,468 Words | 5 Pages
  • Ch 8 Cost Accounting Exam CHAPTER 8: FLEXIBLE BUDGETS, VARIANCES, AND MANAGEMENT CONTROL: II TRUE/FALSE 1. Overhead costs are a major part of costs for most companies – more than 50% of all costs for some companies. Answer: True Difficulty: 1 Objective: 1 2. At the start of the budget period, management will have made most decisions regarding the level of variable costs to be incurred. Answer: False Difficulty: 1 Objective: 1 At the start of the budget period, management will have made most... 6,188 Words | 44 Pages
  • Role of Cost Accounting and Ethical Consideration RUNNING HEADER: Role of Cost Accounting and Ethical Consideration Role of Cost Accounting and Ethical Consideration Introduction Cost accounting is used to help management understand how much it cost to run a business. Understanding the role of cost accounting is important when one is trying to put together a team of managers to help run the company. The CEO of a merchandising organization needs to hire a CFO to run the accounting system, but the CEO has little understanding of cost... 1,106 Words | 5 Pages
  • Advantages and Disadvantages of Hstorical Cost Accounting Advantages and Disadvantages of Hstorical Cost Accounting Advantages and disadvantages of historical cost accounting, alternatives to historical cost accounting 2.1 Introduction Accounting concepts and conventions as used in accountancy are the rules and guidelines by which the accountant lives. The historical cost accounting convention is an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. The... 1,247 Words | 5 Pages
  • Cost Accounting and the Lean Production Philosophy Cost accounting and the lean production philosophy By Tyrone Williams AIU Online September1, 2012 Abstract As Dr. Stephanie White prepares to cope with the a steep reduction in the budgetary allocation to the Uptown Clinic she must carefully determine which areas to cut while striving to maintain current levels of service. This essay will offer advice Dr. White on preparing for budget cuts. It will also discuss the lean production philosophy and how this compares with typical... 1,237 Words | 4 Pages
  • Cost Accounting Chapter 17 Solutions CHAPTER 17 PROCESS COSTING 17-16 (25 min.) Equivalent units, zero beginning inventory. 1. Direct materials cost per unit ($750,000 ÷ 10,000) $ 75.00 Conversion cost per unit ($798,000 ÷ 10,000) 79.80 Assembly Department cost per unit $154.80 2a. Solution Exhibit 17-16A calculates the equivalent units of direct materials and conversion costs in the Assembly Department of Nihon, Inc. in February 2009. Solution Exhibit 17-16B computes equivalent unit costs. 2b. Direct... 12,898 Words | 72 Pages
  • Direct and Indirect Cost with Managerial Accounting Direct, Indirect July 23, 2012 Direct, Indirect 1 A company can allocate the costs incurred in the production of products or services in either a direct or an indirect manner. The direct costs can be defined as being the amount materials actually cost plus any other directly linked costs, such as labor, materials, electricity, labor for employee and management, machine depreciation) Production materials, machine or assembly wages. Labor... 576 Words | 2 Pages
  • Cost Accounting Approach of Square Pharma Cost Accounting: In a broad aspects, Cost Accounting is a method of accounting in which all costs incurred in carrying out an activity or accomplishing a purpose are collected, classified, and recorded. This data is then summarized and analyzed to arrive at a selling price, or to determine where savings are possible. So Cost Accounting consists of the identification, measurement, collection, analysis, preparation, and communication of financial information For example, calculating the cost of... 4,471 Words | 15 Pages
  • Accounting - 895 Words Cost Accounting -- MIDTERM 1 1) Pointed Pencil company incurs the following costs in its manufacture of pencils. Classify each one of them according to one of the value chain functions: Functions: A) Research and Development B) Design of products, services, and processes. C) Production D) Marketing E) Distribution F) Customer Service G) Strategy and Administration ____ 1) Cost of wood used in manufacture of pencils. ____ 2) Cost of wood used in packing cartons to ship pencils.... 895 Words | 5 Pages
  • Accounting - 513 Words ACCT 203: Section 1 Essay Instructions The Issue: You are a partner in Acme Accounting PSC and as such are considering how to respond to a letter written to you by “Bob” a new client. In his letter, he stated that he heard that there are two ways he can identify cost in the normal course of his construction business operations. He would like two know what they are, the major differences between them and which one best fits his business in terms of performance analysis. Your partners have... 513 Words | 2 Pages
  • accounting - 496 Words 11. Job-order costing- normal costing; 12. Budgeted indirect costs. Chapter 4 Required: (4-18) (4-22), (4-30), (4-40). Case Required: Wheeled... Save Paper Case Studies On Performance Management always fascinated me how energetic, passionate, and in some cases fanatical people get over a topic like performance management and cost management. Over the years... Save Paper Process Costing And Spoilage Week 15 Distance Student File 1 of 35 Problem 7 Job Order Costing Jessica Company started... 496 Words | 2 Pages
  • Accounting - 3435 Words  NATIONAL UNIVERSITY Syllabus Department of Accounting Detailed Syllabus of Third Year Four-Year B.B.A. (Honours) Course Effective from the Session: 2009–2010 National University Syllabus for 4 years BBA Honours Course Subject : Accounting Third Year (Honours) Third Year: 32 Credit Hours Course Code COURSE TITLE Marks Credit Hours Audit and Assurance 100 4 Advanced Accounting-I 100 4... 3,435 Words | 15 Pages
  • Accounting - 3588 Words Content Content 1 Introduction 1 1.Task one 2 The models and concepts affecting the pricing decisions taken by organisations, critically reflecting upon their usefulness 2 2, Task two 6 The role of standard costing and variance analysis in management accounting and a critically discussion of the value and limitations of variance analysis as a means of identifying key areas which have contributed to the overall profit figure. 6 3, The advantages and disadvantages of introducing an... 3,588 Words | 12 Pages
  • Cost Accounting Terminologies, Purpose of Cost Information, Types of Cost Accounting Report Etc Part 1- Conceptual Framework Cost Accounting Cost accounting, as a tool of management, provides management with detailed records of the costs relating to products, operations or functions. Cost accounting refers to the process of determining and accumulating the cost of some particular product or activity. It also covers classification, analysis and interpretation of costs. The cost so determined and accumulated may be the estimated future costs for planning purposes, or actual (historical)... 3,658 Words | 13 Pages
  • Lab Budgeting and Cost Accounting Under Drgs Lab budgeting and cost accounting under DRGs Medical Laboratory Observer, Feb, 1985 by W. Glenn Cannon Cost accounting is not a solution to management problems. It is a management tool designed to provide information that facilitates sound decisions. The two primary objectives of cost accounting are 1) to match cost with revenue and 2) to match resource consumption with the units of service provided. Under the DRG system, matching revenue with cost and evaluating appropriate utilization... 1,279 Words | 4 Pages
  • Cost Accounting Solution Manual 14th edition Cost Accounting: A Managerial Emphasis, 14th Edition Horngren, Datar and Rajan Check Figures for Exercises and Problems Chapter 2. An Introduction to Cost Terms and Purposes 2-16 1. S, $1.1856 D, $1.0213 R, $0.6400 2-17 1. yeast D/V, flour D/V, pkg D or I/V, dep ov I/F or V, dep mix I/F or V, rent I/F, ins I/F, fact util I/F and V, fin labor D/V or F, mix mgr I/F, matl hand I/F or V, cust I/F, guard I/F, mach I/F or V, mach maint I/F or V, maint sup I/V, clean sup I/F. 2. Dep. M&M, MDM, MH,... 4,335 Words | 23 Pages
  • Specialty Glass, Inc.: Cost Accounting and Hazardous Wastes Specialty Glass, Inc.: Cost Accounting and Hazardous Wastes A Business Case presented to Ms. Nancy Chua Accountancy Department In partial fulfilment of the course requirements In MODCOS1 Imperial, Glenn Paolo S. Reyes, Joselle Marie R. K31 July 8, 2011 Producing about 30 percent of the world’s colored sheet glass, it is evident that Specialty Glass Inc. has a competitive advantage over other manufacturers of sheet glass. First, their capital investment provides an... 2,135 Words | 6 Pages
  • Importance of Cost/Managment Accounting for Stakeholders of Mncs The following essay explains the importance of cost accounting for stakeholders of Multinational Companies, particularly the shareholders & the customers. Who are the stakeholders of an organization? according to (Freeman 1984) stakeholder is “any group or individual who can affect or is affected by the achievement of the firm’s objectives” going by this definition stakeholders of a company would include lenders, creditors, customers, shareholders, government, media, political groups, local... 1,566 Words | 5 Pages
  • What Is Cost Management Accounting Reporting Systems What is Cost & Management Accounting Reporting Systems? Cost Accounting Reporting System deals with the process of tracking, measuring, recording and classifying the appropriate allocation of expenditure (financial and non-financial) for the determination of the cost of product or service in an organization and for the presentation of suitably arranged data for the purpose of control and guidance of management (Horngren et al, 2010). Costs are measured in terms of Direct Costs, Indirect Costs... 1,444 Words | 5 Pages
  • Accounting for Business: Meaning And Scope Of Cost Accountancy ACCOUNTING FOR BUSINESS II CHAPTER 1 COST SHEET Meaning And Scope of Cost Accountancy The term cost accountancy is wider than the term cost accounting. According to the Terminology of Management and Financial Accountancy Published by the Chartered Institute of Management Accountants, London, cost accountancy means, “the application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control. It includes the presentation of... 6,873 Words | 37 Pages
  • Week 1 Quiz Managerial Cost Accounting 1. award: 7 out of 7.00 points TF Qu. 1 Activity-based costing involves a two-stage ... Activity-based costing involves a two-stage allocation process in which overhead costs are first assigned to departments and then to jobs on the basis of direct labor-hours. True False True / False Difficulty: Medium TF Qu. 1 Activity-based costing involves a two-stage ... Learning Objective: 03-01 Understand the basic approach in activity-based costing and how it differs from conventional... 786 Words | 7 Pages
  • Management: Cost Accounting and North Country Auto Case Analysis Questions Patten Corporation I find this a very rich case that makes for a great introduction to my course. To get the most out of it, you need to spend some time thinking about what the company does. Read the case carefully. 1. What does Patten Corporation do? What does it buy? What goods or services does it sell? How does Patten make money? 2. Is Patten profitable or unprofitable? If it is profitable, what does the company do that makes it profitable? If... 2,183 Words | 8 Pages
  • Cost Accounting Questions on Wilkerson Company Case Analysis Wilkerson Company 1. What is the competitive situation faced by Wilkerson? The critical product in term of market competition is the pumps of Wilkerson Company. The pumps are Wilkersons major product line with a production of about 12,500 units per month. Pumps currently have the lowest gross margin among all products, because competitors had been reducing prices on pumps and Wilkerson adopted its prices in order to remain competitive and to maintain the volume. 2. Given some apparent problems... 1,796 Words | 8 Pages
  • An Interface Between Financial Accounting and Cost & Management Accounting and Some Concepts of Strategic Cost Management Introduction: The basic objective of accounting is to provide information that is useful in making business and economic decisions. What makes accounting information useful for decision-making? The answer is however the accounting information confirms to the qualities that should be possessed by the financial and cost & Managerial reporting. In view and addition to this, the importance of strategic cost management and costing techniques like Activity based costing should not be underestimated.... 1,936 Words | 7 Pages
  • Cost Control and Cost Reduction ASSIGNMENT ON COST CONTROL AND COST FREDUCTION SUBMITTED BY, MOHAMMED NAFAISE E.K ROLL NO: 1600 COST CONTROLL & COST REDUCTION COST CONTROL The practice of managing and/or reducing business expenses. Cost controls starts by the businesses identifying what their costs are and evaluate whether those costs are reasonable and affordable .Then if... 736 Words | 3 Pages
  • Cost Pools and Cost Objects Topic 6: Management Accounting and Cost Case: Shelter Partnership a. My main learning outcomes from Topic 6 and the Case Study; 1) Firstly, I realize management accounting has much to offer. Somehow I can handle physics but not accounting. Now thanks to this course I can appreciate and make sense of it. The bit that really caught my attention was seeing how management accounting can be really useful for business planning, cost management, budgeting and performance measurement. It offers... 777 Words | 3 Pages
  • Cost Control and Cost Reduction ------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------... 338 Words | 3 Pages
  • Cost Management & Cost Control Cost Management or Cost Control In broad sense, both the terms have the same meaning. Yet cost management seems to connote broader perspective. Cost control to an un-initiated may mean cutting down the incurrence of cost or expenditure every time or in every situation. In reality it is not always so. In many specific situations, many times, one has to spend or incur cost in order to gain or make more money. It is in fact like an investment. Cost management sounds better then. Profits... 431 Words | 2 Pages
  • Cost Control And Cost Reduction Cost Control and Cost Reduction A business enterprise must survive, grow, and prosper. Cost Control and Cost Reduction are activities necessary for ensuring that these objectives are fulfilled. With the liberalization of the Indian Economy and Globalization, there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival. This has increased the importance of cost control and Cost Reduction. Cost Control “Cost... 3,434 Words | 12 Pages
  • Using Cost Accounting Information to Enhance Firm's Competitive Position and Performance Cost Accounting in Theory The last two decades has seen a revolution in management accounting theory and practice due to the challenges of the competitive environment in the 1980s. Kaplan and Johnson (1987) identified the failings and obsolescence of existing cost and performance measurement systems, which led to the re-examination of traditional cost accounting and management control systems. Conventional financial and management accounting methods have developed primarily as a result of... 2,209 Words | 7 Pages
  • Accounting. PRACTICE OF MANAGEMENT ACCOUNTING Statements on Management Accounting PRACTICE OF MANAGEMENT ACCOUNTING TITLE Definition and Measurement of Direct Material Cost TABLE OF CONTENTS Definitions . . . . . . . . . . . . . . . . . . . . . . . . . Materiality . . . . . . . . . . . . . . . . . . . . . . . . . Material Quantities . . . . . . . . . . . . . . . . . . . Material Lost in the Production Process . . . . Samples, Prototypes, and Initial Production Runs . . . . . . . . . . . . . . . . . . 1 2 2 2 3 Unit Price of Direct... 2,243 Words | 8 Pages
  • Variable Cost - 1736 Words Cost management | Wilkerson Company Case | | 1. What is the competitive situation faced by Wilkerson? The competitive situation faced by Wilkerson is quite severe. Price cutting in its main product has led to a huge drop in profit. While price increase in another product line partially made up the loss. We will discuss the detailed situation line by line. (1) Valves It was the first product line developed by Wilkerson and its high quality brought it a loyal customer base.... 1,736 Words | 8 Pages
  • cost containment - 871 Words  Cost Control: Definitions and Methods Alejandro Madotta Accounting Supervisor II at Apache Corporation The cost of making a particular product or delivering a particular service is calculated by the finance and accounting department, with the help of a technique that is termed as Cost Accounting. The principle of cost accounting is very simple. The total cost of manufacturing a set or lot of goods or services is added up together and divided by the number of unites that have been... 871 Words | 4 Pages
  • Cost Sheet - 1682 Words In the books of a Company Cost Sheet for the period ended…….. Units Produced….. Name of the product unit sold…. Particulars Total cost Rs. Unit Cost Rs. Opening stock raw materials Add Purchases of Raw Materials Add: Expenses on Purchases of Raw Materials (octroi & duty) Less: Closing stock of raw materials Less: Sale of scrap or defectives of raw materials = Cost of materials consumed Add: Productive Labour Add: Outstanding wages Add: Direct Expenses(... 1,682 Words | 18 Pages
  • cost accumalation - 364 Words  Cost accumulation systems Name Tutor Course College Date Generally, cost accumulation is the organized collection of cost data through a set of procedures and systems. According to an accounting business, they used a periodic cost accumulation system. This system only provides limited cost information during a certain period. The system requires end year adjustments to arrive at the cost of goods manufactured. In most cases, it is not considered a complete cost... 364 Words | 2 Pages
  • Cost accoutning - 12348 Words Chapter 6--Process Costing Student: ___________________________________________________________________________ 1. A process is a series of activities or operations, which are linked to perform a specific objective. True False 2. The cost flows for a process-costing system are totally different from those of a job order costing system. True False 3. Process systems are characterized by a larger number of homogeneous products passing through a series of processes. ... 12,348 Words | 157 Pages
  • Cost Audit - 647 Words Cost Audit is the process of ascertaining whether the production, marketing and sales processes as well as other aspects of a business are managed in the most cost effective way. This is essentially an Internal Audit and is done as a tool for optimising management efficiency. The most important benefit is the location of unseen leaks in revenues or unproductive or under- productive employment of resources It is mandatory if the Business is under scrutiny by a financial institution or... 647 Words | 3 Pages
  • Standard Costs - 458 Words STANDARD COSTS Setting a budget is never easy as it involves predicting the future and therefore uncertainty. The process is not about getting the budget absolutely right; it is about not getting it too wrong. This budget process may be applied to most revenue budgets that deal with income and costs, but there is also a requirement to produce a capital budget that covers the purchase, sale and replacement of fixed assets. There is normally an investment limit dictated by funding availability... 458 Words | 2 Pages
  • Cost of Inventory - 754 Words Case Study Inventory The Cost of Inventory The general principle for cost inclusion into inventory for US GAAP and IFRS is similar but not exactly the same. First let us look at US GAAP. The basis of accounting for inventories is “cost,” which is explained in ASC 330-10-30 paragraph 1 as “the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location.” These costs are divided into two different categories,... 754 Words | 2 Pages
  • Cost Sheet - 1348 Words Acknowledgement: Nothing can be done in individually. We are indebted to a number of people for their kind advice, suggestion, direction, and co-operation. First of all, we would like to thank Almighty Allah, as we have become able to complete our assignment appropriately and suitably. We are really grateful to our teacher for giving us an opportunity to gather some practical experience. We are grateful to Banoful & Co. for allow us to industrial visit in their production house. We are... 1,348 Words | 6 Pages
  • Cost Sheet - 976 Words Cost sheet is a statement, which shows various components of total cost of a product. It classifies and analyses the components of cost of a product. It is a statement which shows per unit cost in addition to Total Cost. Selling price is ascertained with the help of cost sheet. The details of total cost presented in the form of a statement is termed as Cost sheet. Cost sheet is prepared on the basis of : 1. Historical Cost 2. Estimated Cost Historical Cost Historical Cost... 976 Words | 4 Pages
  • Cost Info - 2618 Words Question 1 a) Carlsberg Brewery Malaysia Berhad was incorporated in December 1969 and began brewing beer in Malaysia in 1972. The vision is regardless of the occasion and place, our Brands shall be the consumers’ preferred choice. The mission is Carlsberg Malaysia is a dynamic provider of beer, stout and beverage brands, bringing people together and adding to the enjoyment of life. The goals are maintain the Carlsberg Green Label lead in the market share and develop alternative advertising... 2,618 Words | 8 Pages
  • Cost Allocation - 692 Words Cost Allocation University of Phoenix Accounting in Healthcare ACC561 December 12, 2010 Cost Allocation Transfer Pricing [pic] [pic] Transfer pricing is a value attached to the output of a department to measure the value of the trade with other departments within the organization. Transfer prices will not affect the organization’s profit results. This contributes directly to the process of departmental performance measurement and indirectly to the measurement of a... 692 Words | 3 Pages
  • Costs and Wilkerson - 518 Words BMGT321 – 0201 9/26/13 Wilkerson Case There are many different types of cost systems a company can choose from when calculating their costs. Two of the most frequently used cost accounting systems are a volume based cost system and an activity based cost (ABC) system. Each system has their own advantages and disadvantages and some are more common among certain industries. Wilkerson, like many other companies, used a simple/volume based cost accounting system. Under this system, Wilkerson... 518 Words | 2 Pages
  • Cost Classification - 2564 Words MANAGERIAL ACCOUNTING SOMNATH DAS BASICS OF MANAGERIAL ACCOUNTING Purpose of the course - familiarize you with: 1. Managerial accounting concepts. 2. Managerial accounting practices. 3. Use of managerial accounting information for decision making. 4. Pitfalls. Accounting is a branch of study concerned with the generation ( identification & measurement ) and provision (Communication) of information. Managerial accounting is in... 2,564 Words | 16 Pages

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