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Cost accounting is a process to record, classify, analyze, summarize and allocate costs associated with a particular process and then formulating multiple courses of action to control the same.
The goal of cost accounting is to advise the management to optimize various practices and processes related to business based on cost efficiency and capability.
The task of cost accounting is to provide detailed information related to cost which throws light on the various cost-related operations that management needs to control and plan for the future accordingly.
The information on cost accounting is primarily used in financial Accounting Assignment Help, but the primary function of cost accounting is for use by managers to facilitate the process of decisions making.
Cost Determination: The administration can determine the cost of a product through cost accounting. Also, it enables the management to assess the process, activity, employment, agreement, etc. by utilizing various methods for ex, job costing and process costing.
Wastage elimination: The technique of cost accounting is very helpful in avoiding waste materials in the organization. Cost accounting makes use of various tools like variances in order to evaluate the amount of wastage and looking for measures to deal with the wastage.
Database for the operating policy: A systematically analyzed cost data is provided by cost accounting that forms all the basics of the various theories related to formulations of daily business operations. You can visit our official website, www.completemyassignment.com for further assistance.
Cost Reduction: In the long run, the cost can be reduced as long as the methods of cost reduction and improvement are implemented in order to reduce the costs.
Significance to National Economy: if the costing system is effective it benefits the national economy by boosting the revenue of government by achieving higher production. If the output is efficient, then the economy will flourish.
Standard cost accounting is an integral part of overall cost accounting. Standard costs are associated with the manufacturing cost of the company such as direct material, direct labor, and manufacturing overheads. Variance is found out which is the difference between the standard costs and actual costs. If the standard cost is more than the actual cost then the variance is favorable and vice versa.
Activity Based Costing or ABC Costing is a costing method that identifies organizational activities and assigns each activity’s cost to all products and services as per the actual consumption of each. Unlike the conventional method of costing, this particular method assigns more indirect cost into direct costs.
By the term lean accounting, we mean an approach related to financial management that supports the streamlined processes of lean manufacturing.
Marginal costing is one of the most popular costing techniques in which the marginal cost, which is also called as the variable cost is charged to units of cost. Fixed cost for the period, on the other hand, is entirely written off against the contribution.
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