Aspects of cost accounting
Write down the quality aspects of cost accounting?
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The quality aspects of Cost Accounting are illustrated below: i) Cost accounting views the entire organization from the individual constituent of the organization such as a job, a procedure and so on.
ii) Cost accounting aims at determining the profitability of individual constituent of the organization.
iii) It is meant for those people who are part of the decision making procedure of the organization. Therefore, it is only for internal employ.
iv) It is not a lawful requirement. It is not required to manage cost accounting records.
v) In Cost Accounting, data is instantly accessible which facilitates in decision making procedure.
vi) Cost Accounting considers each transaction, whether related to future or past which will have an effect on the business.
Give a brief introduction of the term ‘Cost Accounting’. And also write down the objectives?
Unfocused Books is a discount retail bookshop that has three departments: fiction, non-fiction and children's books. Sales and cost of sales for each department are shown below. In addition, each department has its own fixed costs for staffing and takes a one-third share of rental and management c
allocated the joint cost using physical unit method
allocate the join cost using the costant gross margin percentage method
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