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  Essentials for Uniform Costing System

Essentials for success of uniform costing system

The success of the uniform costing is relies on the following needs -

1. Mutual belief and understanding

The success or failure of the uniform costing is completely relies on mutual trust and confidence between the all participants members in the system. It is basic essential for this system.

2. Accounting policies and principles

The details of the technique of the costing, several treatments of the cost items, principles to be implemented, the terminologies to be accepted, etc. are to be approved and accepted through all members in the system.

3. Classification and codification

The bases of classification of accounts to be employed for reporting and recording, the codification of the accounts employed should have to be as per the requirement of the object of the uniform costing. It should be suitable for large and small units also. It should take care of operational problems of all members accounting customs and traditions.

4. Bases of allocation and apportionment

The dissimilarity in cost calculation among different concerns is mainly because of two things - classification of the cost items into direct and indirect costs and after that application of the dissimilar bases for apportionment and allocation of the overheads. The uniform costing is the excellent reply for such type of problem. That is why carefully equitable bases should be selected and be applied in cost treatment of the members.

5. Absotionemnt of overheads

The selection of the absorption technique for the departmental overheads and its uniform application is requirement of the uniform costing. It is only able to provide correct comparable cost between the members.

6. Areas to be covered

The areas to be covered within uniform costing rely on the object and depth of the system. All these areas to report must be determined in clear terms through the all members to prevent further misunderstanding and arguments. In fact the success of mutual confidence is depending on this factor.

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