General Principles of Process Costing

General Principles of Process Costing

Following are the general principles are followed for cost determination within Processes Costing-

(a) The production activities of the factory are categorized through processes or departments. Each process or department involves a number of operations, none of that is separately measurable and each of that completes a different stage in the produce of the product. The boundaries of the process are determined through (i) supervision or jurisdiction, (ii) similarity of work performed, and (iii) in the plant physical location of men and machines.

(b) All direct and indirect cost of a specific period are classified through processes. Every process account is debited with the amount of direct material, and labour and along with a proportionate part of overhead expenses.

(c) Production in terms of physical quantities is recorded in relevant process accounts.

(d) The entire cost of each process is divided from the total production of the process and average cost per unit for the period is acquired.

(e) While products are processed within more than one department, one department's costs are transferred to the next department like initial costs. The total cost and cost per unit is so determined through cumulating costs of dissimilar departments.

(f) In case of loss or spoilage of units within a department, the loss is borne through the units created in that department. So the average cost per unit is increased.

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