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cost estimation cost estimation may be defined with a study that attempts to predict among costs and the activity level or cost driver that
functional classification of costsbeneath this classification costs are classified according to the function they execute in an organization
controllable and non controllable costscontrollable costs can be influenced on the level of authority at that they are being analyzed when
direct and indirect costsrecall such direct costs are costs which can be traced particularly to the end product of the production procedure while
behavioral classification of costsdefinitioncost behavior refers to the change in costs as increase or may decrease like the output level changes
elements of non - manufacturing costsnon-manufacturing costs are costs incurred via all activities such support the production of services and goods
labour costs and overhead costslabour costslabour costs can be indirect or direct labour costs direct labour cost refers to wages paid to workers who
material costsmaterial refers to each physical input into the production procedure they involve the giving as raw material refers to bought in
elements of manufacturing costsmanufacturing costs are the costs incurred to create a product keep in mind for a product that refers to both services
importance of cost classificationanalysis of cost behaviour is significant to all organizations for effective management it is since many
cost classification basescosts can be classified on either more or one of the given bases asa are the costs dependent on the level of output as like
cost classifications and estimationcost classification may be defined like the arrangement of cost items in a logical sequence having concern to
features of effective cost center frameworkduring the establishing cost centers an organization must consider the given points asa clear definition
manufacturing concern to organizationthere are three manufacturing centres as making packing and finishing these are supported through five
accounting records - nature and purpose of cost accountingthe quantitative information employed in the management and cost accounting systems can be
quantitative and qualitative information in accounting systems the availability of information is the lifeblood of any type of management and cost
budgetary planning and control - accounting techniquesa budget is a plan of action expressed in monetary terms therefore it is a quantified
variance analysis and standard costingstandard costing is defined with cima like a technique that uses standards for revenues and costs for the
relationship between cost accounting and business enterprisecost accounting like will be mentioned later to adopts a cost center approach to
operation and design of cost accounting systemsa number of features should be taken into account previously to finalizing the design of a cost and
business managementbusiness management includes planning and staffing organizing directing and controlling an organizations activities so like to
role of cost accounting in business managementthe system is a set of interdependent parts that together form a unitary whole such performs some
role of cost accounting in organizationlike part of their jobs such cost accountants interpret results and then report them to management and give
purpose of cost accounting informationcost accounting is employed for a number of reasons some of that are briefly described in the given points asa
cost benefit approach - terms used in cost accountingis the primary criterion for selecting with alternative accounting approaches there is a direct