Nature of cost accounting ppt

  • Methods of cost accounting

    Cost accounting creates information in order to maintain track of activities in order to maximise revenue and effectiveness of the firm.
    Financial accounting determines the financial outcomes for the budgeting period as well as the status of holdings or even liabilities at the final day of that period..

  • Methods of cost accounting

    “Cost accounting is concerned with recording, classifying and summarizing cost for determination of cost of products or services, planning, controlling and reducing such costs and furnishing of information to management for decision making”.Feb 9, 2017.

  • What is the nature of cost accounting?

    Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.
    Cost accounting is not GAAP-compliant, and can only be used for internal purposes..

  • What is the nature of cost SlideShare?

    Cost means the amount of expenditure (actual or notional) incurred on, or attributable to, a given thing. 6.
    Nature of Costs: • There are accounting costs which an entrepreneur takes into account in making payments to the various factors of production..

  • What is the nature of the cost concepts?

    The concept of cost is a key concept in Economics.
    It refers to the amount of payment made to acquire any goods and services.
    In a simpler way, the concept of cost is a financial valuation of resources, materials, risks, time and utilities consumed to purchase goods and services..

  • Cost means the amount of expenditure (actual or notional) incurred on, or attributable to, a given thing. 6.
    Nature of Costs: • There are accounting costs which an entrepreneur takes into account in making payments to the various factors of production.
Sep 20, 2020Elements of cost helps in recording cost. • Helps in further reporting and analysis. • Helps the management to control the costs better. • Helps 

What are the learning objectives of cost accounting?

Describe the evaluation of accounting.
Identify and discuss the emerging themes in cost accounting.
Discuss the importance of the accounting system for internal and external reporting.
Learning Objectives Learning Objectives (continued) Explain the need for cross-functional expertise in today’s cost accountant.

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What is the nature of costs?

Nature of Costs:

  • • There are accounting costs which an entrepreneur takes into account in making payments to the various factors of production. • Explicit costs are the payments to outside suppliers of inputs.” • Implicit costs are the imputed value of the entrepreneur’s own resources and services.
    • ,

    What is unit costing?

    The objective of this method is to ascertain the total cost as well as the cost per unit.
    A cost sheet is prepared taking into account the cost of material, labour and overheads, Unit costing is applicable in the case of mines, oil drilling units, cement works, brick works and units manufacturing cycles, radios, washing machines etc.


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