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Category: COST ACCOUNTING

COST ACCOUNTING

Cost Accounting category contains the topics of nature, scope and advantages, elements and components of cost and cost classification, materials purchase, storage and control, pricing, issues and evaluation of materials.

INTRODUCTION TO COST ACCOUNTING

Meaning, definition, need, definition, features of cost accountancy, scope of cost accountancy,, objectives, costing, estimating and pricing, difference between, similarities between accounting and financial accounting, differences between cost accountancy and financial accounts, advantages, limitations, essential factors to be considered while installing system, installation of costing system, characteristics of an ideal system of cost accountancy, methods, types.

ELEMENTS AND COMPONENTS OF COST

Meaning of cost, elements of cost, material cost, labor cost, expenses, components of cost- prime cost, factory cost, office cost, total cost. Cost centre and cost unit. Classification of costs: on the basis of element, on the basis of nature, on the basis of variability or behavior, on the basis of controllability, on the basis of normality, on the basis of function, on the basis of time, on the basis of relevance to decision making and control.

MATERIAL COSTING

Meaning of material control and costing, objectives of material control, advantages of material control system, fundamental principles or requirements of material control, techniques of inventory control

LABOR COSTING: meaning, features, merits and demerits

OVERHEADS TREATMENT:meaning, features, merits and demerits

ACTIVITY BASED COSTING

RECONCILIATION OF COST AND FINANCIAL ACCOUNTS

UNIT COSTING:meaning, features, merits and demerits

JOB COSTING:meaning, features, merits and demerits

BATCH COSTING:meaning, features, merits and demerits

PROCESS COSTING

CONTRACT COSTING

MARGINAL COSTING

STANDARD COSTING

VARIANCE ANALYSIS

Difference between Financial Accounting Management Accounting and Cost accounting

Posted on January 23, 2022January 29, 2022 By commerceiets No Comments on Difference between Financial Accounting Management Accounting and Cost accounting
Difference between Financial Accounting Management Accounting and Cost accounting

In this post you will study Difference between Financial Accounting Management Accounting and Cost accounting. Study and make the proper notes grabbing full understanding of this topic. MANAGEMENT ACCOUNTING Management Accounting is the Identification, Measurement, Accumulation, Analyses, Preparation, Interpretation and Communication of information that assists managers in fulfilling organizational objectives. Management accounting is all about…

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COST ACCOUNTING, FINANCIAL ACCOUNTING, KEY DIFFERENCES, MANAGEMENT ACCOUNTING

Difference between Management Accounting and Cost Accounting

Posted on January 23, 2022May 19, 2022 By commerceiets No Comments on Difference between Management Accounting and Cost Accounting
Difference between Management Accounting and Cost Accounting

DIFFERENCE BETWEEN MANAGEMENT ACCOUNTING AND COST ACCOUNTING In this post you will study Difference between Management Accounting and Cost Accounting. Study and make the proper notes grabbing full understanding of this topic. MANAGEMENT ACCOUNTING Management Accounting is the Identification, Measurement, Accumulation, Analyses, Preparation, Interpretation and Communication of information that assists managers in fulfilling organizational objectives….

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COST ACCOUNTING, KEY DIFFERENCES, MANAGEMENT ACCOUNTING

DIFFERENCE BETWEEN STANDARD COSTING AND BUDGETARY CONTROL

Posted on March 8, 2020January 29, 2022 By commerceiets No Comments on DIFFERENCE BETWEEN STANDARD COSTING AND BUDGETARY CONTROL
DIFFERENCE BETWEEN STANDARD COSTING AND BUDGETARY CONTROL

DIFFERENCE BETWEEN STANDARD COSTING AND BUDGETARY CONTROL The difference between standard costing and budgetary control is as follows: STANDARD COSTING Standard costing is a cost accounting technique which compares the results of actual production with the basic standard, as anticipated, in terms of costs so as to determine the reasons for discrepancies between the anticipated…

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COST ACCOUNTING, KEY DIFFERENCES

VARIANCE ANALYSIS

Posted on March 8, 2020March 8, 2020 By commerceiets No Comments on VARIANCE ANALYSIS
VARIANCE ANALYSIS

VARIANCE ANALYSIS Variance Analysis is the analysis of variances arising in a standard costing system into their constituent parts. It is the analysis and comparison of the factors which have caused the differences between predetermined standards and actual results, with a view to eliminating inefficiencies. ACCORDING TO I.C.M.A. “Variance analysis is the resolution into constituent…

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COST ACCOUNTING

STANDARD COSTING

Posted on March 6, 2020March 6, 2020 By commerceiets No Comments on STANDARD COSTING
STANDARD COSTING

STANDARD COSTING Standard costing is a cost accounting technique which compares the results of actual production with the basic standard, as anticipated, in terms of costs so as to determine the reasons for discrepancies between the anticipated and actual costs. ACCORDING TO W W BIGG “Standard costing discloses the cost deviations from standard and classifies…

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COST ACCOUNTING

ZERO BASE BUDGETING PROCESS

Posted on February 29, 2020July 15, 2022 By commerceiets No Comments on ZERO BASE BUDGETING PROCESS
ZERO BASE BUDGETING PROCESS

ZERO BASE BUDGETING PROCESS Zero base budgeting process is process wherein each cost element for the period is clearly justified, in terms of cost benefits. The management analyses and prioritizes the activities, depending on the determinants like alignment with the organizational objectives, fund availability, etc. Hence, all the activities are reassessed every time the budget is prepared….

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COST ACCOUNTING

ZERO BASE BUDGETING

Posted on February 29, 2020July 15, 2022 By commerceiets No Comments on ZERO BASE BUDGETING
ZERO BASE BUDGETING

ZERO BASE BUDGETING Zero base budgeting is that form of budgeting wherein each cost element for the period is clearly justified, in terms of cost benefits. The management analyses and prioritizes the activities, depending on the determinants like alignment with the organizational objectives, fund availability, etc. Hence, all the activities are reassessed every time the budget is…

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COST ACCOUNTING

BUDGETARY CONTROL

Posted on February 29, 2020July 15, 2022 By commerceiets No Comments on BUDGETARY CONTROL
BUDGETARY CONTROL

BUDGETARY CONTROL Budgetary control is the process by which budgets are prepared for the future period and are compared with the actual performance for finding out variances, if any. The comparison of budgeted figures with actual figures will help the management to find out variances and take corrective actions without any delay. ACCORDING TO INSTITUTE OF…

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COST ACCOUNTING

PROCESS OF BUDGETARY CONTROL

Posted on February 29, 2020July 15, 2022 By commerceiets No Comments on PROCESS OF BUDGETARY CONTROL
PROCESS OF BUDGETARY CONTROL

BUDGETARY CONTROL Budgetary control is the process by which budgets are prepared for the future period and are compared with the actual performance for finding out variances, if any. The comparison of budgeted figures with actual figures will help the management to find out variances and take corrective actions without any delay. ACCORDING TO INSTITUTE OF…

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COST ACCOUNTING

BUDGET

Posted on February 27, 2020July 15, 2022 By commerceiets 1 Comment on BUDGET
BUDGET

BUDGET IN ACCOUNTING Budget means a quantitative statement, prepared before a particular period to serve as an estimate of future receipts and disbursements. ACCORDING TO CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS, LONDON “Budget is a plan quantified in monetary terms prepared and approved prior to a defined period of time, usually showing planned income to be…

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COST ACCOUNTING

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