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28 Νοε 2008 · The main emphasis in cost accounting is on cost control and cost determination. Whereas the management accounting uses the principles and practices of financial accounting and costing...
• Cost Accounting: Evolution, Meaning, Objectives and Scope • Concepts of Costs , Classifications and Elements of Cost • Cost Centre and Cost Unit • Methods and Techniques of Costing • Cost Accounting Standards • Installation of a Costing System • Practical Difficulties in Installing a Costing System
It establishes budgets and standard costs and actual cost of operations, processes, departments or products and the analysis of variances, profitability and social use of funds. Thus Cost Accounting is a quantitative method that collects, classifies, summarises and interprets
The master budget is a collection of smaller budgets that leads to pro-forma (budgeted) financial statements The first component of the master budget is the functional budgets. In addition the master budget contains the cash
Flexible budget helps in assessing the performance of departments in relation to the activity level achieved. Cost ascertainment is possible at different levels of activities. It is also useful in fixation of price and preparation of quotations. Example With the help of the following given expenses, prepare a budget for production of 10,000 units.
Cost ascertainment is possible at different levels of activities. It is also useful in fixation of price and preparation of quotations. Example With the help of the following given expenses, prepare a budget for production of 10,000 units. Prepare flexible budgets for 5,000 and 8,000 units. Costs Price per UnitRs.
To establish target costs for operating, maintaining, and disposing of the end-item system. To design the system so it will meet those target costs. Target or goal: a desired outcome, commitment, or promise. Don’t confuse estimates with goals. The estimating process is directed at producing good estimates, not restating targets or goals.
