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Cost Accounting Assignment Help
Introduction to cost accounting
Accounting is the systematic process of identifying, recording, measuring,classifying and communicating financial information. It highlights available resources, and the means required to finance available resources and achieve results after employing these resources. Business Accounting consists of Financial accounting and Cost and Managerial accounting;
Financial accounting involves recording and classification of business transaction and presenting this information via afinancial statement to the internal and external user.
Cost and Managerial Accounting is an internal reporting system, focusing on providing useful information to theinternal user rather than following strict compliance with internal accounting standards and generally accepted accounting principle. It is the process of collecting, classifying, analysing and evaluating the different course of action and cost control. The goal of cost accounting is to identify thebest course of action found on cost efficiency.
Furthermore,the types of costs in cost accounting are fixed cost, variable cost, direct cost, indirect cost and operating cost.
A fixed cost does not vary on productivity. These are the corporate expenses rising independently regardless of any business activity. Fixed cost includes all costs associated with the product or service except variable cost.
Variable cost is a cost that depends upon the productivity of any business. Direct material, direct labour and variable overhead expenses are the variable costs that are typically dealt by every business. It is not necessary that all variable costs are direct costs.
- Direct material is the primary material that is used in producing a product.
- Direct labour is the labour that involves directly in production rather than administration.
- Variable overhead is the cost that varies on the production but can not directly trace to it.
Direct cost is directly related to the manufacture of good and services. A direct cost can be in the form of material, labour, expense and distribution cost associated with the product and can be easily traced in the product and service. Direct cost may be a variable or fixed or both. Like if a firm had employed one supervisor for every group of labour, the cost faced by the business in the form ofcontroller,although is although a direct cost but a fixed cost here.
Indirect cost is the expense unrelated to production. Indirect cost cannot be easily traced in a product or service directly. Like electricity cost faced by the business in making a product is a variable cost although is an indirect cost.
Operating costs are the corporate expense faced by a business in their day to day activities. Operating cost can be fixed or variable or both.
Importance of Cost Accounting
Manufacturing, trading or service all types of businesses require cost accounting to track their cost, help the cost manager to understand cost pattern of running a business, in a company manager needs to know the logistics of each of the department. Cost accounting helps the manager in planning better strategies through measuring performance, determination of cost or price of good and services, managing or reducing cost and analysing the benefit attached. Business needs to understand the behaviour of value under different situation i.e. change in the production activity. The profitability of each item is determined through assigning the associated cost.
Management of the business practice cost accounting for equipping them with relevant information required in planning, scheduling, controlling and decision making for the following functions.
Control of material cost
The cost of equipment typically constitutes a significant share in the entire value of a product so essential to monitor. Some control applied i.e. avoid of excess fund lock in material, ensuring uninterrupted supply of raw material and some useful techniques like value analysis and standardisation aids in controlling cost.
Control of labour cost
It also constitutes a significant share of the expense of a product and can manage their work in standard time completely. The policies designed considering the cost and advantage assists in reducing labourturn over and idle time.
Cost Accounting Homework Help
It is beneficial to the worker through efficient utilisation and scientific system of wages payment.
Control of overheads
Cost consist of the indirect expense that is incurred to run the day to day activities, although they become a part of thecost. So, need to control through strict check over.
Cost accounting department provides information to management regarding actual performance in contrast to the design standard of the particular activity and the management then ensures with the variance and takes actions on the areas having adverse results. Thus, Cost accounting not only helps management to measure their efficiency but also ensurethis field which require effective results.
It discloses both profitable and non-profitable activities that help management to eliminate or control non-profitable area and focus on expanding the lucrative area.
Budgeting is part of cost accounting performed to plan for management to spend the money and to earn a profit. Budgeting in business may be one of the essential tools due to the following reasons:
Fact: Budgeting helps management to perform their functions efficiently and effectively, as they are fully aware of the benefits attached to the resources spent. It helps to gain controls by applying some technique like standard costing and budgetary control.
Limit expenditure: A major benefit of budgeting is to limit the spending of the money resource on a certain operation. Budget usually counts expense for not to overpay on the unessential item.
Plan for Further progress: Companies often perform budgeting to project business future expansion. In addition, due to budgeting, saved capital from the business expenditures can be placed in reserves for opting new business opportunity and can also be used as a safety purpose in slow economic times.
Create financial road map: Budget allow business to have a financial road map of their activities, Business review their performance on the financial basis through examining variances. Variance can indicate positive situations also if the actual performance is more than the standard like unexpected growth in sales revenue
Cost accounting assists management in figuring the cost of a product, ultimately making easy to fix remunerative selling price accordingly. Management can add up the required margin above the cost under the normal circumstances to determine the selling price. Job costing, batch costing, output costing are the techniques in cost accounting used for determining the profits. Setting right price will boost sales and help in attaining high profitability.
Reduction of losses during the off-season
Cost accounting assists management in reducing overhead through utilising idle capacity or expanding the season. It helps to implement different cost reduction programs.
Cost accounting provides an estimate of production at different levels ultimately enabling management to formulate its approach to expansion.
Arriving at decisions
Cost accounting helps management to take adecision through providing aright effect on profit through providing required cost information.
Sub Field of costing accounting
To control cost and make managerial decisions different types of cost techniques are used bythe management, these techniques are used as an advantage in job costing, process costing and where the company have multiple foundations of income.
Absorption costing is followed by many companies through considering the direct costing technique concept. Absorption costingincludes direct expenses and overheads on the basis of variable factors. This concept states that each cost either fixed or variable should be absorbed by the particular product or service on the basis of valid principles. Through absorption costing it becomes easy for the management to evaluate profitability and selling price by having atruthful picture of total cost per unit.
Advantages of Absorption costing
Absorption costing recognises fixed cost in product cost as they are incurred for the product. The pricing based on absorption costing ensures that all costs are covered.
- Absorption costing will show a more accurate profit in comparison with variable costing where production is done to have sales in the future.
- It confirms accruals and matching concept which requires expense and revenue to be recorded in their pertaining period.
- It avoids the cost separation into fixed and variable elements.
Disadvantage of absorption costing
Absorption costing does not assist in accepting, offering price of a product specifically as it includes general overhead. So sometimes it may not be a useful technique.
- It is not helpful in controlling and planning cost aspect. It is not useful in fixing the rightful responsible for the cost. It is not practical to hold cost manager responsible if the cost is not controlled.
- Some current product costs can be removed temporarily from the income statement if manager can earn profit incentive.
Activity based costing
It includes both cost and overheads pertaining to the activity on the basis of cost pool. Activity based costing is performed through identification of relevant cost pool for the overhead like: Electricity bill of the factory is allocated on the basis of machine used. Activity based costing allows manufacturing companies to allocate rightly each overhead expense in case of multiple sources of earning.
Advantages of Activity based costing
Improved overall process: During the implementation of ABC costing process all the activities are looked into deeply. Hence, adding value to the improvement of business processes.
Waste is identified: Sometimes overheads include wasteful products. These can be identified through ABC costing technique and then removed or effectively managed accordingly.
Price is better organised: Activity-based costing includes all the cost associated with production. Hence developing more efficient pricing strategies and marketing.
Application for entire business: it looks like that Activity based costing is only effective for the cost of manufacturing but it may also be helpful in mitigation of overheads also.
Disadvantages of ABC costing
Reduction not always possible: This technique may not be helpful if a valid reason for high overhead cost like size then ABC proved to be the limited benefactor. Furthermore, this technique will also not be very efficient to use if overheads of the business represent a small share of the cost.
The high cost of Implementation: ABC sometimes prove to be costly rather than beneficiary if waste on overhead relatively lower than the cost of the expert bought in for implementation.
Time involved: Long time period is involved for using an ABC technique in companies. All the processes, labour actions and other aspects are taken into consideration for a longer period to be aware of the issue.
- No categories
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Data flaws: ABC require different departments to work together to collect and input data. Chances of flaw are higher and smallest flaw can damage the process wholly and outcome result taint.
Marginal costing is the technique that includes direct expenses i.e. material, labour, direct and variable overheads to production following variable cost. Marginal costing is easy to use, enabling the business to ignore irrelevant cost like fixed cost, notional cost, sunk cost and committed cost. This contribution then provides a more reliable measure for decision making, it displays perfect impact on profit due to fluctuation in sales. Not under and over absorption problem faced here. These techniques help management to take short-run tactical decision also.
Advantages of marginal costing
Cost Controller: It becomes easier to control cost through avoiding arbitrary allocation of fixed overheads, management can focus on maintaining a uniform marginal costing.
Ease: Marginal costing is very simple and can be easily combined with other forms of costing i.e. standard costing and budgetary costing etc.
Removal of cost variance per unit: Since fixed overhead costs are not charged here, so each unit have standard cost.
Short term profit planning: Marginal costing can help in short period profit arrangement and can be easily established through break-even charts and brought into the notice of organisation for the decision making.
Correct Overhead recovery rate: This technique rejects high overhead account balances which help to easily determine recovery rate for these overheads.
Maximum Yield: Through marginal costing alternative policies of manufacturing and trade are readily valued and accessed, assuring that the decisions will then yield to the maximum.
Disadvantage and limitation of marginal costing
- Categorising cost: Since all cost is variable in the long run it becomes difficult to allocate them intelligently into fixed or variable and failure to do this will eventually lead to misleading results.
- Accurately representing profits: Shareholders will get a misleading image, as closing stock consists of variable cost while ignoring the associated fixed cost which should be considered.
- Semi-variable cost: Semi-variable cost either excluded or may wrongly incorporate which lead to the distorting of results.
- Recovery of overhead: There is a problem in under or over recovery as variable cost is apportioned on estimation rather than actual.
- External Reporting: It cannot be used in external reports which should provide complete view considering both variable and fixed cost.
- Rising cost: Marginal cost may also present inaccurate picture if the increase in cost or production as, it grounded on historical data.
Target costing is a proactive and cost reduction policy normally used in the competitive market. The prime objective of the target costing is to find the best way to acquiring a product at the lowest price. It is a managerial technique for reducing lifecycle cost of a product.
Target costing thus can be defined as “a structured approach in determination of cost with specified quality to generate desired profit”
Target cost is a formal process that achieves a company’s profitability goal by:
- Determining price of the product with approximate arrangement of benefit and features.
- Subtraction of required profit margin to determine maximum cost bearable.
- Elimination or mitigation of un-attributable cost that can be recovered in higher prices
- Revising the market price of the product if there is a change in market condition.
Advantages of target costing:
- It reinforces commitment to practice and product innovation from top to bottom to achieve competitive advantage.
- It makes a corporation’s market driven management for designing and manufacturing product meeting with the right price to succeed in the market.
- It uses organisation control system to reinforce business strategies and finding ways to realise thebest value rather than simply accomplishing lowest rate.
Target costing assures administration about the product meeting the customer needs or not. Furthermore, it aligns the cost of feature with the buyer enthusiasm.
Reduces the cost and development cycle of the manufactured goods.
This technique is very similar to marginal costing although the additional cost of fixed direct overheads is incorporated following the concept of direct cost. It included all expenses i.e. variable and fixed that are directly allied.Not incorporating directly fixed cost may lead to wrong decision making under normal circumstances.
For example,maintenance expense, energy expense, salary expense of manager involved wholly in a single project is fixed cost but directly attributable should be attributed to the respective product or service line.
Post costing means cost ascertainment after the work is complete. Through analysing financial accounts at the period end to disclose the cost of a unit produced. Although management can take no corrective actions against it.
Cost is ascertained on a timely basis on completion of a job or even under progress, usually done before the job is done or product is made.
Standard cost is the system under which cost of the product is determined by maintaining standards. It simplifies the procedure for cost control and works as an effective tool for business planning and budgeting.