Approach in cost accounting, Cost Accounting

Assignment Help:

Approach in Cost Accounting

Cost accounting is based on the framework or concept of cost centers that is all the costs incurred throughout the production process contain to be identified and accumulated around specific points of the production process, referred to like cost centers.

A cost center may be defined like 'any point at those costs are gathered in order to control cost, fix responsibility and enable costs being recharged on an equitable basis. We will employ a cost flow diagram to demonstrate the principles of a cost center framework. The entire rectangular box represents a cost center. Each one cost will be the responsibility of one management member and will contain costs charged to it and costs recharged also from it if that costs are incurred for reasons of offering a service for other cost centers.

Given diagram displayed Cost flow of a typical manufacturing concern to organization:

1535_Approach in Cost Accounting.png


Related Discussions:- Approach in cost accounting

Prepare the consolidated balance sheet, H Bhd has a 75% holding in the ordi...

H Bhd has a 75% holding in the ordinary shares of S Sdn Bhd and 40% in A Sdn Bhd. Shares in S were acquired  in 2006 when its retained earnings were RM120 million.  The shares in A

Difference, difference between diffrential cost and marginal cost

difference between diffrential cost and marginal cost

Controllable and non controllable costs, Controllable and Non Controllable ...

Controllable and Non Controllable Costs Controllable costs can be influenced on the level of authority at that they are being analyzed when non-controllable costs cannot.

Prepare a regular income tax return, Facts:   James (age 58, SS# 123-34-...

Facts:   James (age 58, SS# 123-34-4439) and Martha (age 56; SS# 233-23-9050) Williams are married. James works at a major retailer as manager of the early shift. Martha is a nu

Compute the cost of goods sold, The following data (in thousands of dollars...

The following data (in thousands of dollars) have been taken from the accounting records of Barn Burner Corporation for the just completed year.       Sales

the practice of standard costing., Determine why  JIT, TQM and AMTs may no...

Determine why  JIT, TQM and AMTs may not always be entirely compatible with  the practice of standard costing.

Great pumpkin farms, Great Pumpkin Farms just given a dividend of $3.50 on ...

Great Pumpkin Farms just given a dividend of $3.50 on its stock.  The growth rate in dividends is expected to be a constant 5 percent per year indefinitely.  Investors need a 16 pe

Compute the payback period for this investment, Eagle Company is considerin...

Eagle Company is considering the purchase of an asset for $100,000. It is expected to produce the following net cash flows. The cash flows occur evenly throughout each year. Comput

Estimate the selling price and profit, Slash and Burn is a monopolist that ...

Slash and Burn is a monopolist that can sell its output at these prices and with these total costs:                    Output             Price        Total Cost

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd