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Bases of Cost Classification
These various bases of cost classification are summarized in the diagram underneath as:
Here, we will usually refer to either of these terminologies every at present and then, in various cost accounting conditions. You will meet them extensively also in Management Accounting in the advanced stages of your course, whereas you will employ their distinction to create suitable profit maximizing management decisions as like budgetary control and planning.
Keep in mind, a cost is basically a measurement or quantification of the economic sacrifice made to get a given objective. Therefore it is a measurement of the amount of resources sacrificed in attaining a particular goal.
list and explain all the procedures of material control
OBJECTIVES OF COST ACCOUNTING 1)To help in the development of long range plans by provided that cost data that acts as a origin for projecting data for planning. 2)To make s
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Apportionment of Overheads Apportionment of overheads occurs whereas the net value of an overhead item is shared among more or two cost centers that employ the overheads. Th
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