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What is Cost Accounting?
Cost accounting is a method for determining the costs of procedures, products, projects, etc. which helps to create expenses and cost report for that particular period. Cost accountants remain accountable for assessing the cost structure, which in turn support the management to assign the budget accordingly.
For example, the cost accounting process is used to compute the unit cost of products to account the cost of products sold on the statement of income-expenditure and the cost of inventory on the balance sheet. This is achieved through methods such as the allowance of manufacturing overhead costs and through the process such as operations costing and job-order costing systems.
In past, Cost accounting was only used in manufacturing businesses, but nowadays its application is expanded to service industry such as a bank uses cost accounting to decide the total cost of allocating and processing checkbook to a customer to total a deposit procedure. This helps the management to secure their service charges.
Cost accounting also helps the management of an organization by offering an analysis of the following also:
- cost behavior,
- cost-volume-profit relationships,
- operational and capital budgeting,
- standard costing,
- variance analyses for costs and revenues,
- transfer pricing,
- activity-based costing .
Benefits of Cost Accounting
Cost accounting is very important from a management perspective. It is used for:
- Allocation and budgeting for different operations
- Analysis of expenses and unusual expenses
- Determining where cost saving is possible
- Reducing or eliminating unnecessary business costs
- Determining the prices of products and services
- Assisting the management in the analysis of cost behavior of the organization
For a successful business, an effective cost accounting system is very essential. In the absence of this process, the organization couldn’t evaluate different aspects of their business.
Types of Cost Accounting System
While taking into consideration a costing system, it is essential to understand the purpose for which the costing is to be expected. Depending on various purposes, the cost accounting is divided into the following:
Process Costing – It is used when a job is recurring in nature, like manufacturing of the same brand car. With the help of process costing, cost of each manufacturing unit is evaluated.
Marginal Costing – As there are both fixed and variable cost, with the rising level of output, the fixed cost doesn’t change. So, to exploit profit, marginal costing is essential.
Absorption Costing – It assigns all the production cost to the end service or product. It is used to examine that at what extent production cost is covered by revenue.
Activity-Based Costing – Activity-based costing attempts is assigned to all the costs acquired in producing a service or product, including the allover costs.
Why Do Students Struggle and Need Cost Accounting Assignment Service?
Cost Accounting is a vital study of commerce. It deals with numerous operating costs of varied commodities. Accomplishing cost accounting assignment flawlessly is difficult and daunting for every student. There are plenty of reasons for which students struggle and need help in crafting cost accounting assignments. The most common reasons are enlisted below:
- Inadequate subject knowledge
- Lack of understanding capabilities
- Sparse researching skills
- Poor skills in sentence structure, English grammar, etc
- The insufficient skill of proofreading and editing
- The affinity of performing plagiarism
- Awareness scarcity of citation, formatting and references like APA, Chicago, MLA, Harvard, etc
- Poor time managing skills
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