Definition of Cost Accounting
Cost Accounting is the process of ascertaining the cost of a product or service. It is concerned with recording, summarizing, analysing, classifying, allocation of all cost incurred in such a manner that will help the management to improve its efficiency. The basic goal of doing cost accounting is to advise the management about the actions to be taken for Cost Control and Cost efficiency. Cost Accounting Assignment Help is a part of Accounting Assignment Help as it also deals with accounting aspects. Cost Accounting is governed by Cost Management Concepts which involves:
- Decision Making
How Cost Accounting Assist Management?
Cost Accounting helps management by providing analysis of Variance analysis, standard costing, transfer pricing etc. It helps management to be aware of the cost of the product which they are producing which will again help them to keep a regular check on it. Basic elements of cost are classified as Raw Materials, Labour and Expenses.
Classification of Costs
Costs can be classified on the basis of 5 Items namely
- On the Basis of Traceability: This are again divided into 2 parts namely Direct Costs and Indirect Costs.
- On the Basis of Functions
- On the Basis of Cost Behaviour: Cost Behaviour is again subdivided into three cost namely fixed, variable and semi-variable costs.
- On the basis of ability to Control: This are again divided into 2 parts namely Controllable Costs and Uncontrollable Costs.
- On the Basis of time: This are again divided into 2 parts namely Historical Costs and Predetermined Costs.
- On the Basis of Decision: This Cost are used for taking Managerial decision
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