Don’t Let Cost Accounting Concepts Bug You: Homework Help for Students
What is cost accounting?
Cost accounting is the method of planning, analyzing, evaluating and implementing the different courses of action in order to reduce and control the costs involved in functioning of a business organization. Using the process of cost accounting, the management gets to learn about the best possible course of action, one that would be most cost efficient and the other suitable alternatives. It yields all relevant information regarding costing and that helps the management to control the functioning of the organization at present as well as to make plans for future investments.
Cost accounting: a part of the syllabus
As one can see, cost accounting is a crucial concern for any functioning business organization if they are to use their resources judiciously. This accounting topic is justly heeded as an important part of the syllabi and students are assigned homework on the same. Now, the whole process and approach to cost accounting can be elaborate and rather complicated. So, students who have trouble with their homework can help themselves by soliciting concepts of cost accounting homework help from trusted sources like myhomeworkhelp.com.
Approaches to cost accounting:
Approaches to cost accounting can be varied and each approach comes with its own advantages. The widely used approaches to cost accounting include:
- Lean accounting
- Standard cost accounting
- Target costing
- Life cycle costing
- Resource consumption accounting
- Activity based costing
- Environmental accounting
- Throughput accounting
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What are the basic elements of cost accounting?
Before one can create stupefying assignments based on the concepts of cost accounting, they need to be aware of the elements which play a dominating role in the process. The fundamental elements of cost accounting are:
- Labor
- Raw material
- Overhead expenses
- Administration expenses
- Production cost
- Selling costs, including costs incurred on advertisements, catalogues etc.
- Maintenance and repairing cost
- Distribution cost
- Depreciation
- Salary
- Rent
- Other fixed and variable costs
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