Cost Management Assignment Answers
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Money is an extremely important and crucial factor in each and every aspect of life. It is like fuel for every job or work. For all work that you do, you either have to buy some item or service from the outside world or you will need to spend your energy to do it yourself. In both cases, you need money, either for purchase or to replenish lost energy. Thus, it is indispensable.
From simple household activities to huge jobs of nation controlling by government, nothing could be run without this money. That is why managing money is a very important factor in everybody’s life. To prepare people for this, they are introduced to this managerial side as students. That is why you are perhaps sitting now figuring out some Cost Management assignment answers.
On this topic
As money is such a significant issue, we must make sure that none of it is wasted from our life and also that maximum of it remains with us all the time. Wherever, money is spent and there is no direct interest returns from that, it is called ‘cost’. To manage and optimize our monetary funds, we must then manage this cost.
In accounting and finance, i.e. in your Cost Management homework answers, cost managing refers to methods for chalking out and controlling budgets of a professional firm or organization. It is technically classified as a special part of management accounting.
This process may sound simple, but it is easier said than done. So, how do professional accountants and financer carry out this managing? Here is a stepwise answer:
- Planning resource –
To figure out and enlist all recourses and time required to finish the concerned work or project successfully
- Costing –
To tag estimated expenditure on those resources based on previous experiences and recent market scenarios
- Budget fixing –
To fix an upper limit of expenditure based on last estimations
- Controlling –
To implement procedures and supervise that all resources are fully exploited and budget is not crossed.
Writing these steps is an important part of your Cost Management assignment answers. Keep them in mind.
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