Cost Accounting is the accounting branch that deals with the collection, classification and recording of a cost incurred when performing any business activity or fulfilling a purpose. The data is then summarized and examined to reach a point of sale or to control savings. Unlike financial accounting, which takes money as a measure of economic performance, in cost accounting, money is considered an economic factor of production. Cost accounting is a broad topic with different mathematical and theoretical concepts. This is why universities emphasize elaborate cost accounting assignments that include question styles such as discussion questions, exercises, reports, spreadsheet questions, and problem questions. Cost accounting assignments help students understand the underlying concepts.
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Management accounting and costs: The process of collecting, sorting, analyzing, summarying, allocating, and evaluating different cost control courses to help management make business decisions about cost capacity and efficiency is included in management accounting and cost allocations. Allocations in management accounting and costs involve questions such as identifying the main cost elements in the cost of a product or service and defining cost elements with examples. Our online cost accounting assignment helps you complete your assignment with information from trusted sources such as peer-reviewed journals and books, etc.
What are Cost Concepts?
Cost Concepts can be studied on purpose under two broad categories, for accounting purposes, as well as, for economic analysis of business related activities. The following are some of the cost concepts that students have to understand in-depth to solve cost concept accounting assignments;
Actual cost and Opportunity Cost
Full Costs and Business Costs
Imputed cost or explicit/implicit Cost
Book Costs and Out-of-pocket Costs
Variable and Fixed Cost
Marginal, total and average Cost
Long-run and Short-run Cost
Sunk and Incremental Cost
Replacement and Historical Cost
Social and Private Cost
Manufacturing Statement and Income Statement
The manufacturing status is a summary report of all manufacturing-related costs and activities. It is usually divided into four distinct parts, e.g. direct labor, overhead, direct material, and total cost of manufacture or manufactured goods. Statement of results, on the other hand, is the status of a report that companies prepare to show their financial performance during a given accounting period. Revenue and manufacturing status allocation questions involve the use of spreadsheets along with formulas. It also requires students to be familiar with the different functions within the spreadsheet and its application to allow the possibilities of net loss or net income.
Our cost accounting assignment experts say understanding material control account entries is very important for students to get good results in their cost accounting assignments. Material control is the process by which systematic control is exercised over the storage, purchase and use of material to reduce the possible cost.
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Payroll: Direct and indirect work Direct work is any job that is specifically used to create a production unit. For example, in service companies such as hairdressers, employee salaries will be considered direct labor costs. Indirect work, on the other hand, is the cost of employing labor that is not directly engaged in creating a specific product. Payroll-related allocations, direct and indirect labor costs require you to understand the difference between direct and indirect labor costs, and how to calculate them.
Activity-based cost: Also known as ABC in accounting, activity-based costing is an accounting method that is used to identify a sales company's activities and then assign indirect costs to products. Activity-based costing is used to examine the relationship between activities, products, and costs. In activity-based cost allocations, students should prepare business reports and arguments about the pros and cons of activity-based cost. Students should know how to format their report and write their report according to the reporting format required by the university. The cost accounting allocation help experts in My Assignment Services are well versed in reporting formats and have years of reporting experience for accounting assignments. The following example of activity-based cost allocation can help clarify your doubts about the types of activity-based cost questions.
Direct, staggered, and reciprocal overhead allocation methods: There are different types of methods used for factory overhead to production units. The direct cost allocation method is the technique for loading costs from the service department to other branches of the company. Then comes the cost allocation reducer method, which is a technique that allocates service costs to service departments and operational departments in a sequential process. Finally, there is a reciprocal overhead allocation method, which recognizes relationships between service departments, which means that the cost is allocated to and from other service departments. The following infographics clearly clarify the three overhead allocation methods, followed by a sample question for further reading.
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