Cost Accounting


Cost accounting is a branch of accounting and its purpose is to lay down the principles and procedures to ascertain the costs correctly, analyze them scientifically and suggest measures to control them efficiently. In any manufacturing activity understanding the nature and behavior of costs is of fundamental significance. The success of an enterprise in a highly competitive world depends upon the ability of the organization to ascertain and control its costs. This is where cost accounting plays a vital role. Cost accounting analyzes the cost of each product, process and department. It mainly helps the management in decision making responsibilities. The main functions of cost accounting can be classified as cost ascertainment, cost analysis, cost distribution, cost reporting and cost control.

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Some of the topics covered under Cost Accounting are:

1. Introduction and basic concepts of costing

2. Elements of costs

i) Materials cost
ii) Labor cost
iii) Overhead cost

3. Methods of costing
i) Standard costing
ii) Marginal Costing
iii) Job costing
iv) Batch costing
v) Contract or Terminal costing
vi) Single or output costing
vii) Process costing
viii) Operation costing
ix) Departmental costing
x) Multiple costing
xi) Historical costing

4. Absorption Vs Variable costing

5. Cost allocation and cost absorption

6. Cost budgets

Of course, the scope of coverage is not limited to the above topics alone. You may contact Cost Accounting Assignment Help at www.theglobaltutors.com for any kind of cost accounting query.