cost accounting?

Question

cost accounting

Answer 1

Cost accounting is usually used for factories to account for their inventory. Two commonly used methods are LIFO (last in, first out) and FIFO (first in, first out).

Answer 2

Cost accounting is the process of tracking, recording and analyzing costs associated with the products or activities of an organization, where cost is defined as 'required time or resources'. Costs are measured in units of currency by convention. Cost accounting could also be defined as a kind of management accounting that translates the Supply Chain (the physical movement of products) into financial value to support decision making to improve costs and cash flows.

There are at least four approaches:

* Standard Costing,
* Activity-based Costing
* Marginal Costing
* Throughput Accounting

Answer 3

cost accounting is a mixture between financial accounting and management accounting. it involves using numbers to make decisions.

it's usually used by manufacturing firms to determine the number of items they should produce. it includes the cost or raw materials, transporting the goods, labour costs and so on.

the design of a costing system usually depends on the structure of the company using it. different structures may require different designs. popular ones include activity based costing.

cost accounting also involves budgeting. using historical data, future amounts to be used or generated are calculated based on suitable discounting factors.

Answer 4

Accounting is a versatile profession and is continually changing and adapting to various requirements needed in different industries over the years. There are different branches of accounting namely financial management, cost, government, forensic and many others can be named according to the needs of the organization.

Answer 5

Cost accounting is the bane of my existence! I took a course and I thought I was going to die! It's was all a blur, but basically what I remember is direct materials, overhead, fixed & variable costs, LIFO, FIFO, job order costing, etc. Basically it's all about how people THOROUGHLY account for producing their goods.

Answer 6

I believe you are trying to ask about how do you account for cost in terms of preparing an accounting report. There are alot of cost, for ongoing such as bills and human wages, is should be under your expenses in your income statement, however, the cost for the raw products that is used to make your final product is taken away in the Cost of goods sold, that doesn't includes ur wages and utilities. and most cost should be in your libilities in your balance sheet. and of course we have the current and non-current libilities.

Answer 7

Yes.

Answer 8

drinking to much? lost your train of thought?

Answer 9

You can spend your money only once.

Answer 10

What is the question?