Solve your Cost Accounting problems online with help of qualified Experts!

Basic Concept of Cost Accounting:

Cost Accounting is a practice & process of cost through which costs are controlled using the application of accounting principle, process and rules to ascertain the profitability of business concern. It aims to capture costs of production by assessing the input costs of each steps of production as well as fixed costs. Cost Accounting is a specialized branch of accounting which deals with classification, recording, allocation, summation and reporting of current and prospective cost. According to R.N. Carter, "Cost accounting is a system of recording in accounts the materials used and labor employed in the manufacture of a certain commodity or on a particular job." Cost accounting provides the manager a configuration to examine day to day operation of the company. It also assists the manager in planning & decision making related to current operations and plan of future by providing detailed cost information.Hence, cost accounting helps the manager in decision making, both for day to day operation as well as long term planning i.e. strategic decision making. It deals with historic data but also futuristic in approach. Hence, the objective of cost Accounting is follows:

Cost finding - The amount of expenses incurred in producing goods or in rendering services are terms as cost. One of the main objectives of Cost Accounting is to find the cost of goods & services.

Cost planning & control- The aim of Cost Accounting is to identify the area where cost needs to be controlled and plan accordingly by using various methods of cost accounting. Company can maximize its profit by proper planning of cost control.

Cost analysis - Analyzing of cost is one of the core objective of Cost Accounting. Through cost analysis we can classify costs into profitable and non-profitable, controllable and non-controllable, relevant and non-relevant costs etc. This analysis helps the management in taking appropriate steps by which profit of the concern may be maximized.

Help in fixation of selling price- In Cost Accounting, costs are identified, analyzed and classified through which one can ascertain the selling price by adding required return. Deciding suitable selling price is a crucial step for organization's success.

Helps in management planning- Cost Accounting provides various information regarding costs which assist the manager in taking various decisions. These include assessment of past activity as well as in making future planning.

Importance of cost Accounting in academic curriculum

Cost Accounting is one of the most important parts for a business. Business/Company that adopts proper cost accounting succeeds and earns more profit as compared to their competitors. The main importance of Cost Accounting is to locate the efficiency & inefficiency in use of materials, labor and machine. It is beneficial not only tothe management but also to the employees, investors, consumers and Government as a whole. Some of the importance of Cost Accounting is mentioned below-

Classification & controlling of cost-Cost Accounting helps in classification of cost and income of every division according to their contribution to profit. Classification of costs helps in controlling the cost. Through this, effects of materials, idle time and breakdown of machinery can are analyzed which will help to minimize the cost without compromising the quality and maximize the profit of the Company. It can be done by applying various techniques such as standard costing, marginal costing and budgetary control etc.

Provide cost information - It gives idea regarding material cost, labor cost and overheads. It also bifurcates costs into variable cost, fixed cost, sunk cost; opportunity cost etc. which helps in determining cost of production, cost per unit and adequate selling price.

Disclosure of Profitable product- It analyzes each and every unit so that profitable unit & loss making unit can be identified. It helps the management in deciding either eliminate or control unprofitable unit and expand profitable units. This will help to improve the overall performance and profit of an organization.

Check the accuracy of Financial Accounting - Through cost reconciliation

Statement, accuracy of financial statement can be checked. It also identifies exact increase ordecrease in costs.

Decision making - Coat Accounting plays a vital role in decision making. Without proper Cost Accounting, decision may jump into dark like break-even point, bottle neck stock, PV ratio etc. Hence, Cost Accounting is very important in decision making.

Budgeting - Cost Accounting is a key factor in budgeting part. Now a day before start of any activity, detailed estimation of quantities and amounts are necessary for better performance. Through correct estimation Company can compare its actual performance from its budgeted one and may take remedial action in time to improve its performance.

Few important tips to solve problems of Cost Accounting:

Below are some of the tips which will help in solving Cost Accounting problems -

First, read the problem in detail to understand the type and concept of problem.

Secondly, identify the types of company/ firm and its nature i.e. whether it is manufacturing company of trading Co. and type of business it is doing. This may not be required in all kinds of problem.

Analysis of problem is one the most important part. Analyze the problem that is being asked so as to identify the requirement.

Identify the specific scenario with relation to each situation, if any

Ascertain Method of Cost Accounting which needs to be used to get the correct result.

From all the above, we can safely conclude that, Cost Accounting is an integral part of a Company and it can take the decision making to the next level.

Study Accounting In The USA? Know some Important Facts about Education in US!

  1. Where to Study Accounting in USA
  2. Undergraduate Degree in Accounting
  3. Top Schools for Accounting in the US
  4. Accounting Internships in the USA
  5. Career in Accounting in the USA
  6. Importance of Accounting Study in US
  7. What to Expect When Studying Accounting in USA
  8. Certified Public Accountant CPA in the USA
  9. Is study accounting in the USA right for you

Are you Looking for Cost Accounting Assignment Help?

Do you feel trouble while solving cost accounting problems? Getting stuck in solving cost accounting assessments or accounting assignment? Finding CPA or qualified tutor for solving your cost accounting homework? Then you are at right choice, We at Expertsminds offer variety of accounting help or educational services that also included with subject cost accounting assignment help, cost accounting homework help, cost accounting assessments writing service, cost accounting problems writing and editing service and expert's assistance online.

Various topics of accounting are also included in our writing service which are mostly popular among all accounting courses etc,  Accounting,  Accounting for Fixed AssetsAccounting for Intangible AssetsAccounting for InventoriesBudget and Budgeting ControlsValue Added StatementsRisk-returnAccounting EquationAccounting Principles,Financial StatementsPerformance MetricsDepreciation CalculationCosting MethodsRatio AnalysisActivity Analysis RatioManagerial AccountingFinancial AccountingCapital BudgetingBanking and Finance LawFinancial ServicesActivity Based Costing,Capital Structure Analysis RatioCapital Market Analysis Ratios Calculation of Net IncomeCalculation of Retained EarningsCalculation of Owners EquityCost ElementsWork breakdown structure-WBSLeasing and Off-Balance-Sheet FinancingAccounting ConceptsOverheads and Methods of OverheadsDebentures and types of DebenturesAccounting for Decision MakingAuditingAccounting StandardsAdjusting Entries,Profitability Analysis RatiosMethods of Financing.

We not only provide you solution to cost accounting problems but also give you steps and ideas how to solve similar problems with no such difficulties. We prepare cost accounting assignment with 100% accuracy and it helps to secure high grade in your curriculum. Our cost accounting tutors are more proficient to solve any kind of difficulties under subject and they make it so easy for you that you can find it so simple like a fun.  Our writers or accounting tutors are known all over the world because of their problem solving skills and they have been helped thousands of students all over the world, It does not matter any syllabus for them, they can easily crack any kind of accounting problems or difficulties. So why are you waiting for? If you have still trouble in making cost accounting assignment, reach us anytime, Tutors can write it for you with 100% accuracy and plagiarism free. Expertsminds.com offers Cost Accounting Assignment Help, Cost Accounting Assignment Writing Help, Cost Accounting Assignment Tutors, Cost Accounting Solutions, Cost Accounting Answers, Accounting Assignment Experts Online


assignment help

Popular Writing Services:-

  • Five Paragraph Essay how to make well Structured five paragraph essay - getting help online in writing 5- five paragraph essay, Essay writing service.
  • Data Structure and Algorithms top data structure tutor service offers data structure assignment help, assessments writing help service, programming projects solutions.
  • Object Oriented Programming Looking for object oriented programming assignment help online, OOPS assignment writing service, assessments help? get help from programming assignment experts.
  • Science Find solutions to science problems, get science assignment help - science assignment writing services from live assignment experts.
  • Molecular Physics Finding solutions to molecular physics problems, get help of molecular physics assignments, molecular physics assessments writing service.
  • Customer Relation Management get customer relation management assignment help online, assignment writing service from management assignment experts.
  • Simulink looking for matlab tutor service - expert service for writing projects or assignments of matlab simulink, simulink 3d animation, simulink code inspector?
  • Angular velocity Get Angular velocity Assignment Help Online, assessment help and Writing Service from Motions and forces Assignment Experts.
Captcha

Get Academic Excellence with Best Skilled Tutor! Order Assignment Now! Submit Assignment