It is basically the management of costs incurred during business operations such as the production of goods and services. Cost accounting assignment help takes into consideration the techniques applied to reduce costs in a business. It helps to improve the management of the business for its growth and development. The future decisions about the business are mainly based upon cost accounting.
Cost accounting takes into account both the input costs and the fixed costs. The input costs may be the cost of production of goods and services at each step of production whereas the fixed costs may be like depreciation of capital equipment or land. All the costs are measured and recorded individually first and later the input result and actual results are compared. This is done to help the organization management measure financial performance.
Difference Between Cost Accounting and Financial Accounting
Sometimes cost accounting is often confused with financial accounting. But there is a big difference between the two. In financial accounting, the cost is classified depending on the type of transaction like salaries, repairs, insurances, stores etc while in cost accounting costs are classified according to the information needs of the management like business functions, activities, products, processes etc. Financial accounting finds results of business transaction in the form of Profit and Loss Account and the Balance Sheet whereas cost accounting computes costs in a scientific manner to facilitate cost control and cost reduction. Financial accounting reports the business statements to various stakeholders like creditors, investors, external parties and the government whereas cost accounting reports the business results to internal management for future decision making.
It was said that cost accounting was first developed during the industrial revolution. The emerging industries started tracking the cost of the production. The economics of industrial supply and demand came into force. The manufacturers started thinking about to control costs by decreasing the price of their overstocked goods or decrease the production of the goods. The earliest recorded costs were called ‘variable costs’ because they kept varying the amount of the produce. Some of these costs remained constant in spite of the ups and down in the business. These costs were later called the ‘fixed costs’. These were the depreciation of the equipment and plant, maintenance costs, purchasing costs, storage and handling costs, supervision and engineering costs etc. The fixed costs gained more importance and were regarded essential in business decision making like future pricing of the products.
Whereas types of cost accounting are concerned, it is studied under headings like Standard cost accounting; Activity-based cost accounting; resource consumption accounting; Throughput accounting; Life Cycle costing; Environmental accounting; target costing etc. Cost Accounting can be classified according to various criteria like nature of traceability of costs, by functions of costs, by behavior of costs, by control ability, by normality, by time and by decision-making costs.
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