Cost Accounting Assignment Help
Cost Accounting is the detailed accounting on cost. By making analysis on the fixed and variable costs, it gives enough information to the management for controlling their current operations. The students studying for this course, need to do a lot of practical assignments and homework. This can become a tough and challenging task as the students also need to do well in their examinations. But, with Cost Accounting Homework help, the students can aim to get a very good score in their homework.
Different types of Cost:
- Actual Cost: This is the actual cost that is incurred on manufacturing goods or services.
- Opportunity Cost: This is the sum total of the lost opportunities. This is the cost of the economic endeavours, which were not undertaken for producing the goods and services.
- Sunk Cost: This refers to the cost that does not change with the level or nature of business activity. These costs cannot be avoided, and have to be incurred.
- Incremental Cost: This is a cost that changes or increases, depending upon the level of business activities. So, more the production, more will be the incremental cost.
- Explicit Cost: This is also known as paid out cost and is paid by a firm explicitly.
- Implicit Cost: This cost is not reflected in the accounts, but these have a major impact on the business decisions of the company.
- Book Cost: This is a cost that is not paid directly. Provisions are created for such costs in the Profit & Loss Statements.
- Accounting Costs: These are costs that have already been incurred in the production of goods.
- Economic Costs: These are costs that have not been incurred yet but have a great impact on the decisions.
- Direct Costs: These are costs that can be associated directly with the manufacturing unit. There are basically three types of Direct Costs and these include Direct Labour cost, direct material cost and manufacturing overheads.
- Indirect Costs: These are costs that are incurred, irrespective of the total production. Though, they are related to production, they cannot be attributed to manufacturing units.
Types of Cost Accounting
There are various types of Cost Accounting, and these include:
- Standard Accounting
- Activity based Accounting
- Lean Accounting
- Target Accounting
- Environmental Accounting
- Life Cycle Assessment
- Resource Consumption Accounting
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