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Book Description Cost accounting is one of the most essential tools used by managers to fine-tune operations and improve profitability. Cost Accounting is. It aims at equipping students with a solid grounding in the concepts of cost accounting. With rich pedagogy and an - Selection from Cost Accounting [Book ]. Download free books at Reviewing Cost of Flow Concepts for a Manufacturer . Early portions of this textbook dealt mostly with financial accounting.
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Normal costs arise during routine day-to-day business operations.
Abnormal costs arise because of any abnormal activity or event not part of routine business operations. By Time: Historical costs and predetermined costs. Historical costs are costs incurred in the past. Predetermined costs are computed in advance on basis of factors affecting cost elements. Example: Standard Costs.
By Decision making Costs: These costs are used for managerial decision making. Differential costs: This cost is the difference in total cost that will arise from the selection of one alternative to the other.
Opportunity costs: It is the value of benefit sacrificed in favor of an alternative course of action. Relevant cost: The relevant cost is a cost which is relevant in various decisions of management. Replacement cost: This cost is the cost at which existing items of material or fixed assets can be replaced. Thus this is the cost of replacing existing assets at present or at a future date. Shutdown cost:These costs are the costs which are incurred if the operations are shut down and they will disappear if the operations are continued.
Capacity cost: These costs are normally fixed costs. The cost incurred by a company for providing production, administration and selling and distribution capabilities in order to perform various functions. Sunken cost: cost already incurred Other costs Standard cost accounting[ edit ] This section may require cleanup to meet Wikipedia's quality standards. The specific problem is: quality Please help improve this section if you can.
July Main article: Standard cost accounting In modern cost account of recording historical costs was taken further, by allocating the company's fixed costs over a given period of time to the items produced during that period, and recording the result as the total cost of production. This allowed the full cost of products that were not sold in the period they were produced to be recorded in inventory using a variety of complex accounting methods, which was consistent with the principles of GAAP Generally Accepted Accounting Principles.
It also essentially enabled managers to ignore the fixed costs, and look at the results of each period in relation to the "standard cost" for any given product. This method tended to slightly distort the resulting unit cost, but in mass-production industries that made one product line, and where the fixed costs were relatively low, the distortion was very minor. An important part of standard cost accounting is a variance analysis , which breaks down the variation between actual cost and standard costs into various components volume variation, material cost variation, labor cost variation, etc.
Waldo Specthrie. Allan Ashworth. William N. Tim McCormick. Ralph S. Anthony Boardman. Don Hansen. Bruce R.
Home Contact us Help Free delivery worldwide. Free delivery worldwide. Bestselling Series. Harry Potter. Popular Features. New Releases. Filter your search Keyword. Availability All In Stock Pre-order 5. Refine results. Categories All Cost Accounting. Showing 1 to 30 of 1, results. Management and Cost Accounting Colin Drury.
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Cost-Effectiveness Analysis Henry M. Costing Terry Lucey.
Costing for the Fashion Industry Michael Jeffrey. Managerial Accounting Peter Clarke. Cost-effectiveness Analyses in Health Peter Muennig. Essentials of Accounts Payable Mary S.