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Cost Accounting & Management Essentials You Always Wanted To Know
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• Cost Accounting concepts explained in a simplified way
• Fundamentals and important principles included
• Practical approach for application by business professionals
• Solved examples with real-life business scenarios
Cost Accounting & Management Essentials You Always Wanted To Know covers Cost Accounting concepts and application to real-life business decisions. It explains the concepts in a concise and easy-to-understand manner for business professionals. This book includes Cost Accounting FUNDAMENTALS, SOLVED Exercises, Important CONCEPTS & PRINCIPLES and Ample PRACTICE Exercises.
The book is divided into separate chapters, each dedicated to a single concept in Cost Accounting & Management. The flow is such that it builds the reader’s understanding in stages. At the end of each chapter there are ample solved examples that help apply the concepts learnt in the chapter. This is followed by Practice Exercises that give an opportunity to the reader to apply the learnings from the chapter.
This Self Learning Management Series intends to give a jump start to working professionals, whose job roles demand to have the knowledge imparted in a B-school but haven’t got a chance to visit one. This series is designed to address every aspect of business from HR to Finance to Marketing to Operations, be it any industry. Each book includes basic fundamentals, important concepts, standard and well-known principles as well as practical ways of application of the subject matter. The distinctiveness of the series lies in that all the relevant information is bundled in a compact form that is very easy to interpret.
The topics covered are:
a) Cost Accounting Fundamentals
b) Balancing of the 3 factors - Cost, Volume & Profit
c) Concept of Relevant Information and Decision Making
d) Activity Based Costing
e) Cost Allocation Techniques
f) Cost Variances and Control
The reader gains the following competence after reading this book:
a) Understanding of the standard Cost Accounting Terms
b) Applying cost accounting concepts to real-life business scenarios
c) Using relevant cost accounting information to take business decisions
Sobre o autor
Vibrant Publishers, USA is a leading publishing house publishing high quality books for IT professionals, management professionals as well as graduate students. We have redefined the way in which highly rich content can be made available to today's fast paced generation. This new generation's NEED TO KNOW NOW attitude and the highly competitive business environment has triggered us to publish books that have 'just the essential' information. We, at Vibrant Publishers, are committed to publishing books that are not only content-rich but also concise and approachable enabling more people to read and make the fullest use of them.We have introduced three different series of books for the three different and much in-demand genre of people.a) The Job Interview Questions Series caters to IT professionals specifically college freshman, junior/senior programmers, business analysts, and project managers.b) The Self Learning Management Series is intended to give a jump start to working professionals, whose job roles demand to have the knowledge imparted in a B-school but haven't got a chance to visit one.c) The Test Prep Series covers GRE, GMAT, SAT, TOEFL and IELTS exam books.About Job Interview Questions SeriesAs technology now-a-days changes very often, IT Professionals need to be updated with the latest trends in these technologies constantly and more importantly instantly. Job Interview Questions Series is THE answer to this need.We believe in delivering quality content and do so by tying up with the best authors around the globe. This series of books is written by expert authors and programmers who have been conducting interviews since a decade or more and have gathered vast experiences in the world of information technology. Unlike comprehensive, textbook-sized reference guides, our books include only the required information for job search. Hence, these books are short, concise and ready-to-use by the working Professionals.All the books in Job Interview Questions series include about 250 to 400 technical & HR interview questions with answers. They also include proven strategies along with Dozens of examples to respond to interview questions and thus help nail the interviews. Besides these, each book is accompanied by Aptitude Tests available as a download from our website.We hope to serve our readers by saving them time - by providing them with information that is important, and not bombarding them with data from which they need to pick relevant information.About Self Learning Management SeriesThe Self Learning Management series intends to give a jump start to working professionals, whose job roles demand to have the knowledge imparted in a B-school but who haven't got a chance to visit one. This series is designed to illuminate aspects of management, finance, organization development, consumer behavior, human resources, marketing and business. Dozens of books available in the market give ample information about these topics that may or may not be required. The distinctiveness of this series lies in that it gives only the relevant required information bundled in a compact form, uncomplicated to interpret.This series would cover various management topics in 10 different titles. Each book includes basic fundamentals, important concepts, standard and well-known principles as well as practical ways of application of the subject matter. The series will be instrumental in assisting all those who are in the following job roles:a) Dealing with Human Resourcesb) Taking financial decisionsc) Responsible for Sales and Marketingd) Carrying out the Operational activities in a companye) Directing Business strategiesf) Engaged in managerial decision making
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Amostra do Livro
Cost Accounting & Management Essentials You Always Wanted To Know - Vibrant Publishers
Cost Accounting and Management Essentials You Always Wanted To Know
Self-Learning Management Series
www.vibrantpublishers.com
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Cost Accounting and Management Essentials You Always Wanted To Know
Published by Vibrant Publishers at Smashwords
Copyright 2017 Vibrant Publishers, USA.
Smashwords Edition, License Notes
Copyright 2017, By Vibrant Publishers, USA. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior permission of the publisher.
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. The author has made every effort in the preparation of this book to ensure the accuracy of the information. However, information in this book is sold without warranty either expressed or implied. The Author or the Publisher will not be liable for any damages caused or alleged to be caused either directly or indirectly by this book.
The publisher wishes to thank Kalpesh Ashar (India) for his valuable inputs to this edition.
Vibrant Publishers books are available at special quantity discount for sales promotions, or for use in corporate training programs. For more information please write to bulkorders@vibrantpublishers.com
Please email feedback/corrections (technical, grammatical or spelling) to spellerrors@vibrantpublishers.com
To access the complete catalogue of Vibrant Publishers, visit www.vibrantpublishers.com
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Table of Contents
1. Introduction
Cost Accounting Terms
Using a Costing System
Solved Examples
Practice Exercises
2. Cost-Volume-Profit (CVP) Analysis
Contribution Income Statement
CVP Analysis
Breakeven Point and Target Income
CVP Analysis for Decision Making
Sensitivity Analysis
Solved Examples
Practice Exercises
3. Decision Making using Relevant Information
One-Time-Only Special Orders
Make-or-Buy Decisions
Outsourcing and Opportunity Costs
Product-Mix Decisions with Capacity Constraints
Solved Examples
Practice Exercises
4. Activity Based Costing
Broad Averaging
Simple Costing System
Activity Based Costing System
Customer Profitability
Solved Examples
Practice Exercises
5. Support Department Cost Allocation
Need for Cost Allocation
Cost Allocation Basis
Allocating Costs of One Support Department
Allocating Costs of Multiple Support Departments
Solved Examples
Practice Exercises
6. Cost Control
Direct Variances
Indirect Variances
Solved Examples
Practice Exercises
Glossary
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Introduction
An accounting system helps capture and organize information related to business transactions. Depending upon the focus it can be divided into two types – Financial Accounting and Managerial Accounting. A Financial Accounting system contains financial statements and disclosures meant for decision makers external to the company. A Managerial Accounting system contains detailed plans and performance reports meant for decision makers within the company.
Cost Accounting provides information required by both types of accounting systems. Another term, Cost Management, is also used frequently. It refers to the approaches and activities adopted by managers to use the company’s resources to increase the value given to customers and to achieve organizational goals. It must be noted that cost management is not synonymous with cost reduction.
In the later chapters we shall look at cost accounting and cost management aspects of accounting. We shall see how cost accounting information helps in short-term tactical and long-term strategic decision making.
Cost Accounting Terms
This section sets a foundation by describing the most important terms used in cost accounting. An understanding of these terms will help in later sections to understand how costs work, how they are reported and how decisions are taken using them.
Cost Object
Cost object is the product or service with respect to which cost needs to be computed. For example, if a car manufacturer wants to assess costs, the cars that they manufacture would be their cost object. Similarly, cost object for a bank would be customer accounts. Costs are classified below on the basis of the cost object. This classification is with respect to the cost object.
Direct and Indirect Costs
Costs are classified under two categories as below:
Direct Costs
These are costs that can be directly traced or caused by a product, service, project, organizational unit, or activity. For example, the cost of steering wheel is a direct cost in the manufacture of a car. Similarly, cost of effort put by a worker in making the doors of the car also amounts to direct cost. Below are some examples of direct cost.
a) Cost of cement used in construction of a building
b) Cost of tires used in building a car
c) Cost of project management consultant in bridge construction
Indirect Costs
These are costs that cannot be directly traced to a single product, service, project, organizational unit, or activity. These costs are allocated rather than being traced to individual products or services as there is no cost effective way of tracing them directly. This allocation can be done in several ways described in detail later. For example, rent of a plant used to manufacture cars of multiple varieties cannot be directly traced to every car model. Hence, the rent is an indirect cost. If the plant were to manufacture only one car model then the rent would become a
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