Cost Accounting Assignment Help
Best Cost Accounting Assignment Help in UK
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Definition of Cost
Cost is an intriguing concept in economics and accounting, which cannot be elucidated in any short-cut way if we want to comprehend it effectively.
In accounting, cost is referred to monetary value of the sum amount of expenses for supplies, equipments, products, services, labor and other items purchased for use by an organization or the business purchases any item for the use. In addition, that is one from the several other definitions of cost and subsequent cost accounting.
Fundamental Elements of Cost
It is argued that the vital costing exercise is to fix the cost of goods sold (COGS). To decide the COGS, we need to comprehend three fundamental elements of costing, which are the followings:
Direct cost of labor – The total cost of the work that the workers performed, who are involved in manufacturing a product is called direct labor cost.
Direct raw material – Direct raw material cost is referred to the total cost of raw materials which are directly involved in the process of manufacturing a particular product.
Overhead cost related to the manufacturing – Manufacturing Overhead cost (MOH) is the sum of whole costing related to the cost object; however it can’t be tracked back directly to the cost object in probable way in terms of economics. That is to be said, that it needs to be added to the overall cost to create profits.
How to Calculate COGS?
COGS or cost of goods sold is an intriguing accounting concept and as an accounting student, you are expected to find solutions of complex problems related to COGS in a jiffy. Our cost accounting help can assist you in solving such issues or problems. COGS in reference to carrying value of the products sold in the market. To calculate the cost of the goods sold concerning to particular product, you need to mug up some basic steps.
- First step – You should have the information of the units that are manufactured and the overall costs of such items per unit. Second step – To compute the total number of units that are produced, start with the number of units at the beginning of the task in process. Add this number to total number of units that are produced and finally subtract the total amount of units at the end of task process. The following formula makes it easier to comprehend.
- Number of units at the beginning of work in process + Total number of units manufactured – Total number of units ending in process = total number of units that are manufactured.
- Third step – With the help of the formula mentioned above you have a number of units that are eventually manufactured. Next you have to calculate the entire cost of goods that a manufactured.
- Forth step – As you have the total number of units and total cost of goods which are manufactured, divide them to gain the COGS unit.
Types of Cost Along with Examples
The comprehensive list of several type of cost with the examples is given below in tabular format.
|Types of Cost||Definition||Example|
|Actual Cost||The actual cost to company is the cost that is directly involved in actual manufacturing of goods or providing a services.||Raw material cost and wage bills|
|Opportunity Cost||The cost is referred with the economic endeavor cost not taken under to produce present goods and services. In easy ways, opportunity cost refers to the value of most optimum alternative or the total value of lost opportunities||Imagine a business having a particular area of land at its disposal but is not using presently. The entity could have rented out that land and earned money. As the organization is doing this, the costing unused chance is called opportunity cost.|
|Sunk Cost||The particular costs that don’t vary or prune because of natural business activity or the levels are called sunk costs. At times they are referred to as evitable or inescapable costs.||Depreciation cost|
|Incremental Cost||The rising costs are the exact opposite of sunk costs. Costs that depend and increase are based on the changes in business activities are called incremental costs||Costs incurred because of the alterations in the distribution networks or costs incurred due to product recall.|
|Explicit Cost||This is famous as paid-out costs; explicit costs refer those costs that the firm pays.||Such as the payment of interest on borrowed capital, payment of rent, and so on|
|Implicit Cost||These costs are the ones, which are not included in accounting books. However an organization’s decision is influenced by them.||For example; The Interest paid on equity capital, Depreciation costs on property that are still in use, and Rent on idle land|
|Book Cost||This cost is the one that are not paid directly but provisions are created for costs such as profit and loss statements that are created.||Unpaid amount on owner’s capital and provision for depreciation|
|Accounting Cost||The cost is majorly an outlay cost that is already transacted on particular process or production mode.||Sunk costs are also referred to as accounting costs|
|Economic Cost||The costs of future are not yet transacted but play an important role in the business decisions which are known as economic costs.||Economic costs are almost same in comparison with implicit and opportunity costs|
|Direct Cost||The direct costs are relevant to manufacturer or operational unit is called the direct costs.||Cost of raw material|
|Indirect Cost||The cost of production process is not directly accountable to the cost object are called indirect costs.||Cost of land use and machinery|
Definition of Cost Accounting
While writing an engaging and compelling assignment for cost accounting, you need to know the cost accounting inside-out, starting with its definition.
Cost accounting is a way that firstly targets to decide a business’s total production cost through assessing input costs of every step of the production effectively as well as fixed costs like depreciation cost related to the capital equipment.
Benefits of Cost Accounting
To the aid of companies and businesses in various ways cost account comes.
The cost accounting standard is an essential process that considers different aspects of the cost of particular product, whether direct or indirect or may be overhead costs.
The marginal and incremental costs can be considered if there is any prune in production process.
Certain accounting principles like life Cycle assessment and environmental accounting help the business in long run.
Cost Accounting Types
- Standard (or Standardized) Cost Accounting – Standard accounting practices are historically secured and are in according with generally accepted accounting principles (GAAP). In the standard cost accounting, the costs set are eventually calculated with variable costs.
- Environmental Accounting – This cost accounting branch is considered to be both; environmental and economic info during the process of formulating the costs of goods.
- Lifecycle Assessment – Lifecycle assessment (LCA) is specialized form of environmental accounting which considers the potential rise in environment costs obtained by the lifecycle of a product.
- Resource Consumption Accounting – This is a German-based accounting exercise which gives managers information support in regards of optimization of a business enterprise.
- Target Costing – This is a method of pricing that the firms use. It can be defined as maximum cost which can be incurred on a product effectively, with the required profit margin earned by the firm.
- Activity-based Accounting – Activity based accounting is known as ABC, is also another accounting practice that assigns overall cost of every activity accurately with resources to all products and services as per the precise consumption by each. Hence its helps in differenciating three types of cost; Fixed cost, overhead cost and variable cost.
- Lean Accounting – Lean accounting is based on accounting practice which is associated with lean businesses. An enterprise which is lean had its origins in postwar Japan to deal wastage that is associated with manufacturing process. The first agenda of lean accounting is to support lean enterprise effectively.
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