Meaning Of Cost Accounting Essay

Meaning Of Cost Accounting Essay-19
The certifications of accountants are also differentiated in these two categories, CMA and CPA.No matter what category you place an accountant in; the job is crucial in the Executive Summary Accounting concepts are the rules and guidelines used in accountancy and one of these is the historical cost accounting.

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Sufficient inventory should be on hand at day-to-day management as well as future planning and organizing. Accounting Principles – • Compiling data (records, reports, statements etc.) • Management by Exception – top management should be involved only in case of exceptional matters.

• Control at Source – costs be controlled at its source • Integration – integration of mgt.

A portion of its paperboard output was converted into corrugated boxes by the Design division, which also printed and colored the outside surface of the boxes.

Including Design, the company had four producing divisions and a timberland division which supplied part of the company’s pulp requirements.

Many factors are considered while fixing the price of a product/item such as competitors’ price etc.

One of the basic factors is the cost of its production.

information • Efficient utilization of resources • Forward looking approach • Measuring returns on investment Techniques of Mgt.

Accounting ✓ Cost sheets analysis ✓ Material costs ✓ Overheads costs ✓ Marginal Costing ✓ Break-even Analysis ✓ Budgetary Control ✓ Standard Costing ACCT 3020 Cost and Management Account II Case Study Zhuhai Company The Company Zhuhai Company was a medium-sized, partly integrated paper company, producing white and kraft papers and paperboard.

Cost is essential not only to fix price but also to ascertain the margin of profit.

Knowledge of the cost determination is also necessary to keep a check on the cost of product/control on wastages, etc.

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