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What is Cost Accounting

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What is Cost Accounting

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  1. WHAT IS COST ACCOUNTING? MY ASSIGNMENT SERVICES- UAE An Presented by Sam Eddy www.myassignmentservices.ae

  2. WHAT IS COST ACCOUNTING? • Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense. www.myassignmentservices.ae

  3. Activity-based Cost Accounting • Lean Cost Accounting • Standard Cost Accounting • Marginal Cost Accounting • What are the Types of Cost Accounting? This form of cost accounting that is focused on finding excess cost from every department and using them to certain cost objectives, like - products and services, is termed as activity-based cost accounting. The financial management practices in an organisation are controlled by lean cost accounting. It is derived from a Japanese philosophy that states, minimising waste intentionally while optimising productivity. In this type of cost accounting, the company uses different ratios to establish a comparison between how workforce and materials are used effectively to manufacture goods and produce services in a genuine condition. This type of cost accounting deals with analysing the connection between the forms sales volume, products, production, amount, expenses, profits, and cost. It is also termed as cost-volume-profit-analysis.

  4. Fixed costs are costs that don't vary depending on the level of production. These are usually things like the mortgage or lease payment on a building or a piece of equipment that is depreciated at a fixed monthly rate. An increase or decrease in production levels would cause no change in these costs. • Variable costs are costs tied to a company's level of production. For example, a floral shop ramping up its floral arrangement inventory for Valentine's Day will incur higher costs when it purchases an increased number of flowers from the local nursery or garden center. • Operating costs are costs associated with the day-to-day operations of a business. These costs can be either fixed or variable depending on the unique situation. • Direct costs are costs specifically related to producing a product. If a coffee roaster spends five hours roasting coffee, the direct costs of the finished product include the labor hours of the roaster and the cost of the coffee beans.

  5. What we are doing? We are offering the best cost accounting assignment help at an affordable price. We understand that writing cost accounting assignments are not easy for learners. Scholars need to have an in-depth understanding of three different fields, economics, accountancy and mathematics for solving cost accounting assignments. But, we know that being a learner holding mastery in various areas is not simple. www.myassignmentservices.ae

  6. Thank you! • Feel free to reach out to us • if you have any questions. • Website • www.myassignmentservices.ae

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