Cost Accounting Assignment Help

Cost accounting is a branch in accounting that presents and analyzes an organization’s cost of production. Cost accounting accounts for all the recording and documentation of economic and transactional data which is crucial for any form of business. By analyzing, projecting, summarizing and presenting financial facts, such information is easily applied to the organization’s decision making process. The outcome of any cost analysis provides management with very important information about the company’s organizational progress which helps an organization improve their performance.

Some of the major elements of cost accounting which appear in most cost accounting methods and techniques include; Raw materials, Labor and overheads. This are the basis units of cost accounting to which cost are allocated. The raw materials comprises of both direct and indirect raw materials while labor expenses consists of both direct and indirect labor expenses. Overhead costs comprise of all the costs that cannot be directly linked to the final product yet essential to the production process.

Some of the costs involved in cost accounting assignments are classified based on various categories which include;

• By traceability- which refers to how costs are assigned to the cost object; either directly or indirectly. Direct costs are allocated to their cost centers while indirect costs are apportioned to the direct costs.
• By function- costs defined by their function include production costs, administration costs, selling and distribution costs and well as research and development costs
• classification based on behavior- here we have the fixed, variable and semi variable- Fixed costs remain the same despite any changes in production while variable costs vary with changing production. Semi variable costs have both attributes of fixed and variable costs
• Classification based on controllability – costs in this category can either be controlled or uncontrolled. Controllable costs are influenced by conscious management decisions while uncontrollable costs are not influenced by management actions
• Classification based on time- this category comprises of historical costs and predetermined costs- historical costs are business costs that were incurred in the past while predetermined costs are costs calculated in advance to their actual realization

Why seek help in completing cost accounting assignment

Cost accounting can be a source of migraine for students owing to the wide array of underlying concepts and calculations, coupled by sophisticated analysis techniques. A lot of student’s struggle with cost accounting assignment and end up failing in the unit when initially, they could have sought assistance.

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