Cost Accounting Assignment Help
StudentsAssignmentHelp.com have a vast team of experienced and professional writers, who are dedicated and focused on helping students with Cost Accounting Assignment Help Services. We have an expert on every subject and provide best assignment solutions. The idea of cost is one of the most difficult concepts of finance and accounting course. Hence the expert of StudentsAssignmentHelp.com has introduced proficient, cost accounting homework help.
What is cost and cost accounting?
In accounting, the cost is the monetary value of the total amount of expenditure for services, labor, supply, products, equipment and other items purchased for use by a business. Cost accounting help is the process of collecting, analyzing, summarizing and evaluating various alternative courses of actions.
Cost accounting is derived from the field of accounting and provides the detailed cost information; that requires management control current operations and plan for the future. Cost accounting is different from financial accounting in some way. Cost accounting analyzes the fixed and variable cost factors.
Types of cost
- Actual cost- The cost involved in actually manufacturing a good or giving service is called, the actual cost of the company.
- Opportunity cost- The value of the opportunities lost or the value of the best possible alternative is an opportunity cost. Opportunity cost is the cost of economic endeavor that was not undertaken to produce current goods and services.
- Sunk cost- Sunk cost is the cost which does not vary because of the nature or level of business activity. They are also known as an unavoidable cost, according to our cost accounting assignment help experts.
- Incremental cost- Incremental cost is exactly opposite of sunk cost. Incremental cost varies or increases, according to the changes in the business activity.
- Explicit cost- The cost which is paid by the firm is known as explicit cost. An explicit cost is also called paid out cost.
- Implicit cost- The cost which is not shown in the account books of the company, but can influence major business decisions of the company.
- Book cost- The cost which is not paid directly, but a provision is created for those costs in the profit and loss statements, are known as book cost.
- Accounting cost- The outlay cost that is already incurred in a particular production or process is known as accounting cost.
- Economic cost- Future cost is the cost that is not yet incurred but plays a major part in business decisions.
- Direct cost- That cost which has a direct relation to the unit of manufacture or operation is known as direct cost.
- Indirect cost- Indirect cost is the cost which is related to the production process, but are not said to be directly accountable to the cost object.
Elements of cost
As said by our cost accounting writing help experts, the most important exercise of costing is to fix what is called COGS i.e. cost of goods sold. We must understand the three basic elements to determine the cost of goods sold. Our expert and experienced cost accounting writing experts have put down the elements accordingly:
1. Direct material cost- The sum total of the costs of the raw material which was directly involved in manufacturing a product is known as direct material.
2. Direct labor cost- Direct labor cost is the total cost of the work done by the workers, who actually make the product.
3. Manufacturing overhead costs- The cost that is related to the cost object, but cannot be directly traced back to the object cost in an economically feasible way is known as manufacturing overhead costs. In order to make a profit, it must be added to the final cost.
Types of cost accounting
1. Standard accounting
2. Lean accounting
3. Activity based accounting
4. Target costing
5. Resource consumption accounting
6. Life cycle assessment
7. Environmental accounting
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