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4 types namely,
1.WASTES
2.SCRAP
3.SPOILAGE
4.DEFECTIVE
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What are the objectives of material control in cost accounting?
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Differentiate the Financial Accounting from Cost Accounting and Management Accounting?
to know the financial position(i.e. profit or loss) and cost accounting to know the cost price of product of business and management accounting is to take the decision based on financial and cost accounting to prepare bugdget, analysis etc
What is abnormal loss in cost accounting?
Abnormal loss is an unexpected loss in financial assets in business activities.
What is normal loss in cost accounting?
· Normal loss is unavoidable losses arising due to the nature of the material or the process * The reasons for such loss in output can be due to the following: * Evaporation; * Breakage; * Scrap due to high quality needed; * Rejection on inspection; * Defective Units; * Loss inherent in large scale manufacturing; * Chemical change * Residue Material * Examples of normal losses are metal turnings, off-cuts, metal borings, edges, shreddage and ends. * The quantity of normal loss anticipated is determined from past experience and from the material specification. * The cost of normal loss is absorbed by the completed output. * The value of scrap of normal loss units is deducted from the direct material cost. Normal loss never receives a share of the process cost.
What is Cost Head in accounting?
Cost head is specific head to which costs are charged like advertisement expense or direct material etc.
Why cost accounting is used instead of financial accounting?
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
What is production cost in cost accounting?
COST OF PRODUCTION IN ACCOUNTING: is defined as the amount spent in the converting of raw material into finished goods. in the manufacturing account is calculated by Add:opening stock of ram material :purchase +carriage inward -return outward=cost of goods available-closing stock=cost of sales +prime cost+factory overhead+net work in progress=cost of production
What is the difference between cost accounting and financial accounting and what is the different between cost accounting and management accounting?
Cost accounting and managerial accounting are really the same thing. The key difference between managerial/cost and financial accounting is that managerial accounting information is aimed at helping managers within the organization make decisions. In contrast, financial accounting is aimed at providing information to parties outside the organization. cost is the amount of the expenditure. In cost accounting we can find cost of goods and services. financial accouts shows the profit and loss and balance sheet made during an accounting period, and also financial position of the business as on a particular date. cost accouting provides the management detailed information regarding cost of each product, services etc. Cost Accounting focuses on the costs of production and inventory valuations. Management Accounting produces internal financial reports and analysis prepared in such a way to assist managers in making decisions (such as expense reduction, capital investment, etc.). Financial Accounting produces financial reports in accordance with GAAP and legal guidelines and would generally be the format which is distributed externally for banks, investors, etc.
What is the Cost and cost accounting also give out objectives of cost accounting?
answer
How does management accounting differ from cost accounting?
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
Cost accounting and management accounting?
Cost accounting is a subset of management accounting, although the two are used interchangeably.
