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MEANING OF COST ACCOUNTING: The technique and structure of ascertaining the cost are defined as costing. Extension or branch of accounting considers dealing with classification, allocation, recording, summarizing, and reporting current and prospective expenses. It embraces the accounting procedures relating to the recording of all income and expenditure and the preparation of periodical statements and reports with the object of ascertaining and controlling costs. Here is the working aid that will offer Help with cost accounting assignments to students pursuing the course. Here are the basics that need to comprise the cost accounting assignment.
ELEMENTS OF COST ACCOUNTING:
MATERIALS: These are visual materials by touch, i.e., tangible is used in producing the product. These can be direct costs or indirect costs. The explicit materials are quantifiable and have traceable costs.
LABOR: Labor salaries, wages paid, and employee expenses involved in the manufacturing of goods are included in labor costs. This can be further broken into direct or indirect labor costs, respectively.
UNTRACEABLE COSTS: These are also called overhead costs are related to production but are not classified as direct labor or direct materials. This includes all indirect labor and materials costs. www.allassignmentservices.com/cost-accounting-assignment-help/
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-- Edited by vozniak on Tuesday 23rd of February 2021 11:00:01 AM