Tuesday, May 12, 2020

Methods / Techniques of Cost Accounting - 5029 Words

Ex-MBA 2011-2014 ( Batch - Weekend ) Semester - 2 Subject: Managerial Accounting ------------------------------------------------- Title : Methods / techniques of cost accounting Submitted by : Vishwajeet Gaikwad – 2011G04 Submitted to : Prof. Sameer Deshmukh INDEX SR NO | TITLE | PAGE NO | 1 | INTRODUCTION | 3 | 2 | METHODS OF COST ACCOUNTING | 4 | 3 | TECHNIQUES OF COST ACCOUNTING | 8 | 4 | USEFULNESS | 10 | | | | | | | 5†¦show more content†¦The system is used generally in cases where government happens to be the party to give contract. D. Batch Costing This method is employed where orders or jobs are arranged in different batches after taking into account the convenience of producing articles. The unit of cost is a batch or a group of identical products instead of a single job order or contract. This method is particularly suitable for general engineering factories which produce components in convenient economic batches and pharmaceutical industries. E. Process Costing If a product passes through different stages, each distinct and well defined, it is desired to know the cost of production at each stage. In order to ascertain the same, process costing is employed under which a separate account is opened for each process. This system of costing is suitable for the extractive industries, e.g., chemical manufacture, paints, foods, explosives, soap making etc. F. Operation Costing Operation costing is a further refinement of process costing. The system is employed in the industries of the following types: a. The industry in which mass or repetitive production is carried out b. The industry in which articles or components have to be stocked in semi-finished stage to facilitate the execution of special orders, or for the convenience of issue for later operations The procedure of costing is broadly the same as process costing except that in this case, cost unit is anShow MoreRelatedBusiness Innovation And Skills Of Uk Government1563 Words   |  7 Pagesthe below discussion. Generally, accounting is a necessary to all kind of enterprises, it helps firms to make decisions and to increase the efficiency and profitability. Moreover, management accounting such as Job Costing, Cost-Volume-Profit Analysis(CVP), Pricing and Target Costing etc. are also commonly used in businesses which help SMEs to calculate the cost and budget. In the following discussion, I am going to investigate different accounting tools and techniques and see whether they are suitableRead MoreEthical Issues Of Financial Accounting984 Words   |  4 Pagesthe reporting to whom. 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