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Accountancy is one of the most sought-after subjects in the field of finance & accounting, and cost accounting is one of its important wings. It helps the organization identify the expenses and earnings and aims for boosting the internal cost control and efficiency of the business. For this reason, professors in Canadian universities emphasize tendering countless assignments to boost students' knowledge. However, most students face trouble in these assignments due to the mathematical terminologies and loads of formulas. So, are you too one of them? Relax now; you need not worry too much; we at My Assignment Services make sure that Canada's students benefit by availing themselves of our cost accounting assignment help.
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The elements of costs in cost accounting include material, labour and expenses. Each element mentioned above is further divided into subcategories. Let's dive into the details.
It is the cost of the basic materials that are used during production and can be further categorized into direct material and indirect material. The direct material cost is the cost involved directly in manufacturing a product, and the indirect material is the cost associated with the production of the final product but not directly involved. For example, the cost of wood or clothes are the direct material costs, whereas the saw or scissors are the indirect material costs. By availing of our accounting assignment help you can grasp more about the costs and employ that in your assignment.
Labour cost is the cost of human resources who are responsible for transforming the materials into finished goods. It is categorized into direct labour and indirect labour. Direct labour is the people who actively work to manufacture different products. On the contrary, the people who are not directly associated with the manufacturing process are the indirect labour.
Expenses are the expenditure of an organization other than material and labour costs. It can be further classified into direct expenses and indirect expenses. Direct expenses are chargeable expenses and involve specific costs such as material costs and utilities. On the contrary, the expenses that don't come under direct expenses such as legal consultation charges or printing are indirect expenses.
Overhead costs are somehow similar to indirect expenses, but it is somehow wider due to the inclusion of indirect labour, indirect material and indirect expenses. There are two types of overhead costs: factory overhead, office & administrative overhead, and selling & distribution overhead.
The factory overhead features the overhead cost used for manufacturing and also the effective functioning of a manufacturing process such as unit insurance or rent. The expenses related to the management and administration, such as costs related to stationery items or office rent, are the office and administrative overhead. Last but not least, the expenses involved in marketing a product or shipping the same are the selling and distribution overhead. For a better insight into the cost aspect, you can always turn to our cost accounting assignment help.
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Cost accounting helps the management of an organization account for the business's cost by employing both fixed and variable costs. It also helps in considering every aspect of the business, such as process and product cost. On the other hand, effective cost accountancy ensures minimization of cost and better efficiency without hampering the production volume. Cost accounting streamlines business processes by highlighting both unwanted and surplus resources. Cost accounting also conducts cost-volume-profit analysis, level of production and profitability meticulously. Last but not least, it also enhances decision-making skills and plays a crucial role while taking crucial financial decisions.
Cost accounting deals with the costs during production, whereas financial accounting deals with the financial data of a business to access its current position. Cost accounting generates reports to identify the concerned areas of production for maximizing both efficiency and profit of the business. However, financial accounting determines the financial outcome for a specific period and defines the business's position and liabilities. Both cost accounting and financial accounting are necessary for the manifold of the business, although they have two different objectives.
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