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cost accounting (Function and Accounting (Classification of Companies (The…
cost accounting
Function and Accounting
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Utility
Refers to begin an assessment that makes the person who enjoys (or suffers) a service or a particular state.
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Nature of Costing
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Cost, Price, Utility
Within traditional cost accounting, all manufacturing costs are included in the cost of a product for inventory cost purposes, as well as all non-manufacturing costs are excluded.
This method is known as cost-absorbing or total costing. The basic characteristic of the absorption cost system is the distinction between the product and the costs of the period.
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Method of Costing
Absorbent Costing
In the direct or variable costing method, variable manufacturing costs are allocated to the manufactured products.
We understand that the elements that make up the cost of a product under the Absorbent method would be: Raw Material, Manpower and Indirect Manufacturing Expenses, taking from the latter, variables and fixed ones.
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Plan of Accounts
A chart of accounts is a list that contains all the accounts that are necessary to record the accounting facts.
Accounting Cycle
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Retained Earnings State
For a long time the state of surplus variation or retained earnings had been a summary where the accountants carried all the extraordinary gains and losses
Raw Material Accounting
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The materials that are actually part of the finished product are known as raw materials or main materials.