108220_633623507025496250

108220_6336235070254 - Cost accounting Introduction COST MEANING (actualornotional)incurredon,or attributableto,agiventhing COST ACCOUNTING MEANING

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Cost accounting Introduction
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COST - MEANING Cost means the amount of expenditure  ( actual or notional) incurred on, or  attributable to, a given thing.
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COST ACCOUNTING - MEANING Cost accounting is concerned with  recording, classifying and summarizing  costs for determination of costs of products  or services, planning, controlling and  reducing such costs and furnishing of  information to management for  decision  making
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COST MATERIALS LABOUR OTHER EXPENSES DIRECT DIRECT DIRECT INDIRECT INDIRECT INDIRECT OVERHEADS FOH AOH SOH DOH ELEMENTS OF COST
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MATERIAL : The substance from which the finished product is made is known as material. Direct material is one which can be directly or easily identified in the product Eg: Timber in furniture, Cloth in dress, etc. Indirect material is one which cannot be easily identified in the product.
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Examples of Indirect material At factory level – lubricants, oil, consumables,  etc. Brooms, Dusters, etc. printing & stationery, etc.
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LABOUR: The human effort required to
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This note was uploaded on 07/29/2010 for the course ACCOUNTS 2332 taught by Professor Piyush during the Fall '10 term at Amity University.

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108220_6336235070254 - Cost accounting Introduction COST MEANING (actualornotional)incurredon,or attributableto,agiventhing COST ACCOUNTING MEANING

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