Question

Assignment on cost accounting on any company with dummy values.

 

Answer 1

Costing is the technique and process of ascertaining costs. In order to do the same, it is necessary to
follow a particular method of ascertaining cost. Different methods of costing are applied to different
industries depending upon the type of manufacture and their nature. Broadly the costing methods are
classified into the following:
(a) Job Order Costing (Specific or Terminal Costing)
(b) Operation Costing or overhead Costing

Job Costing: It is a method of costing which is used where the work is undertaken as per the customer's special requirement. When an inquiry is ecalved from the customer, costs expected to be incurred on the job are estimated on the basis of this estimate, a price is quoted to the customer. Actual cost of materials, to Pan overheads are accumulated and on the completion of job, these actual costs are ompared with the quoted price and thus the profit or loss on it is determined.

Job costing is applicable in printing press Garaware, ship-building, heavy machinery, foundry, general engineering works, machine tog ernior decoration, repairs and other similar work.

Cost volume profit analysis is a managerial accounting technique that sets up a relation between sales volume and production cost in order to judge pr estimate a concerned profit for any business. Despite of being biased over various topics of management, the students studying business studies to achieve a better and correct understanding of the terminologies. CVP provides diversified information through online portal to such students who require professional assistance with their assignments and homework.

Overheads are often related to accounting concepts such as fixed costs and indirect costs. Overhead expenses are all costs on the income statement except for direct labor, direct materials, and direct expenses. Overhead expenses include accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities.There are essentially two types of business overheads: administrative overheads and manufacturing overheads