To make production effectively, costs like labor, overhead and material costs all together must be incurred. In fact in the production process every cost plays it role to make the production effective. Take an example of labor cost no production can take place without labor cost, however much it’s the use of machines but the devices too are controlled by labor or humans.
Cost reveals financial evaluation or assessments of resources prolonged to accomplish the goal like producing conducive service. In other words cost is the driver of all the income and expenditure statements. Costs appear everywhere be it in financial accounting, management accounting and in cost accounting governed by its principles. Therefore it should be noted that cost accounting enables the company and the managers to have information about the period financial reports. But this doesn’t mean that the released reports are the generally accepted ones by the Generally Accepted Accounting Principles (GAAP).
Table of Contents
Chapter 1:
1.0. Introduction to Cost Accounting
Cost is defined
Characteristics of Cost
Chapter 2.
2.1. Assessment of Financial, Management and Cost Accounting
Financial Accounting
Management Accounting
Cost Accounting
Cost Accounting with International Public Sector Accounting Standards (IPSAS)
A glance at Cost Accounting and the Generally Accepted Accounting Principles (GAAP)
Chapter 3
3.1. The Difference between Costing and Cost Accounting
Cost Accounting Objectives
Merits of Cost Accounting
Cost Classification
Chapter4
4.1. Cost Accounting As Competed in the Global Environment
Tasks of Managers and Cost Accounting within an Organization
Organizational Structure
Roadmap to Going Global
Chapter5.
5.1. Budgeting
Introduction
Budget is defined
Budgeting Systems
Chapter6
6.1. References List
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