Cost Accounting is the branch of accounting that deals with the collection, classification and recording of a cost incurred while carrying out any business activity or fulfilling a purpose. The data is then abridged and examined to come to a selling point or to control savings. Unlike financial accounting, which takes money as a measurement of economic performance, in cost accounting, money is considered as an economic factor of production. Cost accounting is a vast subject with different mathematical and theoretical concepts. This is why universities emphasise on elaborative cost accounting assignments that include question styles such as discussion questions, exercises, reports, spreadsheet questions and problem questions. Cost accounting assignments help students understand the underlying concepts.
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Management Accounting and Cost: the process of collection, classification, analysis, summarisation, allocation, and evaluation of different courses of action for cost control to help management make business decisions on cost capability and efficiency comes under management accounting and cost assignments. Assignments in management accounting and cost come with questions such as identification of major cost elements in the cost of a product or a service and defining cost elements with examples. Our cost accounting assignment help online helps you complete your assignment with information sourced from credible sources like peer-reviewed journals and books etcetera.
Costing Assignment Help: Costing is the system of allocating costs to any element of a business. Costing is utilised to assign cost for these;
In costing assignments, students are required to know the concepts of direct costing and absorption costing as well as the purposes for which costing is used like external reporting and internal reporting. Our costing assignment help experts are familiar with different products and services where more elaborative recording of costs is required. They are also familiar with averaging techniques are applied to products.
Cost Concepts can be studied on purpose basis under two broad categories, for accounting purposes, as well as, for economic analysis of business related activities. The following are some of the cost concepts that students have to understand in-depth to solve cost concept accounting assignments;
The below cost concept question will give you a fair idea about the type of assignments you have to undertake;
Manufacturing Statement and Income Statement: Manufacturing statement is a summarised report of all manufacturing related costs and activities. It is usually divided into four distinct parts, for example, direct labour, overhead, direct material, and total cost of manufacturing or goods manufactured. Income Statement, on the other hand, is the statement of a report that companies prepare in order to show their financial performance over given accounting period. Manufacturing and Income statement assignment questions involve the use of spreadsheets along with formulas. It also requires students to be familiar with different functions within the spreadsheet and their application to allow for the possibilities of either net loss or net income.
Our cost accounting assignment experts say that understanding the entries in the materials control account is very important for students to fare well in their cost accounting assignments. Material control is the process through which a systematic control is exercised over storage, purchase and use of material to reduce the possible cost.
Similarly, understanding the entries in the accrued payroll account is paramount for our cost accounting assignment help experts as cost accounting assignments often require the students to prepare T-account for accrued payroll and journal entries for to record salaries and wages earned by the employees of a given company during a specified period of time.
Payroll: Direct and Indirect LabourDirect labour is any labour that is specifically used to create an output unit. For example, in service businesses such as hair salon, the wages of employees will be considered as direct labour costs. Indirect labour, on the other hand, is the cost of employing labours who are not directly devoted to create a specific output. Assignments related to payroll, direct and indirect labour costs requires you to understand the difference between direct and indirect labour costs and how to calculate them. The following example of direct and indirect labour cost assignment will give you an idea of the types of questions asked;
Activity-Based Costing: Also known as ABC in accounting, activity-based costing is a method of accounting that is used to identify activities of a business firm and then allocating indirect costs to the products. Activity-based costing is used to examine the relationship between activities, products, and costs. In activity-based costing assignments, students have to prepare business reports, and argument on the pros and cons of activity-based costing. Students have to know how to format their report and write their report according to the report writing format required by the university. Cost accounting assignment help experts at My Assignment Services are well-versed in report writing formats and have years of experience writing reports for accounting assignments. The following example of activity-based costing assignment might help in clearing your doubt on the types of activity based costing questions
Direct, step and reciprocal methods of overhead allocation: There are different types of methods utilised for factory overhead costs to units of production. The direct method of cost allocation is the technique to charge the service department costs to other arms of the business. Then comes the step-down method of cost allocation, which is a technique that allocates service costs to the service departments and operating departments in a sequential process. Finally, there is a reciprocal method of overhead allocation, which recognises relationships between service departments, which means, the cost is allocated from and to other service departments. The following infographics clear the three methods of overhead allocation clearly, followed by a sample question for further reading.
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