COST ACCOUNTING Introduction
Cost Accounting - measuring, recording, and reporting of product costs. All data from starting about the total cost or cost each unit is being used to forecast future cost. Objectives of Cost Accounting Cost determination - to determine the costs of manufacturing (materials, labor, and overhead) on a specific job, to the department creating the products and the cost of the product processes. Cost Control - to have a lesser cost without changing the target quality of the product. Cost Analysis - this is the measuring, recording, and reporting the costs and being observe to know the updates of the cost to help the owners/managers to analyze its cost and to execute the cost determination and the cost control. Methods Cost accumulation system - accumulated cost per what detail is needed. Kinds of cost accumulation system Job order costing - small quantities or distinct batches of identifiable, unique products or services. Each cost are assign to each job or ...