Online Cost Accounting Assignment Help For Australia Students: Subject Overview

Cost accounting refers to that method which helps in capturing an organization’s production cost by estimating all input costs. Data retrieved from this process is analyzed to determine a selling price. Students pursuing finance and accounting courses are asked to compose assignments on cost accounting. It is required to become well-acquainted with each and every aspect of this method for drafting a well-informative and well-structured assignment. Those who do not have adequate knowledge about this subject can buy cost accounting assignment help materials from experts.

Students can get to know about several significant aspects of this area from those help materials. Online cost accounting assignment help experts also make pupils understand all the complex concepts. All the major topics or concepts covered under this discipline or area are discussed here. This article is specially meant for UK students. 

Financial accounting versus cost accounting 

Money is regarded as a means of economic performance in financial accounting whereas money is considered as a significant factor of production in cost accounting. 

·         Information and data related to overhead, labor, and material is required for cost accounting. Financial accounting records the information in monetary terms 

·         Pre-determined cost and historical cost are required for cost accounting. Historical cost is required for financial accounting. 

History of cost accounting 

The concept of cost accounting emerged during industrial revolution. It was developed as an independent discipline in 20^th century. T. R. Malthus and David Ricardo are the pioneers of this field.

Types of costs

All the types of costs are discussed below.

·         Actual cost

It refers to the manufacturing cost of a good or cost required for providing a service.

·         Sunk cost

Depreciation cost is an example of this type of cost. It refers to that cost which does not vary depending on the nature of business.

·         Opportunity cost

It basically refers to the cost of an endeavor that is not directly related with the production of current goods.

·         Incremental cost

This type of cost varies according to changes in the nature of the business.

·         Implicit cost

This type of cost is not mentioned in the account book of the organization.

·         Explicit cost

Explicit cost is also known as paid out cost. This cost is paid by the company or firm.

·         Direct cost

This type of cost is directly related with manufacturing or production.

·         Indirect cost

Cost of machinery used for production is an example of indirect cost. 

Types of cost accounting 

All the types of cost accounting are enlisted below.

·         Standard cost accounting ( Use of ratios for comparing efficient utilization of materials and labors)

·         Lean accounting (extension of lean production and manufacturing)

·         Activity based costing (monitoring and costing of activities that includes costing final outcomes, tracing resource consumption etc)

·         Marginal costing ( analyzes the relationship between a good’s sales price, amount produced, volume of sales, expenses etc)

Elements

Elements of cost accounting are mentioned below.

·         Cost of direct material

·         Cost of direct labor

·         Cost of manufacturing overhead

Without having in-depth knowledge about the subject, it is impossible to compose an impeccable online cost accounting assignment.