UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Analysis, Concepts & Classifications
Analysis, Concepts & Classifications Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Analysis, Concepts & Classifications Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is the importance of cost analysis in cost accounting? |  |
Ans. Cost analysis in cost accounting is crucial as it helps businesses understand their cost structure, identify areas of inefficiency, make informed decisions on pricing, budgeting, and resource allocation, and ultimately improve profitability.
| 2. What are the key concepts in cost accounting? | |
Ans. The key concepts in cost accounting include cost classification, cost behavior, cost allocation, cost control, and cost reduction. These concepts help businesses track and manage their costs effectively.
| 3. How are costs classified in cost accounting? | |
Ans. Costs in cost accounting are classified into direct costs (e.g., raw materials, labor) and indirect costs (e.g., overhead expenses), variable costs (e.g., production costs) and fixed costs (e.g., rent), and product costs (e.g., manufacturing costs) and period costs (e.g., administrative expenses).
| 4. What is the difference between cost analysis and cost control? | |
Ans. Cost analysis involves examining and understanding costs, while cost control focuses on managing and reducing costs. Cost analysis helps identify areas for improvement, while cost control involves implementing strategies to achieve cost-saving goals.
| 5. How can businesses classify costs based on their behavior? | |
Ans. Businesses can classify costs based on their behavior as variable costs (costs that change with production levels), fixed costs (costs that remain constant regardless of production levels), and semi-variable costs (costs that have both fixed and variable components). This classification helps businesses understand cost patterns and make informed decisions.
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Nov 21, 2024 Last updated |
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