B Com Exam > B Com Videos > Cost Accounting > Cost Sheet Case Study - Overheads, Cost Accounting
Cost Sheet Case Study - Overheads, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Cost Sheet Case Study - Overheads, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What are overheads in cost accounting? |  |
Ans. Overheads in cost accounting refer to indirect costs that are not directly attributable to a specific product or service. These costs include expenses such as rent, utilities, depreciation, and administrative salaries. Overheads are allocated to products or services based on predetermined allocation methods to determine their total cost.
| 2. How are overheads calculated in cost accounting? | |
Ans. Overheads are calculated in cost accounting by using allocation methods such as direct labor hours, machine hours, or square footage. These methods determine the proportion of overhead costs that should be allocated to each product or service. For example, if the allocation method is direct labor hours and a product requires 10 hours of direct labor to produce, the overhead cost will be allocated based on the number of direct labor hours used.
| 3. Can overheads be reduced in cost accounting? | |
Ans. Yes, overheads can be reduced in cost accounting through various strategies. Some common methods include improving efficiency in the production process, renegotiating contracts with suppliers to obtain better pricing, implementing cost-saving measures for utilities, and optimizing the use of equipment to reduce maintenance and repair costs. By identifying and addressing areas of inefficiency, businesses can minimize overhead costs and improve their overall profitability.
| 4. Why is it important to track overhead costs in cost accounting? | |
Ans. Tracking overhead costs in cost accounting is important because it allows businesses to accurately determine the total cost of producing a product or delivering a service. This information is crucial for pricing decisions, profitability analysis, and evaluating the financial performance of different products or services. By understanding the allocation of overhead costs, businesses can make informed decisions to optimize their operations and ensure that their pricing strategies are competitive and profitable.
| 5. What is the difference between direct costs and overhead costs in cost accounting? | |
Ans. The difference between direct costs and overhead costs in cost accounting is that direct costs can be directly attributed to a specific product or service, while overhead costs are indirect and cannot be easily traced to a specific product or service. Direct costs typically include materials, labor, and other expenses directly related to the production or delivery of a product or service. On the other hand, overhead costs include expenses such as rent, utilities, and administrative salaries, which are necessary for the overall operation of the business but cannot be directly linked to a specific product or service.
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