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Operating Costing - Overheads, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Operating Costing - Overheads, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is operating costing and how does it relate to overheads? |  |
Ans. Operating costing is a technique used in cost accounting to determine the cost of operating a specific process, department, or activity within a company. It involves identifying and allocating all the costs associated with that specific operation. Overheads, on the other hand, are indirect costs that are not directly attributable to a specific product or service. In operating costing, overheads are allocated to the specific operation based on predetermined cost drivers or allocation bases.
| 2. What are the types of overheads considered in operating costing? | |
Ans. In operating costing, various types of overheads are considered. These may include rent, utilities, depreciation of machinery, maintenance costs, administrative expenses, and other indirect costs associated with the specific operation being analyzed. It is important to accurately identify and allocate all relevant overhead costs to ensure an accurate calculation of the total operating cost.
| 3. How is operating costing different from traditional costing methods? | |
Ans. Operating costing differs from traditional costing methods, such as job costing or process costing, in terms of the focus and level of detail. Traditional costing methods allocate costs to specific products or processes, whereas operating costing focuses on determining the cost of a specific operation or activity. Operating costing provides a more detailed analysis of the costs associated with the operation, allowing for better decision-making and cost control.
| 4. What are the advantages of using operating costing in cost accounting? | |
Ans. There are several advantages of using operating costing in cost accounting. Firstly, it provides a more accurate and detailed understanding of the costs associated with a specific operation or activity. This helps in identifying areas of cost inefficiencies and making informed decisions to improve cost-effectiveness. Secondly, operating costing allows for better cost control and monitoring, as overheads are allocated based on predetermined cost drivers. Lastly, operating costing helps in evaluating the profitability and performance of individual operations within a company.
| 5. How can operating costing be used to improve cost management? | |
Ans. Operating costing can be used to improve cost management by providing valuable insights into the cost drivers and cost behavior of a specific operation. By accurately identifying and allocating overhead costs, managers can analyze the cost structure and make informed decisions on cost reduction strategies. Additionally, operating costing helps in setting appropriate selling prices, as it provides a clearer understanding of the total cost of the operation. By regularly monitoring and analyzing the operating cost, companies can identify cost-saving opportunities and optimize their overall cost management.
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