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Standards of Comparison - Cost Accounting Techniques, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Standards of Comparison - Cost Accounting Techniques, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What are some commonly used cost accounting techniques in business? |  |
Ans. Some commonly used cost accounting techniques in business include job costing, process costing, activity-based costing, standard costing, and throughput accounting. These techniques help businesses accurately allocate and track costs to improve decision-making and cost control.
| 2. How does job costing differ from process costing? | |
Ans. Job costing is used when products or services are customized or unique, and costs are tracked for each specific job or project. Process costing, on the other hand, is used when products or services are produced in a continuous or repetitive manner, and costs are averaged over a period or a large number of units.
| 3. What is activity-based costing (ABC)? | |
Ans. Activity-based costing (ABC) is a cost accounting technique that assigns costs to products or services based on the activities that drive those costs. It recognizes that not all activities consume costs in the same way and aims to provide a more accurate allocation of costs by tracing them to specific activities.
| 4. How does standard costing help businesses? | |
Ans. Standard costing involves setting predetermined standards for various cost elements and then comparing actual costs against these standards. It helps businesses identify variances and deviations from expected costs, allowing them to take corrective actions, improve cost control, and make more informed decisions.
| 5. What is throughput accounting? | |
Ans. Throughput accounting is a cost accounting technique that focuses on maximizing the rate at which products or services generate net income for a business. It emphasizes the flow of products through various stages of production and identifies bottlenecks that limit the overall throughput. By optimizing these bottlenecks, businesses can enhance profitability and efficiency.
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Nov 15, 2024 Last updated |
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