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Introduction to Cost Accounting Video Lecture | Cost Accounting - B Com
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106 videos|173 docs|18 tests
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FAQs on Introduction to Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is cost accounting? |  |
Ans. Cost accounting is a branch of accounting that deals with the identification, measurement, analysis, and reporting of costs associated with the production of goods or services. It helps businesses in cost control, decision making, and budgeting.
| 2. What are the objectives of cost accounting? | |
Ans. The primary objectives of cost accounting are to determine the cost of goods or services, assist in cost control, facilitate decision making, and aid in budget preparation. It also helps in evaluating the performance of different departments or products and identifying areas for cost reduction.
| 3. What are the different types of costs in cost accounting? | |
Ans. The different types of costs in cost accounting are:
1. Direct costs: These are costs that can be directly attributed to a specific product or service, such as raw materials or labor.
2. Indirect costs: These are costs that cannot be directly attributed to a specific product or service, such as rent or utilities.
3. Fixed costs: These are costs that remain constant regardless of the level of production or sales.
4. Variable costs: These are costs that vary with the level of production or sales.
5. Semi-variable costs: These are costs that have both fixed and variable components, such as salaries and wages.
| 4. What are the benefits of cost accounting to a business? | |
Ans. The benefits of cost accounting to a business are:
1. Helps in cost control and reduction.
2. Facilitates decision making.
3. Aids in budget preparation.
4. Helps in performance evaluation and product pricing.
5. Improves efficiency and productivity.
6. Facilitates better inventory management.
7. Increases profitability.
| 5. What are the different methods of costing in cost accounting? | |
Ans. The different methods of costing in cost accounting are:
1. Job costing: This method is used when the products or services are customized or unique, and the cost can be traced to a specific job or project.
2. Process costing: This method is used when the products or services are homogeneous and produced in large quantities.
3. Activity-based costing: This method is used when the products or services have multiple cost drivers, and the cost can be allocated to different activities.
4. Standard costing: This method is used when the costs are predetermined based on past data and are compared with the actual costs to identify variances.
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Nov 15, 2024 Last updated |
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