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Unit Cost (Part -1) - Methods of Cost Determination, Cost Management Video Lecture | Cost Management - B Com
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FAQs on Unit Cost (Part -1) - Methods of Cost Determination, Cost Management Video Lecture - Cost Management - B Com
| 1. What are the different methods of cost determination? |  |
Ans. The different methods of cost determination include job costing, process costing, activity-based costing, standard costing, and direct costing. Job costing is used when the production is based on specific orders or projects, while process costing is used when the production is continuous and homogeneous. Activity-based costing assigns costs based on the activities involved in the production process. Standard costing involves setting predetermined cost standards and comparing them with actual costs. Direct costing focuses on considering only the variable costs directly related to production.
| 2. How is cost management important in business? | |
Ans. Cost management is important in business as it helps in optimizing resources, improving profitability, and making informed decisions. By effectively managing costs, businesses can identify areas of wastage, reduce expenses, and enhance efficiency. It enables businesses to allocate resources effectively, control expenses, and maintain competitive pricing. Cost management also helps in analyzing the profitability of products or services, identifying cost drivers, and implementing cost-saving measures.
| 3. What is the concept of unit cost? | |
Ans. The concept of unit cost refers to the average cost incurred to produce one unit of a product or service. It is calculated by dividing the total cost of production by the total number of units produced. Unit cost is important in determining the selling price, evaluating profitability, and making pricing decisions. It helps businesses understand the cost structure and efficiency of their production processes.
| 4. How does job costing differ from process costing? | |
Ans. Job costing and process costing are two methods of cost determination used in different production scenarios. Job costing is used when the production is based on specific orders or projects, while process costing is used when the production is continuous and homogeneous. In job costing, costs are allocated to individual jobs or projects, and each job is treated as a separate cost unit. In process costing, costs are allocated to different production processes or departments, and the average cost per unit is calculated for the entire process.
| 5. What is the role of standard costing in cost determination? | |
Ans. Standard costing plays a crucial role in cost determination by setting predetermined cost standards for various activities and comparing them with actual costs. It helps in identifying variances between the standard costs and actual costs, enabling businesses to analyze the reasons for deviations. Standard costing provides a benchmark for evaluating performance, controlling costs, and making pricing decisions. It helps in identifying areas of improvement, implementing cost-saving measures, and maintaining cost efficiency.
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Nov 23, 2024 Last updated |
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