Cost Accounting Chapter 2 Homework Solutions

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What is Cost Accounting?

This can be known as a method of accounting where all the costs are incurred in carrying out an activity or accomplishing any particular purpose. These cost data are then analysed and summarised by the firm to arrive at a definite selling point or a price. This costs incurred together can also help the firm to understand the point where selling can be possible.

While cost accounting is often used by a firm to make decisions in financial terms. When compared to financial accounting, it is a different type of accounting which includes the assets and liabilities of the company as well.

What are the constituents of Cost Accounting Chapter 2?

Cost Accounting deals with the introduction and the basic terms of Cost Accounting. It defines the meaning of cost which is an object for which a certain measurement is determined. There can be two types of costs which are associated with the chapter of Cost Accounting. Both of them are,

  • Direct Costs

Where the costs are related to cost objects and can be significantly traced to the costs object.

  • Indirect Costs

These are the costs which are related to the costs object but cannot be significantly traced back to the cost object itself.

  • Variable costs

These are the costs which change in a total proportion which changes in the related level of total activity or costs.

  • Fixed costs

These are costs which are fixed at a particular rate and remains unchanged in total for a given time period, despite wide changes in the total level of activity.

Why is cost accounting an important subject?

Cost Accounting is the branch of accounting which deals with the financial overcoming of a significant deal of costs in the whole firm. It is the form where all the costs are determined together and formed to make sure that the firm is accounting in a good way or not. Here are some of the few advantages or importance which are related to the study of Cost Accounting.

  • Ascertaining the costs:

The main objective of preparing a cost accounting sheet is to ascertain the cost of goods and services. The expenses that are incurred while procuring them are known as costs. Under the method of cost accounting, these expenses and revenues are collected together and analysed in an aim of the total financial condition of the firm.

  • Analysis of the costs:

To analyse the loss of the total firm, cost accounting can be necessary. The analysis of these statements is important for controllable or uncontrollable actions of the firm. It also helps to reduce idle time; minimum wastages are done by the employees, damage to the machines and etc.

  • Controlling of Costs:

Cost Accounting is required to cost control the total expenses and incomes of a company. It helps in minimizing the cost of a product or the cost which are incurred in the making of the product. These are done by the use of barrios techniques and budgetary control maintained in the firm.

  • Aiding the management:

Cost Accounting is a simple subject which helps in providing the management whatever they need. It also helps in their planning sessions and by providing them necessary costing information to enable them for decision making.

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