What is fixed cost?
Fixed cost mostly narrates to period or phase, i.e. in terms of time. It remains unaffected regardless of measurements of production like factory charge, insurance, and so on. The charge per unit oscillates conferring to the production. The charge per unit shrinks if construction surges and cost per unit rises if the production declines. By this we infer, the cost of one unit is related to the production inversely.
For instance, if the factory fee 25,000 bucks for a month and the number of units created in that month is 25,000 in number, then the cost of rent of one unit would be 1 buck for one unit. In such scenarios, the assembly upsurges to 50,000 units, then the cost of rent for unit shall amount to 0.50 for one unit. As is evident from this example that this is fixed cost, with Classification of Cost Homework Help students will know better examples.
What is product cost?
Product cost is recognisable in almost all the products. It comprises of direct raw material, direct toil of workers and direct extra expenses termed as overheads. Until the sale, these merchandises are exposed and prized as list and they formulate themselves as a portion of the financial balance sheet. Any cost-effectiveness is replicated only when these products are vended.
The above-stated costs were just some instances. There are other ones as well, that is presented in Classification of Cost Homework Help that can be obtainable online.
What is the use of cost accounting?
The focal aim of cost accounting is to support the administration in cost control and subsequently in decision-making procedure. Cost accounting system makes use of measurable cost data that can be estimated in terms of money. Resolution of cost and cost control are the main starring role of cost accounting.
Triumph of cost accounting is not based upon management accounting system; it is independent of that. Cost-related statistics as acquired from financial bookkeeping is the base of cost accounting. It Provides future cost-related verdicts based on the chronological cost facts. This is well explained in Classification of Cost Homework Help of helpmeinhomework.com.
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