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  • Assignment1 Cost Accounting

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    Hakimzad9001 Faisal9001
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    Cost accounting is the process of capturing costs to help manage a business. It aims to determine the actual cost of products, projects, processes and activities. This document discusses cost accounting objectives, essentials of a good costing system, classification of costs, differences between cost and financial accounting, and the economic order quantity technique to calculate minimum stock level, maximum stock level, and re-ordering level given consumption rates and inventory parameters.

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    Cost accounting is the process of capturing costs to help manage a business. It aims to determine the actual cost of products, projects, processes and activities. This document discusses cost accounting objectives, essentials of a good costing system, classification of costs, differences between cost and financial accounting, and the economic order quantity technique to calculate minimum stock level, maximum stock level, and re-ordering level given consumption rates and inventory parameters.

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    6 views1 page

    Assignment1 Cost Accounting

    Uploaded by

    Hakimzad9001 Faisal9001
    Cost accounting is the process of capturing costs to help manage a business. It aims to determine the actual cost of products, projects, processes and activities. This document discusses cost accounting objectives, essentials of a good costing system, classification of costs, differences between cost and financial accounting, and the economic order quantity technique to calculate minimum stock level, maximum stock level, and re-ordering level given consumption rates and inventory parameters.

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    © All Rights Reserved
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    COST ACCOUNTING

    ASSIGNMENT 1
    1. DISCUSS IN DETAIL COST ACCOUNTING, OBJECTIVES OF COST ACCOUNTING,
    ESSENTIALS OF A GOOD COSTING SYSTEM AND CLASSIFICATION OF COSTS?

    2. DIFFERENCE BETWEEN COST ACCOUNTING AND FINANCIAL ACCOUNTING ?

    3. DEFINE AND DISCUSS THE ECONOMIC ORDER QU ANTITY (EOQ) TECHNIQUE,


    INCLUDING ASSUMPTION AND ACCOUNTING DATA USED THERE IN?

    4. Calculate minimum stock level, maximum stock level, and re-ordering level:
    (i) Maximum Consumption = 300 units per day
    (ii) Minimum Consumption = 180 units per day
    (ii) Normal Consumption =190 units per day
    (iv) Reorder period = 10-15 days
    (v) Reorder quantity = 2,000 units
    (vi) Normal reorder period = 13 days.

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