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  • Assignment in Acctg 4

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    Paul Portillo
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    Cost accounting is the systematic recording and analysis of the costs of materials, labor, and overhead involved in production to provide management with detailed cost information to control current operations and plan for the future. The information produced helps determine product costs and prices and helps management plan and control operations. Costs are classified by nature as material, labor, or expenses, by functions as production or commercial costs, by traceability as direct or indirect costs, and by normality as normal or abnormal costs. Costs can be segregated using graphical methods, high and low point methods, analytic methods, or least square methods.

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    ASSIGNMENT IN ACCTG 4

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    Cost accounting is the systematic recording and analysis of the costs of materials, labor, and overhead involved in production to provide management with detailed cost information to control current operations and plan for the future. The information produced helps determine product costs and prices and helps management plan and control operations. Costs are classified by nature as material, labor, or expenses, by functions as production or commercial costs, by traceability as direct or indirect costs, and by normality as normal or abnormal costs. Costs can be segregated using graphical methods, high and low point methods, analytic methods, or least square methods.

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    5 views1 page

    Assignment in Acctg 4

    Uploaded by

    Paul Portillo
    Cost accounting is the systematic recording and analysis of the costs of materials, labor, and overhead involved in production to provide management with detailed cost information to control current operations and plan for the future. The information produced helps determine product costs and prices and helps management plan and control operations. Costs are classified by nature as material, labor, or expenses, by functions as production or commercial costs, by traceability as direct or indirect costs, and by normality as normal or abnormal costs. Costs can be segregated using graphical methods, high and low point methods, analytic methods, or least square methods.

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    ACCOUNTING 4 – ASSIGNMENT

    1. Define what is cost accounting.


    Cost accounting is the systematic recording and analysis pf the costs of materials, labor, and
    overhead incident to production. It provides the detailed information that management needs to
    control current operations and plans for the future.
    2. Uses of cost data
    The information produced by a cost accounting system provides a basis for determining product
    costs and selling prices, and helps management to plan and control operations. It also helps you
    estimate the costs of resources such as personnel, supplies and equipment associated with
    implementing a project, product, service, or other activity.
    3. Classification of Costs
    Classification by Nature:
    Material Costs, Labor Costs and Expenses
    Classification by Functions:
    Production Costs and Commercial Costs
    Classification by Traceability:
    Direct Costs and Indirect Costs
    Classification by Normality:
    Normal Costs and Abnormal Costs
    4. How to segregate costs
    Graphical Method
    High Points and Low Points Method
    Analytic Method
    Least Square Method

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