A subject that requires, knowledge of both finance and accounting is Cost Accounting. For its calculations, you should have a good practice of mathematics. If you are a student pursuing commerce in grades 11th and 12th or in graduation and post-graduation, or if you are looking for good grades in cost accounting or if you feel confused by just reading the Assignments and Homeworks of cost accounting, then you have come to the right place. You just have to get in touch with BookMyEssay online and ask them to 'Do My Assignment'. You will get Cost Accounting assignment help in UK. It will not only fetch you good grades at affordable prices but also impress your faculty, guide, or examiner.

Cost Accounting - Explained

Cost accounting is a subset of Managerial accounting that deals with recording and reporting the cost of manufacturing goods and services in detail. The method involved is to aggregate, report, classify, recognize such costs and comparing them with the standard costs. Like managerial accounting, its final aim is to give feedback and advice to the management as to how to optimize the business practices. Cost accounting has its use in financial Accounting too. But it basically works to help management in decision-making.

The experts at BookMyEssay say that cost accounting provides detailed information on the cost, that managers require for making a decision regarding present control on the costs and future investments. The students should also have basic knowledge of the subject so that they can avail top-class Cost Accounting assignment paper help services by BookMyEssay.

Key Points of Cost Accounting

• The inferences made from cost accounting are used inside the company by the managers for business optimization.
• Cost accounting does not need to render to the standard set of rules. They work as per the requirement of the management. They are flexible to ascertain that it meets the needs of management.
• Cost accounting takes into account both fixed and variable costs and terms them as input costs.
• Standard costing, activity-based costing, marginal costing, and lean accounting are all types of cost accounting.

History of Cost Accounting

As per historians, with the advent of the industrial revolution in the 17th century, traders, merchants, and industrialists found a need to keep track of their fixed and variable costs so that they can optimize their business to get maximum profit. This called for cost accounting and the emerging case of economics. Cost Accounting Assignment help the industries of the 16-17th century like steel companies, textile companies to optimize their spending and increase profits. By the 20th-century cost, accounting has become, full-fledged subject for the literature of business management.

1. Fixed costs: The costs that do not vary according to the increase or decrease in the production levels of the product or goods. Thus there will be no change in the fixed costs with changing levels of production. Example: lease payment on a building.
2. Variable Costs: The costs that depend on the company's level of production or the services it provides. Example: A floral shop or gift shop decorating its shop for the New Year celebration will incur more cost due to the increased cost of decorating the shop.
3. Operating Costs: The costs that come up due to the day-to-day working of the company. It can be fixed or variable cost in nature.
4. Direct Costs: The costs that are related directly to the production of the product or rendering of the service. Example: The labor cost, the raw material cost, the machinery cost, and its maintenance are all direct costs.
5. Indirect costs: The costs that cannot be directly tied to the production of the product or delivery of a service.

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Elements of Cost Accounting

The three cost elements are:

• Material
• Labour and
• Overheads

1. Material (Inventory): The material which is is directly involved in the production of the goods and anyone can identify that material in the finished product is called direct material. An example is paper in a notebook, leather in shoes, etc. Indirect material refers to the supporting material used in the production of the goods. An example is a thread in the apparel.

Another way to categorize inventory is the raw material, work in progress, and final product.

2. Labour: The wages paid to any employee, worker, labor who is directly involved in the production of the goods or services and also is maintenance and transportation are called direct labor. This labor is involved in one or the other ways converting raw material into the final product.

Wages paid to Labour or employee working as apprentice or trainee don't come under direct labor.

3. Overheads :

• Administration related overheads
• Production related overheads
• Sales overhead including advertising
• Overheads related to the distribution of goods
• Overheads that incur due to maintenance and repair
• Overheads of supplies
• Variable expenses
• Utility and municipal requirement overhea¹ds
• Wages, salaries, pensions, paychecks
• Land over which the factory or office is set up

The topic of cost accounting is very vast involving calculations. For students who have just started with their study of Accounting or finance find it confusing to give Cost Accounting Assignments Help under tight scheduled. Students can turn to BookMyEssay and get assignment essay help on cost accounting subjects. The experts will take care of the relevancy of the topic with the Assignments.