Cost Accounting Chapter 2 Homework Solutions

Features and Objectives of Cost Accounting

 Proper recording, classifying and also properly allocating expenditure is referred to as cost accounting. It is with the help of cost accounting that the cost of a product is determined. It also helps you to arrange data for the purpose of guiding and controlling management.

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It is this financial management that will help you to ascertain cost of orders, processes, contracts, units or services etc. It also deals with production, selling and distribution of products and services. It has been observed that students who have been able to get good cost accounting chapter 2 homework solutions have been able to do very well in their career.

What is Cost accounting?

Application of costing principles and Accounting and using certain methods and techniques to ascertain the proper cost and also the analysis of savings is referred to as Cost accounting.

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Features of Cost Accounting

If you want to know about the features of Cost Accounting then you can certainly go through the points that are mentioned below:

  • Cost Accounting is that process of accounting where there is an involvement of the cost.
  • It will record both income as well as expenditure that is related to production of both goods and services.
  • You are also able to get certain statistical data and based on this data various future estimates are made. Quotations are also submitted based on this data.
  • Cost accounting helps you to control as well as reduce the cost.
  • It also helps in establishing certain budgets as well as standards and actual cost will have to be compared in order to find out variances as well as deviations.
  • As a Cost accountant one has to present right information to people at exactly the right time. This will certainly be very helpful in proper planning, performance evaluation and also control as well as decision making.

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Objectives of a Cost Accountant

There are a number of objectives of Cost Accounting and in order to know a little more about objectives, you can go through the points given below:

  • Cost ascertainment

There are two ways by which cost can be ascertained. One is continuous costing and the other is Post Costing. Post Costing will help you to analyse the actual information exactly the way it has been recorded in finance books. It is especially useful for “Cost plus contracts” because here price is mainly determined by the actual cost of a particular product.

The main objective of continuous costing is to collect information about various costs and will also let you know in details about when the activity takes place. This will help you to know the completion cost as soon as the task is completed. For overheads it is also necessary to prepare proper estimates. In order to put costing to use it is necessary for costing to be a continuous process.

  • Determining the selling price is also important

Market conditions are also responsible for determining the sell price of most products. This is not within the control of any business. It is for this reason that you have to mainly depend on the cost data that is supplied by cost accountants.

  • Reducing as well as controlling the cost

You first have to clearly determine the objective of an organization and also have to determine the results beforehand. It is also necessary for you to measure the actual performance and also try to find out the actual causes of failure. Finding out a corrective measure is also very important here.

  • Maximizing Profits

As a Cost Accountant it is very important that you provide important data and also provide proper guidance in fixing prices for manufactured products or services rendered. It is the duty of a Cost Accountant to ensure that the products are sold at a price that will help them to get maximum profits.

  • Revealing the actual sources of economy

Cost Accountant is the person who will reveal certain economy sources and he will be able to do it by implementing as well as installing cost control materials, overheads as well as labour.

  • Advise on expanding the business

Cost Accountant will bring out certain ways that will help management to expand certain policies. This will help in expanding certain projects and thus help businesses to grow.

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