Learn About the Concepts of Cost Accounting through Online Homework Help
The subject of cost accounting is extensive in itself. It involves the study of how financial information is recorded and documented for any business. As you can guess, the subject involves a lot of calculation, both arithmetic and mental. Students often try to avoid these calculations by seeking cost accounting homework help. At universityhomeworkhelp.com, we provide exactly that. Our team of tutors can help you complete your cost accounting assignments and homework on time.
In order to meet our goal of helping students, we have assembled a huge team of professional tutors. These tutors are experienced, focused and committed to guiding students. They have the expertise of providing the best cost accounting assignment help. The concept of cost is the most crucial in any accounting or financial course. Our proficient experts can help you understand the concept, meanwhile providing you with accurate assignment solutions.
The basics of cost accounting
Cost, in accounting, is the monetary value of the total expenditure by a business. The expenditure can be for services, products, supply, equipment, labour or any other item the business purchases. You can take cost accounting homework help to get used to this particular field of accounting. Presenting cost information in details, cost accounting is a lot different from financial accounting. It analyses variable and fixed cost factors.
The subject in itself is quite vast and involves a lot of topics that students need to learn. They can easily do so with cost accounting assignment help. A good theoretical knowledge of the academic discipline is a must. Without that, it is impossible to properly solve your assignment problems. With our online experts, you can get the assistance you need for completing your assignments on the subject.
Types of cost
When you avail cost accounting homework help from universityhomeworkhelp.com, you will learn about the different types of cost. These include:
- Actual cost:
It is the cost involved to actually manufacture a good or to provide a service. Wage bills and raw materials costs are examples of actual cost. Avail our cost accounting assignment help to learn more about actual cost.
- Opportunity cost:
It is the cost of any economic endeavour that wasn’t undertaken for producing current services and goods. Other way of defining is as the value of opportunities lost or value of best possible alternative. For instance, a company might have some land that it is not presently using. The land could have been rented out, thus earning the company some money. This unused opportunity is the opportunity cost.
- Sunk cost:
You can also ask for cost accounting homework help from our experts if you want to learn about sunk cost. It is amongst that cost that doesn’t alter or vary much due to the nature or level of business activity. An example of sunk cost is depreciation cost.
- Incremental cost:
These costs are completely different from sunk costs. Unlike sunk costs, incremental cost varies or increases with change in business activity. For example, cost because of product recall or change in distribution network. Our tutors can give more elaborative examples while providing cost accounting assignment help.
- Implicit costs:
These are the costs not shown on the company’s accounting books. However, these costs are influential in large business decisions. Examples include interest on equity capital and rent on idle land.
- Explicit cost:
You can learn more about the explicit costs or paid out costs through our cost accounting homework help. These are the costs which the firm has actually paid for. Rent payments and interest payments are examples of such cost.
- Direct cost:
The cost that is directly related with manufacturing or operating unit is known as direct cost. For example, costs of raw materials. To know more, avail our cost accounting assignment help service.
- Indirect cost:
These are the costs that can’t be directly accountable to cost object. However, they are necessary for the process of production. Indirect costs include cost of land used and machinery.
- Book cost:
It is a typical type of cost that students have difficulty understanding; therefore require cost accounting homework help. These costs aren’t directly paid. However, a provision for these costs are made in in profit and lost statements. Examples include provision for unpaid owner’s capital and depreciation.
- Accounting cost:
The already incurred outlay costs for a particular production or process is known as accounting cost. All the sunk costs are accounting costs.
- Economic cost:
This cost is similar to implicit and opportunity costs. If you get confused between them, you should take cost accounting assignment help from our experts. Economic costs are the future costs that aren’t incurred yet. However, they play a role in the economic decisions of a business.
Elements of a cost
Most students seeking cost accounting homework help usually want solutions to problems related to costs of goods sold or COGS. If you want to determine, COGS, you need to understand the basic elements of cost. They include:
- Direct material cost:
It is the total cost of the raw material that is directly involved for manufacturing a certain product.
- Direct labour cost:
It is the total cost for hiring the workers who actually manufacture a product.
- Manufacturing overhead cost:
It is the cost that is related to the object. However, it is not possible to directly trace these costs to cost object in a manner that is economically feasible. Nevertheless, as you will learn through our cost accounting assignment help, these costs have to be added to the final cost.
Types of cost accounting
There are different types of cost accounting. You can get cost accounting homework help for each of these types:
- Standard accounting
- Activity based accounting
- Lean accounting
- Target costing
- Life cycle assessment
- Resource consumption accounting
Get help from the best
Universityhomeworkhelp.com offers academic help with financial and accounting subject, including all the sub-disciplines. We have the best experts to provide you the necessary cost accounting assignment help. We provide completely original, accurate and plagiarism free solution. We are available 24×7. So, you can contact us anytime you need help.