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Cost management one type of method which helps in minimizing or reducing the process or operation cost. This method is being used so that product or services can be provide to customer at a much lesser cost. This method analyze the business process and helps in reduction the cost.
Meaning of Cost Management?
First of all budget is being prepared and with the help of cost management focus is being emphasized on managerial accounting so that the target is being achieved. The following process is divided into three main steps
• Planning: – In the planning all cost are projected with the management approval.
• Implementation: – After proper approval from the management side, the next step is implementation. In the implementation phase all the transaction is being monitor and recorded and always keep track so that they will go in line with budget.
• Final Analysis: – After the job completed the differences between the budget and actual are investigated in the last steps i.e. final analysis.
The basic things in the above steps is to accumulate information related to operations and make analysis and then evaluate. Generally they do minimize the non-active added cost, analyze the operational cost, keep working on new process, alteration in current process.
Features of Cost Accounting
• Cost are accounted for by a defined process.
• Production related all transaction are being recorded whether it is income or expenses.
• With the help of this future quotation can be submitted.
• As we can prepare budget with this help it again helps in preparation of variance.
• Its helps management in planning as it’s provide information in right time.
Objectives of Cost Accounting
• Per unit cost of different product can be ascertained.
• Analysis can be achieved with the help of this.
• Its helps in making different report relates to idle time or money or wastage.
• Prices of a given product can be fixed with the help of this.
• Its helps in making management decision for upcoming projects.
• Its helps in taking many financial related decision i.e. it may be issue of bonus, future expansion, Investment in plant and machinery etc
• For smooth functioning of various departments its helps in internal audit also.
• Programmed related to cost reduction can be achieved.
Principles of Cost Accounting
The following are the principles of cost accounting
• Cause-effect relationship: – There should be a proper relation of cause-effect of each and every product.
• After incurrence only cost should be charged: – Cost which is actually incurred should only be included in cost.
• Future cost should be separate from previous cost.
• While calculation of unit cost only normal cost should be considered, any abnormal cost should be excluded.
• Preference should be given to double entry system.
Cost Management Homework
Cost management homework helps in understanding the process of business and then its helps in minimizing the cost. With the cost management we can effectively improve the production process which ultimately helps in minimizing cost.
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