The main Objectives of Cost Accounting and the various types of Costing

Priority objectives of Cost Bookkeeping are particular below:

(i) Ascertainment of expenditure of each item, process or operate as well as finish expenses to fix rate.
(ii) Acknowledgement of effective and unprofitable items to imp achievements.
(iii) Preparing and submission of reports and tenders with the help appropriate information.
(iv) Assessment of product-wise and firm-wise operates cost to figure out efficiency in operate.
(v) Acknowledgement and prevention of "wastage, flow and problems operate.
(vi) Support in various plan options like, make or buy, ideas for each new item, using idle prospective, substitute of plants etc.
(vii) Control over inventory-raw articles, work-in-progress, accomplished items useful stores.
Broadly these objectives can be organized into three categories: (a) Decides and analysis of cost. (b)Accumulation and using cost information for handling option and (c) Cost control.

Types of cost accounting

Method of costing is the process and exercise of identifying cost. But kinds of costing is the technique of evaluating and presenting cost in such a way that allows in handling cost and getting handling option. The kinds of costing usually are as follows: 

Absorption Costing
Under this type of costing full cost, regardless of its features, type and activities, is charged to the. Whether set or different, immediate or indirect, j all expenses are engaged in the all comprehensive expenses of item.

Historical Costing
It symbolizes that system of cost accounting where expenditure of goods and services is verified only after the cost has actually been obtained. This implies persistence of cost on the groundwork actual cost and not on the groundwork traditional or pre-determined cost. These systems of composed prices are used by most of the organizations.

Marginal Costing
Marginal costing technique divides cost into set cost and different cost. It determines expenditure of a item or job only by getting different cost into consideration. Set expenses do not type a part of the all comprehensive expenses. It allocates different cost, i.e., immediate articles, immediate guide perform, immediate expenditures and different operating expenditures to the item or job. This is also known as 'variable costing'.

Standard Costing
Cost of an item or job founded in enhance on the groundwork certain pre-specified traditional is known as traditional costing. This is the cost under a given set of handling conditions. Frequent evaluations of traditional cost with the actual prices are made to recognize change, if any, between the two and causes are analyzed for beneficial activities.

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