costing accounting

Description

this course has been developed looking at the world over requirement by the students and i have prepared theses lessons to enable them to understand the subject step by step, leading to cost accounting. I have gained much experience and I want to impart this knowledge to all who need it to embark on career in accountancy thank you. I have added questions and answers this chapter so that students can practice them and master the principles of accountancy.

i have applied my most excellent approaches to explicate the essential aspects of accounting especially for ADVANCED LEVEL students who are intended to follow the  new syllabus .

• Cost accounting is used internally by management in order to make fully informed business decisions.

• Unlike financial accounting, which provides information to external financial statement users, cost accounting is not required to adhere to set standards and can be flexible to meet the needs of management.

• Cost accounting considers all input costs associated with production, including both variable and fixed costs.

• Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.

• While cost accounting is often used by management within a company to aid in decision-making, financial accounting is what outside investors or creditors typically see. Financial accounting presents a company's financial position and performance to external sources through financial statements, which include information about its revenues, expenses, assets, and liabilities. Cost accounting can be most beneficial as a tool for management in budgeting and in setting up cost control programs, which can improve net margins for the company in the future.

  
  

• suggestions and comments for further improvement of this lessons. thank you

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