What You Will Learn!
- Meaning of Machine Hour Rate
- Advantages/Merits of Machine Hour Rate
- Disadvantages/Demerits of Machine Hour Rate
- Statement showing machine hour rate
- Some Practical of Machine Hour Rate
- Introduction of cost accounting
- Meaning of cost accounting
- Difference between financial accounting and cost accounting
- Characteristics of Cost Accounting
- Objects of Cost Accounting
- Advantage or importance of Cost accounting
- Importance or Advantages of Cost Accounting
- Different Methods of Cost Accounting
- Different methods of cost accounting and their usage in industries
- Elements of Cost
- Elements of Cost
Description
Meaning of Machine Hour Rate
Advantages/Merits of Machine Hour Rate :
1. Scientific method in case of more use of machines
2. Division in fixed and variable expenses
3. Measurement of efficiency of machines
4. Facility in Estimation
5. Machine vs Manual work
Disadvantages/Demerits of Machine Hour Rate :
1. Not suitable in labour intensive process
2. More calculation work
3. Difficulty in apportionment of some expenses
Statement showing machine hour rate
Some Important Practical question for Practice
Meaning of cost accounting
Difference between financial accounting and cost accounting
Characteristics of Cost Accounting :
(1) Cost accounting is an integral part of accounting
(2) It is both science as well as art
(3) Recording of all costs
(4) Ascertainment of total cost and per unit cost
(5) To know the cost of semi-finished goods
(6) Helpful in managerial decisions
(7) Scientific system
(8) Use in manufacturing and commercial enterprises
Objects of Cost Accounting
Advantage or importance of Cost accounting :
1) Advantages to the producer & Manager
2) Advantages to the employee
3) Advantages to the consumer and society
4) Advantages to the Creditors and Investor
5) Advantages to the government
Different Methods of Cost Accounting
Cost
Contents: ➢ Expenditure incurred
➢ To producing a product (Tangible)
➢ To rendering a service (Intangible)
Elements of Cost :
(1) Material : Direct Material and Indirect Material
(2) Labour : Direct Labour and Indirect Labour
(3) Expenses : Direct Expenses and Indirect Expenses
Overhead #
Meaning of Overhead
(1) Factory Overhead
(2)Office Overhead
(3)Selling Overhead
(4)Distribution Overhead
Who Should Attend!
- Any Student who pursuing in B,com M,com BBA MBA 11th & 12th Commerce C.A. C.S. and C.M.A.
