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Definition of Cost Accounting: Cost accounting assignment help can be defined as the process of collecting, analyzing, summarize and report the costs incurred by a business for products or services. The aim of the cost accounting is to manage direct and indirect costs linked to products and services so as to maximize profits and maintain market competitiveness. Detailed cost information is provided in Cost accounting and it is the duty of the management to use cost data to plan for the future improvement and expansion. Cost Accounting comes under the field of accounting and deals with the analysis of the fixed and variable costs incurred by the organization for products and services.
Elements of Cost Accounting: All businesses will have incurred cost elements falling under three categories namely Materials, Labor and Other Costs. Each of these is further broken down into sub-elements which including Direct and indirect costs associated with the particular element. Direct costs can be Defined thus allowing the businesses to determine precise Direct element costs. On the other hand, indirect cost tends to fluctuate and can not be defined and may vary depending on various reasons.
Material Costs: The majority of costs incurred by a business involve the procurement of raw materials used in the manufacturing process. for products, materials fall under the category of raw materials and resources whereas for services materials involve tools, equipment and time invested in education and learning a skill. Materials constitute the majority of costs incurred by a business for products and services and have a direct influence on the products or services costs. They can be further broken down into sub-categories falling under material costs each catering to a unique form of the material cost incurred by a business.Good Cost Accounting Assignment Help Online services should be able to review the product and services to determine precise costs.Total Assignment help has a team of Cost accounting professionals who review the assignment to determine precise costs which must be addressed on each assignment. Below are some common forms of material costs taken in to consideration while preparing your cost accounting assignment.
Raw materials and semi-finished products costs: Material constitutes to the majority of costs incurred during the manufacturing process but these materials also fall into two categories namely raw materials and semi furnished materials. The raw materials include basic materials needed for the production process without which the business can not manufacture the product. Semi furnished materials include the materials required by the business to enhance or improve the raw materials quality before the manufacturing process. To demonstrate the difference,we will review the building and construction industry in which cement, gravel, and sand are basic requirements for mortar production but semi-finished products and cleansers like concrete waterproofing solution and power lime are also required to enhance the mortars quality. The waterproofing agent is not a necessity but enhances the raw material quality thus falls under the semi-finished product costs.
Fuel and energy costs: Most businesses depend on vehicles to transport the raw materials and finished products to the manufacturing unit as well as to the market. In addition to the transportation cost, many businesses also incur power back up fuel and energy costs to ensure continued production despite power outages. They also require to transport managers, supervisors and staffto and from raw material sites which all contribute to material costs.
Packaging costs: Packaging is a basic requirement for materials in both their raw state as well as a finished product. The most prominent and costly form of packaging is for finished products on which the business requires to involve graphic designers, quality control, and the sales and marketing teams to improve the products impression on the market. The packaging also falls under the material costs since it involves the purchase of packaging materials which are specially designed to attract consumer attention towards the finished product.
Spare parts costs: The material collection, transportation, sorting, grading, processing, storage, and distribution all require mechanized equipment and tools. As equipment and tools operate they are gradually degrade and likely to break down or fail which requires for the equipment and machinery to be repaired and damaged parts replaced. This makes spare parts a basic requirement for all businesses despite their operations since spare parts, repairs and maintenance costs are inevitable and the business will surely incur such expenses which fall under material costs.
Building materials costs: Each business has a set growth and development goal but this is not limited to only securing more orders, clients, and sales. It also involves expanding the businesses infrastructure. This makes it imperative for the business to invest in building materials to expand the infrastructure so as to cater to the expanding market needs. Building materials therefore also fall under material costs which are an important requirement business must cater to while preparing their development plans.
Labor Costs: Labor is the second most costly expense incurred by a business during the manufacturing and service delivery process. This makes it imperative for labor costs to be managed effectively so as to reduce the costs incurred during manufacturing or service delivery. This is done in two main ways namely through automation and via maximizing labor productivity and performance. Labor contributes an important part in business performance thus labor costs must be understood in detail. Below are labor costs which Total Assignment Help experts take in to consideration while preparing labor costs assignment. This cost applies to most businesses and have been discussed below in detail.
Basic Salaries: Each employee’s salary is broken down into different categories catering to different needs. The first category is the basic allowance offered to the employee for their services. The basic salary does not include human resource management, transportation, incentives or insurance coverage among other benefits.
HRA: This includes the payment for additional benefits that the employee can avail in case of accident or injury while working for the organization. HRA facilities cover benefits like insurance (health, dental, vision, life etc.), disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid), funding of education, as well as flexible and alternative work arrangements. All these benefits fall under the labor cost umbrella and must, therefore, be included in the labor costs
Transportation: The demand for labor is increasing globally making it important for businesses to offer additional facilities to its staff so as to reduce employee turnover. To facilitate employee needs and keep them comfortable and happy, many businesses also offer transportation facilities and allowance to the employee’s salary packages. This delivers more benefits to the employees and also increases the staff’s salary packages which help improve the businesses operations and overall performance. It also helps reduce employee turn over rates which also contribute towards increasing business costs.
Incentives: Motivation plays an important role towards boosting employee focus and morale towards their work. Studies show that offering leave and allocating financial benefits as incentives have a direct effect on how employees perceive their work. Many well-established businesses, therefore, offer their employees incentives above their monthly salary. This helps build their moral and focus towards working and allows them to be more productive and focused towards their work.
Leave: Each nations labor act has a defined number of leaves which are compulsory to issue to the staff and which must be paid for. When and if employees volunteer to work on those days they are also required to receive additional payment for the attendance. This leave costs also falls under the labor costs with additional over time and incentives falling into the indirect labor costs.
Housing and security: Certain businesses will also require to offer housing to its staff and this is especially true for organizations which work in remote locations. In such a situation the housing costs are included in the HRA or the organization constructs housing quarters, which will be used by the organization's staff. Costs incurred to construct, pay rent or maintained the housing and security facilities also fall under the labor costs.
Food and Entertainment: Similar to housing and security, businesses may also need to provide the staff with food and entertainment. Again, if a staff member brings their own food the funds for food can be redirected to the allowances section of the salary break down. With regard to entertainment, many businesses will reward their employees for the hard work and good performance once or twice a year. Entertainment costs are borne directly by the organization and staff can access the entertainment if desired. This facility is not cashable and employees who do not participate in the entertainment do not receive any financial compensation for entertainment. Entertainment is a direct labor management cost borne by the businesses and non-refundable.
Other Costs: Other Experiences refers to expenses which do have an effect on the production and service delivery costs but which are not fixed and may vary. It is important to understand these should not be confused for variable costs since the other expenses include cost necessary for production and service delivery but for which costs are not fixed. Cost such as electricity tends to fluctuate from season to season for every business making it a definite cost but one which will fluctuate from month to month depending on the season. It is also not possible to store the utility for future use thus resulting in it falling under other costs. Other costs incurred by businesses include Equipment depreciation, inflation, insurance, utilities, and maintenance. Each of these is inevitable for the business to incur but the duration, time and costs incurred cannot be predicted thus categorizing these expenses under other costs.
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