Management Accounting For Cost And Control Assignment Help

Generally, Management Accounting For Cost And Control is atypical business language. It is applied in business communication in the event of financial transaction activities and obtaining the results. We at Assignment Help service provider have an expert team of qualified MBA experts/writers who can provide MBA assignment help to the needy students.

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Cost accounting and management accounting are two vital elements in accounting that are applied to control as well as in formulation of the policies of the business sector concerned. Students should have a clear conception between the two aspects while writing Assignments. The application of both serves different purposes with a different mode of style.

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The main differences are stated below:

Cost accounting

This activity can take care of the calculation and assessment of costs and expenditures to purchase or manufacturing something new. It is related to the calculation unit cost by applying different costing procedures. The primary purpose is in helping to make the management comfortable in making correct decision making.

All types of the organization follow the cost structure related to the respective business for the purpose to reach the target and to make the business successful. For this purpose, the organizations need to understand and differentiate their cost under separate overheads and also specific needs to pay interest in preparing different cost report sheets.

Different types of cost

Cost may be mainly classified into three main categories as given below :

  • Materials cost
  • Labor cost
  • Expenses

Based on the above cost can be divided into Production cost and Periodic cost.

Production cost – This is the cost that is necessary for manufacturing the product.

Periodic cost – These involve the costs which are paid to write off the income statement during the different length of periods.

Product cost-This includes the ‘Direct cost’ which is directly associated with the manufacturing of products of the company. This comprises the following:-

  • Direct Material cost – This cost is incurred during the manufacturing of a product, Examples are, cost of plywood, fabric for textile, wooden furniture, steel for almirah making, etc.
  • Direct Labour cost – This is related to production or service labor that works in a specific production factory. For example, drillers, painters, carpenter, welder, sawyers, assemblers, etc.
  • So, the total of direct costs are considered as Prime Cost and Product cost is the summation of Prime Cost and Overhead costs.
  • Product Cost = Prime Cost + Overheads.
  • Indirect Cost-The indirect cost includes the cost which is incurred in the factory but not directly incurred in product manufacturing. This includes the following:
  • Indirect Material cost
  • Indirect Labour cost which was included with the manufacturing cost.
  • Indirect Expenses – The indirect expenses mainly involve the factory cost like depreciation cost on machinery, cost of electricity, rental, telephone bill, council tax, insurance, etc.
  • Period cost- This cost is added with Administrative cost, Selling cost, Distributing, and Finance cost.
  • Finance cost – This is added with permanent, long-term, and short-term finance.

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Further classification is done as follows :

Based on behaviour: Based on behaviour the costs are divided into 3 types as below :

  • Fixed costs: This remains constant even business activities are changed.
  • Variable costs: This varies according to the level of production
  • Based on controllability: Based on controllability the costs are divided into

2 types viz.:

  • Which is controllable by the business management and
  • Which is not controllable.

Based on time: Based on timing it can be classified into 2 types viz. historical costs and Predetermined cost.

Historical costs: The cost which is prepared in the past and used at present.

Different costing methods:

There are multiple types of costing methods as follows:

  • Job costing
  • Contract costing
  • Process costing
  • Service costing
  • Management accounting

The activity related to Management accounting involves the provision of appropriate information for:

  • decision-making,
  • planning,
  • cost control and
  • performance evaluation.

The importance of Management accounting is that it turns data into:

  • information,
  • knowledge, and
  • wisdom about business practice.

This kind of accounting provides the reasons for profit or loss and studies the factors which influence efficiency to help in decision making. Therefore, effect and cause are an important feature of management accounting.

The main activities are:

  • Reporting: It is the primary role of management accounting to inform and advise the management about the latest position of the company.
  • Helping in making the decision: the success depends upon accurate effective decision-making, which is based on informational networks by management accounting.
  • Planning and formulating policies: a management accountant provides necessary and relevant information to achieve the targets of the company by application of regression analysis and time series analysis as the techniques for forecasting.
  • Performance evaluation and improvement: in order to assure this, techniques are used like budgetary control, standard costing methods, management audit action, etc.
  • Interpreting financial statements: collecting and analyzing data of accounting as a key role
  • Motivating employees: management accounting benefits a selection of the best alternative methods of doing things. It motivates employees to performance improvement by setting job targets
  • Coordinating among departments: management accounting is helpful in coordinating the departments of an organization by in-depth functional budgeting.
  • Administrating tax: any organization must comply with the govt. tax systems. It is challenging due to the increasing complexity of the tax system.
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