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Cost And Managerial Accounting Assignment (Doc)

   

Added on  2020-11-12

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Cost And ManagerialAccounting
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Table of ContentsINTRODUCTION ..........................................................................................................................1MAIN BODY ..................................................................................................................................1CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
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INTRODUCTION In simple term, the concept of cost accounting is related sub sets of managerialaccounting as it gives a better view about the cost of every produce, process and services (Costaccounting, 2019). It mainly consider cost controlling, cost reduction and cost computation as itprevents a firm from incurring cost on the far side budgets. Managerial accounting is a widerconcepts that is described as planning, risk management, performance management that aid inmaking meaningful decision making. It includes historic and predictive information that arerequired to make meaningful decision for improving the business situations for better result. Inthis project relevance of traditional budgeting and standard costing in contemporary businessenvironment are discussed. Relevant issues in context of respective topic and supportingargument at both level are discussed. MAIN BODY In business scenario, the cost is related to the expenses that are incurred by companieswhile producing any particular units. In other words, the cost is actually an amount that abusiness sacrifices in order to increase production level of goods and services offered by them.The method of gathering, recording, analysing, classifying useful inputs of that support to makedecision related to financial, cost and management is known as accounting (Bromley andSharkey, 2017). Therefore, the term cost accounting, is the field related to recording, classifying,summarizing and examining the cost so that responsible manager are able to make prudentbusiness decision. There are basic three important functions of cost accounting within a businesscontext these are defined below:Cost control: It is one of the major function that is to control the expenses within thebudgetary constraint that is fixed for particular product. It is very vital because manager have toallocates sources according to specific procedures and projects. Cost computation: This function of management is related with calculating the cost ofsales for specific unit for certain goods offered by company. Cost reduction:In this method company help to reduce the cost of various system andprojects that help to increase the profit margin in specific time frame. A traditional budget mainly includes the information from previous year and adjustmentsand assumption for future budgets are made for more accurate results. This budget indicates the1
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