Costing Methods Comparison
Added on 2020-03-02
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Managent Accounting for cost & control
1By student name ProfessorUniversityDate: 27August 2017.1 | P a g e
2ContentsQuestion no 1..............................................................................2Question no 2..............................................................................2Question no 3..............................................................................2Question no 4..............................................................................4Question no 5..............................................................................6Question no 6..............................................................................7Question no 7..............................................................................8Question no 8..............................................................................9Question no 9...........................................................................13Question no 10...........................................................................15Refrences....................................................................................172 | P a g e
3Question 1Business reports are prepared to help the managers in taking important decisions with regard tothe business. It provides a snapshot of the different aspects of the business. It helps the managers invalidating their performances and taking important decisions with respect to the past and the presentdata. Different management reports are prepared throughout the period, and the managers can evenask for monthly, quarterly and yearly data depending on the desires of the manager. This report reflectsthe overall financial position of the company. It also helps the managers to take decisions keeping inview the different investors, stakeholders and other parties who depend on these statements for takingtheir decisions. The different type of management reports will include the profit and loss statement, thecash flow statement, the operational budget, the job costs reports, the details about the inventory andits valuation. All these help the managers of the company[ CITATION Ann17 \l 1033 ].Question 2The control function of the management is an important aspect of the overall manageringscenario. It is critical for the success of the organisation. Once the basic planning is done, and thebudgets are laid, the main work of the management is to ensure that they are properly laid. The basiccontrol processes of the management includes, setting up the standards, comparison of the results withthe set standards and then deriving the reason of change between the two. Panoptism is a social theorythat has been developed by a French philosopher. It puts pressure on the point that people who areinvolved in the overall mechanism of a process, functions better when they know that they are placedunder some surveillance by the authority. The same happens in case of an organisation, where theemployees function better when they know that the managers have installed certain control measuresand are keeping a check on them. Question 3The main four process of product costing that has been identified in the text are –Product costing in financial accounting, which helps in ascertaining the effect of the total cost ofthe product on the finances of the company. It is sued for calculation of the closing value of theinventories and the cost of goods sold.Product costing as used in the cost of the management; it helps the managers in getting a clearpicture of the overall cost that has been incurred in the manufacture of a product.3 | P a g e
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