Project On Marginal Costing And Decision Making Pdf
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These projects may be dams and highways or can be training programs and health care systems.
- Top 9 Cost Concepts used in Decision Making
- Marginal Costing PROJECT
- Cost Accounting – Concept, Objectives, Types & Methods
- Advantages and Disadvantages of Marginal Costing
Top 9 Cost Concepts used in Decision Making
Cost accounting is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Cost accounting information is also commonly used in financial accounting , but its primary function is for use by managers to facilitate their decision-making. All types of businesses, whether manufacturing, trading or producing services, require cost accounting to track their activities. Modern cost accounting originated during the industrial revolution when the complexities of running large scale businesses led to the development of systems for recording and tracking costs to help business owners and managers make decisions. Various techniques used by cost accountants include standard costing and variance analysis, marginal costing and cost volume profit analysis, budgetary control, uniform costing, inter firm comparison, etc.
This is entirely my own work. I owe a great many thanks to great many people who helped and supported me doing the writing of this book. My deepest thanks to lecturer, Prof. He has taken pains to go through my project and make necessary corrections as and when needed. My deep sense of gratitude to Principal Mrs. I would also thank my institution and faculty members without whom this project would have been a distant reality.
Marginal Costing PROJECT
Marginal costing is the ascertainment of marginal costs and of the effect of changes in volume or type of output by differentiating between fixed costs and variable costs. Marginal costing is not a method of costing such as job costing, process costing and operating costing, etc. It brings out the relationship between the cost, volume of output and profit. Other terms in use are Direct costing which is used in U. Marginal cost is defined as the amount at any given volume of output by which aggregate costs are changed, if the volume of output is increased or decreased by one unit. It is the sum total of prime cost plus variable overheads plus variable portion of semi-variable overheads.
The researcher reviewed literatures done by other authors for the purpose of this study. Data were collected from questionnaire and other information gathered were presented on tables, analyzed and conclusion drawn from percentage variations. The research findings includes marginal costing techniques is well adopted by ANAMMCO as a result of its efficiency and effectiveness in operation. The response conclude that this techniques is very essential in organization, though no particular costing technique is in itself a lasting panacea to all organizational ailment or problems but depends on what the management needs. The researcher recommends for the provision of raw materials in advance, which will assist in reduction of customers dissatisfaction.
The following points highlight the top nine cost concepts used in decision making. The cost concepts are: 1. Marginal Cost 2. Out of Pocket Costs 3. Differential Costs 4. Sunk Costs 5.
Cost Accounting – Concept, Objectives, Types & Methods
See all EU institutions and bodies. Fair and efficient pricing of transport infrastructure use is a fundamental aspect of developing a sustainable transport policy that takes account of the full social costs and benefits of transport. UNITE will supply policymakers with the framework and state-of-the-art cost estimates to progress this policy.
Decision-making has become a main concern to any organization, and efforts are being made by management to make sure that best decisions are made. Therefore, this study investigates the effectiveness and efficacy of marginal costing as an essential tool for decision-making. To determine this, the fundamental objectives of the study among others are.
Advantages and Disadvantages of Marginal Costing
Accurate cost measurement is critical to properly pricing goods or services. Businesses with accurate cost measurement know whether they are making a profit on current goods and know how to judge potential investments, new products or other opportunities. Using the correct costing method for the opportunity is a primary focus of effective cost accounting and financial control. Incremental and marginal costs are two of the primary tools to evaluate future investment or production opportunities. Fixed vs variable, fully allocated, average, marginal and incremental, each of these cost definitions address the need to understand a different facet of production. Fixed costs do not vary with the number of units produced.
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Catherine Gowthorpe Cengage. 1. Chapter 10 Marginal costing for decision making. Questions. 1. Classify each of the following costs as: • variable. • fixed.
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