Cost Accounting Project
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Contents
Concept of Cost Accounting……………………………………………………………………03
Introduction……………………………………………………………………………………..03
Traditional costing v/s activity based costing…………………………………………………..04
Need for an Activity Based Costing……………………………………………………………06
Stages in Activity Based Costing……………………………………………………………....08
Cost Drivers…………………………………………………………………………………….09
Classification of activities………………………………………………………………...……10
Steps Involved in the Implementation of Activity Based Costing……………………………..11
Working Example……………………………………………………………………………...13
ABC and the Service Sector……………………………………………………………….…...15
Important Factors in ABC Implementation…………………………………………………....15
Advantages of using ABC……………………………………………………………………...16
Uses & Managerial Applications of ABC……………………………………………….……..17
Demerits & Limitations of ABC………………………………………………………....…….19
Practical industrial implementation of ABC………………………………………….....……..21 1. Keshari and co………………………………………………………………..…..…….21 2. Cosmas Pharmacls……………………………………………………………...….…...24 3. V.A. Valves……………………………………………………………….….…….…..26 4. Deltron……………………………………………………………………………….…29
Activity Based Budgeting……………………………………………………………..……......31
Principle of ABB…………………………………………………………………….……...….31
Process of ABB………………………………………………………………………,…...…....31
Advantages of ABB……………………………………………………………………….…...32
Disadvantages of ABB…………………………………………………………………....…....32
How ABB is different from ABC……………………………………………………………...33
References………………………………………………………………………………………34
Concept of Cost Accounting:
Cost Accounting can be described as the process of accumulating, measuring, analysing, interpreting and reporting cost
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[Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.]
compaq
[Type the company name]
[Pick the date]
Contents
Concept of Cost Accounting……………………………………………………………………03
Introduction……………………………………………………………………………………..03
Traditional costing v/s activity based costing…………………………………………………..04
Need for an Activity Based Costing……………………………………………………………06
Stages in Activity Based Costing……………………………………………………………....08
Cost Drivers…………………………………………………………………………………….09
Classification of activities………………………………………………………………...……10
Steps Involved in the Implementation of Activity Based Costing……………………………..11
Working Example……………………………………………………………………………...13
ABC and the Service Sector……………………………………………………………….…...15
Important Factors in ABC Implementation…………………………………………………....15
Advantages of using ABC……………………………………………………………………...16
Uses & Managerial Applications of ABC……………………………………………….……..17
Demerits & Limitations of ABC………………………………………………………....…….19
Practical industrial implementation of ABC………………………………………….....……..21 1. Keshari and co………………………………………………………………..…..…….21 2. Cosmas Pharmacls……………………………………………………………...….…...24 3. V.A. Valves……………………………………………………………….….…….…..26 4. Deltron……………………………………………………………………………….…29
Activity Based Budgeting……………………………………………………………..……......31
Principle of ABB…………………………………………………………………….……...….31
Process of ABB………………………………………………………………………,…...…....31
Advantages of ABB……………………………………………………………………….…...32
Disadvantages of ABB…………………………………………………………………....…....32
How ABB is different from ABC……………………………………………………………...33
References………………………………………………………………………………………34
Concept of Cost Accounting:
Cost Accounting can be described as the process of accumulating, measuring, analysing, interpreting and reporting cost
References: Introduction: Highlighting the limitations of traditional costing systems in overhead cost allocation in a situation of product diversity and in terms of volume and complexity, Cooper (1988) illustrated the need for activity-based costing systems