Cost Concepts and Classification notes

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1_P 2 Study Notes - Area A Syllabus Area A - 25%Cost Analysis/TQM/Learning Curve/ABC Activity based management uses activity based cost information for a variety of purposes including cost reduction, cost modelling and customer profitability an... lynettles83
P 2 Study Notes - Area A Syllabus Area A - 25%Cost Analysis/TQM/Learning Curve/ABC Activity based management uses activity based cost information for a variety of purposes including cost reduction, cost modelling and customer profitability an... lynettles83
Elements of costing Chapter 1: The costing system Purpose of costingCosting enables the managers of a business to know the cost of the firm's output. Once costing information is available, managers can use it to assist with decision maki... Katie Start
Basic CostingChapter 1,2,3 Costing provides information on the costs and income that arise from an organisation’s products or services. Costing can help managers with decision making, planning and control. A costing system will be designed with... tomfaulkner
Basic Costing Chapter 3,4,5   Raw materials – the materials bought by manufacturing organisations and used to manufacture the finished products. Work-in-progress – the name given to partly-completed items in a manufacturing organisation. Fi... tomfaulkner
Chapter 11: Standard Costs Describe Standard CostsDistinguishing Between Standards and Budgets Both Standards and budgets are predetermined costs and both contribute to management planning and control. A standard is a unit amount. A budget is a... Ellen Schriever
Activity Based Costing Activity Based Costing ABC Costing more precise several buckets for allocating overhead denominators drive costs pairs the OH costs with "like" OH costs (pools) allocates the pools based on what really drives the cost... Kennadie Long
Cost terminologies Cost is the is a resource sacrificed or forgone to achieve a specific objective. measured using monetary value that must be paid to acquire the goods. an actual cost is the cost incurred as distinguished from budgeted... Ibrahim Khanjra
3.2 Cost and revenues 3.2 Costs and Revenue Costs and Revenue Cost: total expenditure incurred by a business in order to run its operationsRevenue: a measure of the money generated from the sale of goods and servicesProfit: Difference betw... Neramit Singh
Standard Costing Discussion Ideal and Currently Attainable Standards Ideal standards are standards that demand maximum efficiency and can be achieved only if everything operates perfectly. No machine breakdowns, slack, or lack of skill (even mom... Kevhvan Graham
Lecture Notes Intro: Activity-Based Costing Growth in automation of manufacturing (e.g. robotics, high-tech machinery, computers) changes nature of manufacturing and composition of total product cost. (becomes smaller) Significance... serenatsay
Cost and Profit Control MARGINAL/CONTRIBUTION COSTINGMARGINAL/CONTRIBUTION COSTING the cost of raising output by one single unit MC = Variable costs (vary with output eg Utility bills) Fixed costs are ignored (in the long run may change over... samyajahangir
Accounting Final Exam Study Guide product cost direct materials direct labor manufacturing O/H   indirect labor - factory supervisor factory utilities     variable cost - constant per unit fixed cost - constant in total sunk cost - cost... anjali bhakta
Contribution Margin (Sales Mix) What is Sales Mix? Sales mix is the proportion of different products and services that comprise the total sales of a company. Sales mix is a key issue in businesses that sell products with differing profit levels, sin... Kevhvan Graham
ABC - created from Mind Map calculate 1. identify appropriate cost drives 2. calculate costs per driver & per unit Product (unit level) Batch level Product sustaining Facility sustaining Production volume Machine power Labour Materials No of bat... Paul Barnes
Untitled Fixed costs and variable costs; consider the following:   Amy’s Restaurant                      &... Avery Byers
Untitled Q.1A company’s production costs for the current ending March 31 are givenbelow:ItemProduction departmentsService departmentsTotalP1P2P3OfficeStoresWorkshopDirect wagesRs. 20,000Rs. 25,000Rs. 30,000---Rs. 75,000Direct ... Krishna Singh
Manufacturing Background Income Statement Manufacturing Income Statement Manufacturing companies make their inventory They take various inputs and convert them into what we call Finished Goods Inventory They look at: (What they had ... Kennadie Long
AC211 Michaelmas Term Reading Notes Lecture 1 Peter F Drucker: What Executives Need (Information Tools)Traditional costing vs. Activity based costing 1. What are the differences between the two costing systems? Toyota is an example of a company that man... Mahmoudat Sanni-Oba
chapter 2 - cost management acc Chapter 2 - seminar question cost term, concepts and classifications and solutions to questions 2.1) The three major elements of product costs are manufacturing overhead, direct labour and direct material 2.2) Direct ... Venisha Moothia
Untitled Sunk cost - Cost incurred that cannot be recovered by selling off item purchased etc - R&D, licence and registration etc Fixed Cost-Cost incurred to buy capital goods. These can be later sold off for money - machinery... arun jose
Contract Costing Contract Profit :1) less than 25% : no profit2)b/w 25% and 50% : 1/3 * notional profit * cash received                   &... Rainar Angelo
CONCEPTS - creado desde un Mapa Mental COSTING CLASSIFICATION OF COSTS ELEMENTS OF COSTS Cristian Martinez
Total operation cost - created from Mind Map Manufacturing cost Non-manufacturing cost Direct material Saad Randera

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All Cost Concepts and Classification resources Quizzes 68 Mind maps 271 Flashcards 174 Flowcharts 16

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Explore cost concepts and classification notes

The notes cover costing language, methods and control. Elements of costing introduces the purpose of costing, while Cost terminologies sets out terms such as actual cost. For a broader study guide, Accounting Final Exam Study Guide includes product costs and fixed and variable costs.

Other notes focus on particular methods. Activity Based Costing sits alongside Lecture Notes, which introduces activity-based costing in a manufacturing context. Chapter 11: Standard Costs distinguishes standards from budgets, and Cost and Profit Control covers marginal and contribution costing.

Revise with notes

Start with Elements of costing if you want an introduction, then read a note on a method you are studying. As you read, jot down unfamiliar terms and return to their explanations. Switch to a mind map on the unit page when you want a visual overview, or use a quiz to check your understanding. Pick a note that matches your next revision topic.

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Which note is a good starting point?

Start with Elements of costing if you want an introduction to the purpose of costing. Cost terminologies is another option for reviewing the language used in the unit. If you are already studying a particular method, choose a note that matches it, such as Activity Based Costing.

Are these notes free to use?

Yes. Every resource listed here is free to open and study, and you do not need an account. The notes were made by GoConqr users, rather than GoConqr. A free account also lets you make your own quizzes, mind maps, flashcards and notes, and save quiz scores.

What costing topics do the notes cover?

The selection includes costing terminology, activity-based costing, standard costs, contribution margin and contract costing. Cost and Profit Control covers marginal and contribution costing, while Chapter 11: Standard Costs discusses standards and budgets. You can use the titles to find notes on the topic you are revising.