COST ACCOUNTING SYSTEMS

Please respond to the following discussion question. Your response should fully address all elements of the question and be a minimum of 200 to 300 words long.

What is a cost accounting system? Why is a cost accounting system important for a business? A business without a cost accounting system cannot effectively manage its operations. Give an example of how a company you are familiar with costs its products or services.

Don't use plagiarized sources. Get Your Custom Essay on
COST ACCOUNTING SYSTEMS
Just from $13/Page
Order Essay

The response and two replies to other posts in this string in 100 word count each!

Hello Professor and Class

Cost accounting is distinct and separate from general financial accounting, which is regulated by generally accepted accounting principles (GAAP) and is critical for creating financial statements. Instead, cost accounting aims to report, analyze and lead to the improvement of inter-business cost control and efficiency. Cost accounting is a system of operational analysis for management. Even though cost accounting is commonly referred to as a costing method, the scope of cost accounting is broader than just costing. In cost accounting, there are elements of traditional bookkeeping, system development, creating measurable information and input analysis. For many firms, cost accounting helps create and measure business strategy in a more organic way. There is no legal requirement for cost accounting (unlike financial accounting for publicly traded firms); companies use it because it’s highly advantageous to do so. It’s much easier for a business to know how to use its resources better when it can track them, measure them and study their effects. This is what cost accounting provides.

Often, the simplest and most important objective of cost accounting is to determine selling prices. To use a basic example, the seller of sandwiches needs to be able to track the cost of bread, lettuce, sandwich meats, mustard and other ingredients. Otherwise, it would be difficult to know how much to charge for a sandwich. Another example of cost accounting is when I was employed by a Chevrolet dealership in the collision department, detailing cars as an employee wages were paid to me and the detailing material to wash, and wax, the cars.

(2) BY JEFF CORPUZ

3/5/19, 4:52 PM

NEW

Hi Class,

It is an accounting system for manufacturers to be able to track the flow of inventory through the stages of production in order to estimate costs of products for analysis, estimation, and control of expenses. It is a framework to collect, record, classify, evaluate, and allocate cost to help management make decisions. Cost accounting when used properly, can lead to the elimination of wastes and inefficiencies, cost reduction, identification of the reasons for profits or loss, cost control, and aid in the preparation of financial statements. In a nutshell, it is a system developed to make available to managers a process to assess the daily finances of the company in order to make an informed decision on where to cut cost to improve profitability. Cost accounting system is important for businesses because it helps managers make better decisions by getting the key data for planning and controlling purposes. Cost accounting system also help with measuring performance and determining products or services costs and prices. A practical example of cost accounting is finding out why my electricity bill is so high in a month (summer time). In order to do this, I recorded the detailed account of when I used electricity to include hot water usage and gas usage. I found out that my water heater was leaking, I was using old light bulbs, and biggest culprit is a teenager that leaves her windows open while the A/C is on. So the system works.

Chegg Answers
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with CheggAnswers

Quality Essays

At CheggAnswers.com, we boast of our quick turnaround that is facilitated by our experienced team of writers. We can handle both short and long deadlines, as per our clients’ requests. Quality work is the cornerstone of our service.

Top Writers

Our writers are qualified professionals who are well-versed with more than 80 subjects. We have achieved this milestone overtime because of our rigorous hiring process that filters professionals from average writers. We believe that exposing our customers to qualified writers is the starting point of delivering quality work.

Plagiarism-Free Papers

Our writers submit papers that are written from scratch to uphold the much-needed originality when submitting your papers. Our references are mainly sourced from reputable databases such as Emerald Insight, Ebsco, and ProQuest. All papers follow the conventional styles of referencing that include APA, MLA, Chicago, Harvard, and Vancouver.

24/7 Customer Support

The customer is king and as such, CheggAnswers.com has a committed support department that handles all concerns and clarifications from our clients. We encourage customers to contact us at any given time through our listed telephone, email, and text platforms.

Prompt Delivery & 100% Money Back Guarantee

Your work starts immediately after placing an order. Our writers are aware of our company policy that guarantees quality work to all our customers. For this reason, CheggAnswers strives to deliver assignments on time to avoid any delays that might compromise our relationship with clients.

Free Revisions

Although we are confident in our writers, you are entitled to free revisions whenever need arises. However, we highly disregard customers who misuse this privilege.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

We offer a wide range of services that are aligned with the customers’ needs and expectations. We have positioned ourselves strategically to become a one-stop-shop where customers can access all academic services under one roof.

Essays

Academic Writing

Our main service is academic paper writing, which is handled by a pool of experienced writers who uphold the expected standards of writing. Over the years, we have delivered quality work to our clients because of our commitment to promote quality over quantity.

Admissions

Admission Essays

Whether you are about to Join College or you are a continuing student, CheggAnswers is there to help. Our competent professionals will solve all your writing problems. Personalization is key to scoring highly and satisfying the admission board’s expectations. We will help you achieve your academic goals.

Reviews

Editing & Proofreading

Some of our clients prefer to write their essays and have a third-party like CheggAnswers proofread their work. We have a skilled team of editors who comb through your paper and make any amends to increase its overall appeal. For all your editing and proofreading needs, CheggAnswers is there to help.

Reviews

Revision Support

At CheggAnswers, we offer an extensive revision support that works tirelessly to ensure that customer needs and expectations are met. We work closely with writers upon a customer’s revision request to ensure that we keep our promise of delivering quality work to all our clients.