Cost Accounting Assignment Help, Cost Accounting Homework Help

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In this branch of accounting, the collection, classification and recording of all the costs involved in an activity is done. Based on the summary and analysis of this data, a selling price is finalized. Unlike financial accounting where money is treated as a measure of economic performance, cost accounting treats money as a factor of production. The costs examined include input costs at each stage of production   and fixed costs like depreciation of capital equipment. The input costs are first examined and measured and then are compared with the outputs or results .This will assist the company management in measuring financial performance.

Cost accounting was developed mainly due to the limitations of financial accounting namely no clear idea of operating efficiency, inability to fix the price, weakness not spotted out by collective results, non classification of expenses and accounts, no data for comparison and decision making, no control on cost, non provision of standards for performance assessment, only historical information provided, no loss analysis, inadequate information for reports and non answering some questions. The guiding principles of cost accounting include the mandatory relationship of the costs to its causes, requirement of charging costs only after its incurrence, need for ignoring the convention of prudence, need for exclusion of abnormal costs from past accounts, need for non charging past accounts to future periods, need for application of double entry principles.

The main differences between financial accounting and cost accounting are the following. While financial accounting aims at safeguarding the interests of businesses and stakeholders, cost accounting helps in the management guidance for proper control and decision-making. While financial accounts are mandatory for meeting the needs of Companies Act, Income Tax and other statutes, cost accounts are needed only for management purposes. The focus of financial accounting is profitability while that of cost accounting is cost ascertainment. While financial accounts disclose net profits or losses, cost accounts disclose profits and losses of each product.

While financial accounts deal with actual facts and figures, cost accounts deal with estimates of these. Financial accounts are concerned with external transactions while cost accounts are concerned with internal transactions. In financial accounts, aggregate figures are provided while in cost accounts, costs are broken into pieces. Cost Accounts provide valuable information on the relative efficiencies of various plants and machinery while financial accounts do not provide these much valuable information. In financial accounts, stock valuation is at cost or market price, while in cost accounts; it is done only at cost price.

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