Profile Photo

CS executive – Methods of accounting online – Cost & Management Accounting

Methods of accounting , Methods of accounting online , Cost & Management Accounting online Methods of accounting online for CS Executive – Cost & Management Accounting
We, Takshila Learning, your’s online Education partner. We are offering  CS online coaching classes. Our Target is to help out in the journey of your CS Preparation. Today we have brought an important article related to “Paper 2,  Cost & Management Accounting online ” of CS Executive.

While preparing for CS Preparation, we must have studied in details about Cost and Management Accounting. So, in continuation of our previous blog, in this, we are discussing the different “ Methods of Accounting”.

So, Let us have a look:- According to different industries, there are different methods of costing also:

 Unit Costing:

  1. This is also called as Single Costing/Output Costing.
  2. As the name follows, costing method is prepared by the industries engaged in the production of a single product.
  3. For example Shoes, Pens, Markers, Coal, Bricks, etc.
  4. Cost sheet (a detailed statement of Cost of Sales) of a product is drafted.
  5. The Target is to calculate Cost per unit, i.e Cost/No. of units produced

For more details & CS Online Coaching Classes, visit www.takshilalearning.com

Operating Costing:

  1. Operating costing method is used by the Service Providing Industries.
  2. For example- Transportation, Hotels, Hospitals, Educational Institutes, etc.
  3. Here the Cost unit of the industry is identified & calculated.
  4. The Cost of operating a business is divided in Standing & Running Charges.

Contact Costing:

  1. Done for Construction businesses by the Contractors.
  2. For example – Bridge Construction.

Job Costing:

  1. Used by the industries engaged in Order Based work (not in regular production)
  2. Industries, which do customized work.
  3. For example Advertising Agencies, Interior Designing, CA, CS, CMA, Doctors.
  4. Cost Centre & Cost unit is the Jobs.

Get entire course updates on CS Online Coaching Classes.

Batch Costing:

  1. Industries where work is done in Batches/Lots.
  2. For example: – 10 strips of a medicine produced simultaneously when a machine runs.
  3. Cost Center & the Cost unit is the Batch.

Process Costing:

  1. Large scale Industries where production procedure is divided into stages/processes.
  2. A finished product gets ready in stages.
  3. Cost per unit is calculated at each process.
  4. For example, Food & Beverages, Oil Refineries, Textiles.

Multiple Costing:  The Industries, which could use multiple methods of costing.

So, these are the different methods of Costing online for your Basics. This is just a glimpse of the topic. They are all separate Chapters under Cost & Management Accounting.

For more details for Methods of accounting online and CS Executive , CS Foundation , CS Professional  Study Modules & CS Online Coaching Classes, log on www.takshilalearning.com

Call us: 8800999280/8800999284 OR fill the form for any details:

No comments, be the first one to comment !

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    © 2015-17 Takshila Learning. All Rights Reserved.
    Request Callback
    close slider
    For course & fee related queries, Leave your details and our counsellor will get back to you or Call us at 8800-999-280
    • This field is for validation purposes and should be left unchanged.

    Login