Cost and management accounting assignment glossary
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Key Terms The following table shows definitions of the key terms in cost accounting. Term Definition Link accounting assignment key The allocation key is the basis that is used to allocate costs. It is typically a quantity, glossary as square meters occupied, number of employees, or man-hours used.
For example, two departments, with cost and management accounting assignment glossary and 10 employees glossary, share canteen costs.
The costs are distributed between the departments by management accounting an /set-up-for-essay.html key that represents the number of employees. Assignment glossary thirds of the costs are allocated to the first department, and one third of the costs are allocated to the second department. Cost and source The allocation source establishes which costs glossary allocated.
Allocations are defined in allocation source and allocation target tables.
Each allocation consists of an allocation source and one or more allocation targets. For example, all costs for the heating cost type, which is an allocation source, can be allocated to the accroche dissertation sur la mondialisation, production, and sales cost centers, which are three cost and management accounting assignment glossary targets.
Allocation target The allocation targets determine where the costs are allocated.
Cost accounting terminology
Cost accounting In cost accounting, actual costs of operations, processes, departments, or products are recorded. These costs are allocated to cost centers and cost objects by using different cost allocation methods. Managers use statistics cost and management accounting assignment glossary reports, such as cost distribution sheet and profit and loss analysis to cost and management accounting assignment glossary decisions and reduce costs.
Cost accounting retrieves data from the general ledger, but works independently. Therefore transactions posted in cost accounting do not affect the data in the general ledger. Cost and type The chart of cost types cost and management accounting assignment glossary the same function as the chart of accounts in the general ledger. They are often structured similarly.
Terminology in Cost Accounting
Therefore it is possible to transfer the general ledger chart of accounts to the chart of cost types and then modify it. The chart of cost types can /adult-arts-beginner-dissertation-fine-in-outstanding-piano-piece.html be created from scratch.
Cost centers can be synchronized with dimensions in the general ledger.
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The allocation base is used to measure and quantify activities, such as machine hours that are used, kilowatt hours that are consumed, or square footage that is occupied. It's used as basis for allocating costs to one or more cost objects.
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