Cover of: Cost accounting and burden application | Clinton Homer Scovell Read Online

Cost accounting and burden application

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Published by Arno Press in New York .
Written in English


  • Cost accounting.

Book details:

Edition Notes

StatementClinton H. Scovell.
SeriesDimensions of accounting theory and practice
LC ClassificationsHF5686.C8 S4 1980
The Physical Object
Paginationxiv, 328 p. ;
Number of Pages328
ID Numbers
Open LibraryOL4093212M
ISBN 100405135440
LC Control Number80001578

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Additional Physical Format: Online version: Scovell, Clinton Homer. Cost accounting and burden application. New York, Appleton, (OCoLC) Burden costs are the hidden costs (either labor or inventory) that can drive up the cost of manufacturing a product. Overhead costs are not directly related to the manufacturing of a product. For instance, if a company pays rent, utilities and insurance on a factory, they are paying those costs every month regardless of whether the business. Cost accounting and burden application Item Preview remove-circle Follow the "All Files: HTTP" link in the "View the book" box to the left to find XML files that contain more metadata about the original images and the derived formats (OCR results, PDF etc.). The burden rate is the allocation rate at which indirect costs are applied to the direct costs of either labor or should add burden to the direct cost of either labor or inventory in order to present the total absorbed cost of these items. The two situations in which the burden rate is used are.

Site Menu ****** Burden Costs Burden costs are the costs for the plant that are not included in direct labor or material costs. These costs are often the largest cost for a product. Allocation of these costs to the product is often done incorrectly. Burdening enables you to review the raw cost, burden cost, and burdened cost of each transaction. You control burden accounting options by project type. Create accounting for burden costs in Oracle Fusion Project Costing even when raw costs are accounted in a third-party application. You can create and track the accounting independently for raw cost, burden cost, and burdened cost.   The burden rate is a way to compare indirect costs to direct costs. Burden rate is commonly used to calculate the indirect costs of having employees and manufacturing inventory. Burden rate sometimes goes by other names. You might see it as factory overhead, manufacturing burden, indirect production costs, labor burden, or other similar terms. Cost accounting is a practice of cost control which is as follows: (a) Cost accounting is a branch of systematic knowledge that is a discipline by itself. It consist its own principles, concepts and conventions which may vary from industry to industry. (b) Cost accounting is a science and arts both.

Excerpt. The object of this book is to examine the elements of cost, and to define principles and describe methods of procedure in the development of a cost accounting practice, particularly in respect to the determination and application of overhead charges or burden. Two examples of an overhead or burden rate are 1) a percentage of direct labor, and 2) an hourly cost rate assigned on the basis of machine hours. A product's manufacturing cost, consisting of direct materials, direct labor and manufacturing overhead, is used to report the cost of goods sold and also the cost of units in inventory. Indirect Costs Explained/DCAA Compliance The subject Indirect Costs is one of the most complex and high profile items in managing government contracts. It is one of the most misunderstood items as well. It is a high profile item for regulatory agencies such as DCAA for sure. To be successful contractors need to get a good Continue reading "Indirect Cost Explained".   To get a complete job cost picture, make sure to assign all your expenses to jobs. Select the appropriate job in the Customer:Job column whenever you enter a bill, check, or timesheet. For billable time: Record the hours spent on the job, using either a weekly timesheet or a single activity entry. Assign the hours to the customer or job.