Cost Accounting Solved Problems

Cost Accounting Solved Problems-79
As Daniel Defoe observed: “With this attitude, it is no surprise that merchants became wealthier than craftsmen.

As Daniel Defoe observed: “With this attitude, it is no surprise that merchants became wealthier than craftsmen.Soon, merchants started what we would nowadays call a vertical integration: they included craftsmen in their supply chains through a .Cost accounting aims to understand the cost of the products or services of the company. It uses a number of different KPI, based on input values like direct labor cost, direct material cost, sales price, quantity, overhead ratio, etc.

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Cost Accounting Solved Problems

Overall, cost accounting usually considers a static situation.Historic manufacturers probably used more of a gut-feeling approach and experience to set their prices.Besides, their goal was often not profit maximization, but merely to have a good life.No matter if you are first in a market or deliver a product faster, it will improve your competitiveness and hence your revenue.However, it is nearly impossible to determine this advantage quantitatively.Below is an incomplete list of important factors in manufacturing that are ill-covered in accounting.Speed: Everybody knows that speed gives you an advantage over the competition.Merchants contracted craftsmen for creation of products.They provided the craftsman with raw materials, and often also with the tools and even the workshop, and the craftsman labored for the merchant.The quite valid goal is to the the biggest bang for the buck.However, cost accounting reduces the process of manufacturing to a few simple numbers to make decisions.

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