This course is designed for learners to become expert users of cost information. The ultimate objective of any business is supposed to be profitable and certainly, profit is a function of cost. The success of a business does not solely depend on its revenue but also more importantly on how a business manages its costs.
In this tutorial, you will learn the various types of costing methods. In this course, you will get a brief overview of what cost accounting is all about and how it is relevant in the organizational scenario. Then, we will talk about cost terms and purposes. Under the terms, you will learn the direct and indirect cost accounting, for example of the behavior of the cost, cost function & cost estimation, the high low method, an example of the high low method of cost. We’ll walk you through the theory and practical examples used in different scenarios. You will understand the various aspects of the costing method.
You will see the cost terms and purposes and what cost accounting is all about and how it is relevant in the organizational scenario. Then we will look at the practical examples of cost. Further, this course is going to cover definitions, theories, examples. In this course, you will find great tools used in business that will aid the decision-making process. You will be able to identify and use important accounting information, identify and analyze various alternatives (projects, investments), and choose the best. Cost accounting will first measure and record the costs individually, then compare input costs to output results to aid in measuring financial performance and making future business decisions.
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