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Cost Accounting Illinois

Cost accounting is the accounting process of recording, tracking and analyzing the costs associated with an organization in Illinois. There are three basic approaches to cost accounting explains this site will explain all three in detail.
1. Local Companies
2. Cost Accounting - Info
3. Fixed Cost
4. Origins
5. Featured Local Company

1. Local Companies

PTW & Co.
630-574-1040
2221 Camden Court
Oak Brook, IL
Kimmet & Assoc., Inc.
(773) 404-9000
4050 N Lincoln Ave.
Chicago, IL
syster communication
858-444-7573
530 rock land road
crystal lake , IL
Patrick J Rubey & Co., Ltd.
312-917-1107
309 W Washington #1250
Chicago, IL
Maries Boutique
(773) 360-3588
2506 n clark street 184
chicago, IL
Lakeshore Staffing Group
(312) 251-7575
Chicago, IL
CPA's Ltd
847 412-1339
1433 Alexander Ct.
Waukegan, IL
Michael Silver & Company - Certified Public Accountants
847-213-2131
5750 Old Orchard Rd
Skokie, IL
Jacob & Partners LLP
847-673-7149
8541 Monticello
Skokie, IL
John R. Waters & Company
312-554-3400
123 N. Wacker Drive - Suite 1550
Chicago, IL


2. Cost Accounting - Info

Cost Accounting - Info An accountant who keeps records of the costs of production and distribution.

or

Cost accounting is the process of tracking, recording and analyzing costs associated with the activity of an organization, where cost is defined as 'required time or resources'. Costs are measured in units of currency by convention.

There are now at least three approaches: standard costing, activity-based costing (discussed here), and throughput accounting.

3. Fixed Cost

A cost that remains constant, regardless of any change in a company's activity.

A good example is a lease payment. If you are leasing a building at $2,000 per month, then you will pay that amount each month, no matter how well or how poorly the business is doing.

4. Origins

Costs were originally considered fixed (the term comes from a Latin root meaning "constant"). In larger organizations, some costs tend to remain the same even during busy periods, while others rise and fall with volume of work. A more convenient way of categorizing these costs is to define them as either fixed or variable. Fixed costs were associated with the business administration, and did not change during quiet or busy times. Variable costs were associated with productive work, and naturally rose and fell with business activity.

In the early twentieth century, as organizations began getting more complex, managers needed a simple way to make decisions about products and pricing. Since most costs at the time were variable, managers could simply total the variable costs for a product and use this as a rough guide for decision-making.

For example: In order to make a railway coach a company needed to buy $60 in raw materials and components, and pay 6 laborers $40 each: total variable costs of $300. If managers knew that making a coach required spending $300, then they couldn't sell below that level without losing money. Any price above $300 became a contribution to the fixed costs of the company (say $1000 per month for rent, insurance and owner's salary). So the company could sell 5 coaches for $3000 or 10 coaches for $4500 and make a profit of $1500 in both cases.

5. Featured Local Company

Ostrow Reisin Berk & Abrams, Ltd.

312-670-0080 ext. 387
455 N. Cityfront Plaza Dr.
Chicago, IL
www.orba.com

Ostrow Reisin Berk & Abrams, Ltd. (ORBA) was founded in 1977 by a group of experienced accountants with an average of 20 years experience serving middle-market companies and their owners. This group applied its understanding of the issues facing independent business owners to establish a firm of their own. Today, we continue to use our entrepreneurial expertise to serve our entire client base.

The firm maintains extremely high-quality standards and has established a reputation as being very resourceful when it comes to helping clients make and save money. In fact, Crain's Chicago Business has repeatedly recognized us as one of the Top 25 CPA firms in the Chicago area.

At ORBA, we believe there is nothing boring about serving as a client's trusted advisor or about finding creative ways to save money for our clients.

For more than 25 years, we have been serving business owners and individuals by helping them see their financial dreams grow into reality. We are very proud that we have created a professional, yet comfortable, culture that gives our clients peace of mind about their business and financial matters.

We hope you contact us by e-mail, or (preferably and more personally) by phone, so that we can get together and learn more about how we can help you reach your business and financial goals. Until you do, we hope you read more about us in our website and keep us in mind for when you are ready to pick a firm that is different from the rest.



Read more about Cost Accounting

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