Cost accounting is the accounting process of recording, tracking and analyzing the costs associated with an organization in Kansas. There are three basic approaches to cost accounting explains this site will explain all three in detail.
Dick Phillip R
(620) 275-9267
405 N 6th St
Garden City, KS
Susan Chase Office
(620) 275-6393
1502 Harding Ave
Garden City, KS
Fox & Associates
(316) 529-4223
4625 W Central Ave
Wichita, KS
Carlisle Accounting Service LLC
(440) 225-3247
Serving Your Area
Wichita, KS
Flick Philip
(785) 273-9450
3735 Sw Wanamaker Rd
Topeka, KS
Dan Pyle300 Centennial Mcpherson, KS Dan Pyle 300 Centennial
Mcpherson, KS
Company Title: President Company: Money Concepts Type Investment Advisor Rep: Yes Education Barton School of Business, Wichita State University Years Experience Years Experience: 8 Service Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Individual Income Tax Planning,High Yield Bank Accounts,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Inco
David A O’Dell CPA LLC
(620) 241-0111
212 E. Euclid
Mcpherson, KS
Dickman Bernard R CPA
(785) 824-3865
110 S Adams
Grinnell, KS
Paola Tax & Accounting
(913) 294-4605
203-1/2 W Piankishaw
Paola, KS
Chew & Lee Accounting Group
(316) 943-2321
2707 W Douglas Ave
Wichita, KS
Data Provided by: 
|
An accountant who keeps records of the costs of production and distribution.
orCost 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.
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.
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.