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IGNOU ECO 10 Solved Assignment 2022-23
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Important Note – IGNOU ECO 10 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
All questions are compulsory.
1.What is cost accounting? What are the major advantages of Cost Accounting to a manufacturing concern?
Cost accounting focuses on the expenses involved with running your business.
- It is a common form of accounting for manufacturing businesses, as it allows them to break out costs for each product they produce.
- Cost accounting, when it’s used appropriately, can help businesses identify areas where they can save money.
- The article is for small business owners looking to learn more about cost accounting and how it can help their business.
A key component of accounting is knowing how much you are spending. If you don’t have a handle on your expenses, you never know whether your business is making money. That’s where cost accounting comes in. Cost accounting is centered specifically on the costs associated with running your business. Before you can dig into cost accounting, it is important to understand what it is exactly, the different types of cost accounting and the benefits of this type of financial tracking.
What is cost accounting?
Cost accounting is a method of accounting that focuses purely on a business’s costs – both fixed and variable. Using the cost accounting method, companies track all of their costs and allocate them to individual processes or units of production, allowing managers to better understand the economics of their business’s activities.
Cost accounting is especially important for businesses that manufacture and sell at scale and/or have diverse product lines, as these companies have many costs associated with manufacturing, packaging, and distributing their goods. For these types of businesses, accounting for costs is critical to accurately calculating profit margins, as well as budgeting, forecasting and identifying efficiencies.
More than other types of accounting, cost accounting gives companies a comprehensive view of their costs. Cost accounting tracks all of a company’s costs associated with its offerings and allocates them to specific products or activities. Whereas in financial accounting, costs appear as just one- or two-line items on a budget, cost accounting lets businesses break expenses down to see exactly what is driving costs. This can provide better insights into what the company can do to cut costs and increase profits.
After all, there are only two ways for companies to make more money: They can either increase sales (which is largely beyond their control), or they can cut costs (which they have greater control over).
What are the benefits of cost accounting?
Not only can you understand the total costs involved to produce your products, but it can be easier to spot instances of overcharging by vendors. Additionally, your company may be able to find efficiencies that allow you to save money.
Some of the benefits of cost accounting include the following:
- Cost allocation: Managers can allocate costs by product line and per unit of production or hour of labor.
- Profit drivers: Cost accounting helps business owners gain a deeper understanding of their profit margin and what drives it.
- Budgeting and forecasting: Calculating costs for individual activities helps senior managers plan for future spending and forecast their finances into the future.
- Cost savings: Using cost accounting, businesses may be able to identify new efficiencies to help save money.
Quicker decisions: Cost accounting can help managers respond quickly to changes in the market, such as when the cost of raw materials increases.
2. What do you mean by cost? What are the different methods of costing? Distinguish between direct cost and indirect cost.
Direct costs are expenses associated with production and sales. The cost of raw material and labor required to manufacture a product would be categorized as direct costs.
Indirect costs are fixed expenses a business incurs to keep the company running no matter the activity level. These costs, often known as overhead, include administrative, full-time staffing, property, plant, and equipment (PP&E), and utility-related expenses.
If you’re a business owner or an aspiring entrepreneur, it’s important to know the difference between these two expenses your company will incur. Understanding how to categorize such expenses can also help you make decisions about hiring, contracting, or outsourcing manpower, buying or leasing equipment, developing in-house or sourcing products and services, budget better based on those decisions, and file for tax deductions.
“Direct costs are expenses you incur because you sold something—labor, materials, equipment, commissions, freight, credit card fees when customers pay by credit card, etc.,” Ruth King, a business-finance author and consultant, told The Balance via email. “Indirect costs are expenses you incur to stay in business, i.e. keep the lights on, [such as] rent, utility bills, advertising, professional fees, office salaries, office expenses, repairs and maintenance, etc.”
Using a hamburger restaurant as an example to explain the concept of direct vs. indirect costs, certified public accountant (CPA) Robert Nix told The Balance by email: “To make a hamburger, the direct cost would be the two all-beef patties, special sauce, lettuce, pickles, onion and cheese on a sesame seed bun plus the labor cost of the employee to assemble it.”
On the other hand, he said, “The cost of the restaurant manager, the utilities/gas to power the grills and ovens, a portion of the amortization of the appliances to prepare the food, etc. would be indirect costs necessary to make a hamburger.”
Another example is the salaries of administrative employees. While labor costs such as the salary of a chef in a hamburger restaurant are direct costs and administrative expenses are indirect costs, administrative-staff labor costs fit in an ambiguous category between the two.
Christan Hiscock, CEO and co-founder of Kardia Financial Group, offered another example: “Say you own a home renovation business and need to give a potential client a quote for a job. You know that you have your fixed costs like materials and variable costs such as the payments for your staff’s work on the job. You want to ensure that when you set your pricing, you know how long it takes your team to do certain tasks.”
3. The production department of a factory furnishes the following information for the
month of October, 2020.
For an order executed by the department during October, the relevant data is as
Calculate the over heads chargeable to the job by (a) Direct Materials Cost Method, (ii) Direct Labour Cost Method, (iii) Labour Hour Rate, and (iv) Machine Hour Rate.
4. What do you understand by materials control? What are the important requirements of an efficient system of material control?
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IGNOU ECO 10 Solved Assignment 2022-2023 We provide handwritten PDF and Hardcopy to our IGNOU and other university students. There are several types of handwritten assignment we provide all Over India. ECO 10 ELEMENTS OF COSTING Solved Assignment 2022-23 Download Free We are genuinely work in this field for so many time. You can get your assignment done – 8130208920
IGNOU ECO 10 Solved Assignment 2022-23
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5 Write short notes on the following:
(a) Methods of absorption
(b) Rowan premium plan
(d) Control Accounts
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IGNOU ECO 10 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
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GUIDELINES FOR IGNOU Assignments 2022-23
IGNOU ECO 10 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
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