Cost Sheet (Unit Costing) - Dani Ki Costing - CA IPCC Video Lectures
Cost Sheet (Unit Costing) - Dani Ki Costing - CA IPCC Video Lectures | Cost Sheet (Unit Costing) - Dani Ki Costing - CA IPCC Video Lectures | Cost Sheet (Unit Costing) - Dani Ki Costing - CA IPCC Video Lectures | Cost Sheet (Unit Costing) - Dani Ki Costing - CA IPCC Video Lectures | Cost Sheet (Unit Costing) - Dani Ki Costing - CA IPCC Video Lectures
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Dani
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Cost Sheet (Unit Costing)
Cost sheet is prepared in the form of a statement. The statement is
prepared to calculate cost already incurred or to be incurred by the unit. The
cost sheet can be prepared for a particular product, for a cost centre or for a
cost unit. It can be prepared for different interval for example monthly,
yearly, weekly, fortnightly etc. The cost sheet prepared on per unit basis is
generally variable in nature.
Mainly three heads are classified in a cost sheet. They are Direct
Costs, Fixed Overheads and variable Overheads. The first potion of Direct Costs
includes costs like Direct Material Cost and Direct Labor Cost while the Fixed
Overheads covers all the cost that are fixed in nature and the last but not the
least variable overheads covers all the variable cost which is per unit. The
historical cost sheet consisted only two types of costs i.e. Direct Costs and
manufacturing overheads. Variable and fixed overheads were not apportioned
before 20th century.
Cost Sheet provides advantage of providing the total cost figure as
well as cost per unit of production. The cost sheet is of great significance
for cost comparisons. It facilitates technique for cost control and preparation
of cost estimates. Cost sheet are mainly used to derive the selling price of
the product. The cost sheet facilitates the freedom of calculating cost for any
volume of production. Cost sheets provide standards / benchmark for the unit.
It will help to get better productivity. Cost Sheet is the basic element of Cost
accounting. It is prepared as a framework for management decision making.
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