There are eight employees in a certain publishing house. The expenditure incurred on each employee is Rs 560 per day.
If 4 more persons are employed and the total expenditure remains the same, find the new per head expenditure. If I get the wrong answer than I will report that answer. Plzz answer with the full process.
(Note:Do not cheat or write the repeated answer)
Answers
Step-by-step explanation:
Concept of Cost
• Evolution of Cost Accounting
• Costing, Cost Accounting and Cost
Accountancy
• Objectives, Importance and Scope of cost
accounting
• Classifications and Elements of Cost
• Cost Centre and Cost Unit
• Methods and Techniques of Costing
• Cost Accounting Standards
• Installation of a Costing System
• Practical Difficulties in Installing a Costing
System
• Role of Cost Accountant in Decision
Making
• Management Accounting and its Evolution,
Meaning, Objectives, Nature and Scope
• Tools and Techniques of Management
Accounting
• Relationship of Cost Accounting, Financial
Accounting, Management Accounting and
Financial Management
• Limitations of Management Accounting
• Conflicts in Profit versus Value
Maximisation Principle
• Role of Management Accountant in
Decision Making
• Lesson Round Up
• Self-Test Questions
LEARNING OBJECTIVES
Accounting information is important for every
business which will serve the needs of variety of
interested parties. To satisfy the needs of all
interested parties a sound accounting system is very
necessary. Accounting may be divided into three
parts i. financial accounting ii. cost accounting iii.
management accounting.
Financial accounting is mostly concerned to record
the business transactions in books of accounts so
that final accounts can be prepared.
Cost accounting developed to help the internal
management in decision making. The information
provided by cost accounting acts as a managerial
tool so that business can utilise the available
resources at optimum level.
Management accounting is an extension of
management aspects of cost accounting. It provides
the information to management so that planning,
organizing, directing and controlling of business
operations can be done in an orderly manner.
Therefore the objective of the lesson is to enable the
student to understand the meaning and purpose of
cost and management accounting. What are the
various methods and technique of cost accounting so
that various information can be provided to
management for decision making.
After going through this lesson the students will be
able to
1. Understand the nature, scope and utility of cost
accounting, management accounting and cost
accounting standards.
2. Understand how cost accounting arises out of the
need to make business decisions.
3. Difference between cost accounting, management
accounting and financial accounting.
4. To familiarize with costing terminology.