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Cost Accounting is part of quality management and has
become one of the most important approaches to assist the
management team in their key tasks including planning,
evaluating, analysing, controlling, and monitoring the
organization’s activities for either manufacturing or services
sectors. Everyone who works in an organization needs to
learn about costing and strive to enhance quality and deliver
improvements for their product or services offered in the
market.
The first chapter of this book enable readers to develop
knowledge and understand the basic cost concepts such as
the cost unit, cost centre, cost object, cost elements, cost
classification, product costs, period cost, and cost
behaviour.
In the second chapter, readers can learn about controlling
materials costs associated with the production process
including the function of purchasing department, the
purchasing procedure, and the store control procedure
using economic order quantity, inventory control level, and
inventory turnover ratio. This chapter also enable readers to
apply inventory recording systems which are First in First
Out, Last in First Out, and Weighted Average methods.
We hope that students or everyone who is planning to join
and work in an organization in the future and everyone who
has just joined an organization will benefit from this book.
Happy Reading! |
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