Cost Behaviour Patterns Accounting, Finance, SPSS Coursework (Coursework Sample)
a look at some of the description of key terms in cost accounting and their advantagessource..
Cost Behavior Patterns and Concepts
Different jobs globally require different job descriptions. Cost accounting, one of the branches of accounts, bears significant roles and responsibilities in any organization. Cost accountants are responsible for reducing financial wastes in a company and increasing the organization's profits. Determining actual costs of service manufacturing or provision, providing scrutiny to a company's expenses, and analyzing its profitability are some of the duties cost accountants perform. As a cost accountant at Edison Electric Company writing this assessment, this paper seeks to discuss the different types of organizational costs, differences between direct labor, materials, manufacturing overhead listing examples of each.
Describe the Difference Between Variable, Fixed, and mixed costs giving examples of each.
Variable costs are a type of cost that changes as the quantity of service or goods produced by business changes. These costs, therefore, rise and fall in direct proportion to the volume of production. These types of costs are, therefore, dependent on the output of production. These costs can be considered as regular costs too. Variable costs, therefore, include sales commissions, costs of raw materials used in production, utility costs, and direct labor costs (Hilorme et al 2019). Therefore, the total variable cost can be defined as the total quantity of output multiplied by the total variable cost per unit of the output.
A fixed cost is described as a business cost that is constant whatever the number of services or goods produced. These costs, therefore, are not dependent on the productivity of the business. These costs are, therefore, not time-related, like interests or rents paid every month. Therefore, the business owner negotiates with the owner of the premises based on the square feet required for the business operations.
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