AIOU SOLVED ASSIGNMENT 1 CODE 462 COST ACCOUNTING AUTUMN 2015
Solved assignment for aiou
students for course code 462 cost accounting for B.com students autumn semester
2015 and semester spring 2016.
CHARACTERISTCS OF EXCELLENT COSTING SYSTEM:-
1) SIMPLICITY:-
Should be very simple and clear, so that an average man can understand the functions.
2) Suitability:- Costing system must be devised such
manner that suits even for the small scale industries.
3) Flexibility:- Must be flexible, so that in case of
any changes required from time to time in the business are made possible.
4) Economical:- Maintaining a separate costing department
and recording are quite expensive. Therefore, the expense must on the basis of
the finance available and expenses must be less than the benefits derived from
the system.
5) Comparable:- the records maintained are should be easily
comparable with other year records. The past records must serve as a basis to
guide the future.
6) Less
Clerical work:- Work like
preparation of statement and filling forms should be simple and short as most
of workers are may not be well educated.
7) Control:- An effective way of control system
must be implemented over material, labor and overhead cost as it will be
helpful minimize the wastage of material, labor and overhead costs.
8) Uniformity:-
All the forms and statements using by the costing accounting system must be
uniform in terms of size and design and quality of paper.
9) Reconciliation:- The system of cost accounting
must be capable of being reconciled with financial accounting so as to check
the accuracy of both the system of accounting i.e Financial and cost
accounting.
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