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I alre I already have two Cost Accounting system as shown below- but need help with three more cost accounting syst each with explanations
Generate a Top 5 list of the most important concepts and applications from the ACCT321 Cost Accounting course. Explain why each of these items are on your list. Use annotated bullets for this assignment. EXAMPLE Cost Although there is a general definition of "cost," I have learned about many different types of costs in this course such as fixed, variable, mixed, direct, indirect, sunk, opportunity, differential, incremental, and relevant. Since these costs are used for analytical processes to support decision-making at all types of enterprises, cost is a fundamental concept underlying the applications in this course. A cost accounting system- is a framework used by a firm to estimate the cost of their products for profitability analysis, inventory valuation and cost control. Estimating the accurate cost of products is critical for profitable operations. A firm must know which products profitable and which ones are not, and this can be ascertained only when it has estimated the correct cost of the product. Further, a product costing system helps in estimating the closing value of materials inventory, work-in-progress and finished goods inventory for the purpose of financial statement preparation. Some types of cost accounting systems are Job order costing, Process costing. In a cost accounting system, cost allocation is carried out based on either traditional costing system or activity-based costing system. Cost accounting system is very important in order to find the profit in a company to help run the business effectively. 4.Managerial Accounting and Process- Managerial accounting processing and presenting of financial information is also another tool in accounting that is important to business for internal and external control. Some of the positivity of management are planning, decision making and control. It is concerned with the provision of relevant financial information and reports to the managers to enable them to control and plan the business activities. Preparation of plans and budgets is the basic function of managerial accounting. The business long term and short-term plans are made by estimating the revenues and costs and by projecting the cash flows. The plans and budgets are made with the objective of the business in mind. Decision making is relevant information is to be provided for taking decisions, routine as well as non-routine. Performance measurement and control when plans and budgets are made, the actuals are compared with the targets, in order to assess the reasons for variations in performance. Based on such analysiss corrections are to be made, if necessary.