# Introduction to Cost Accounting

• ## What is a Cost Sheet?

Cost sheet is a statement showing total cost (Cost of sales) and profit. It includes only two incomes i.e. sale of scrap etc. and sale...

• ## What are the Items to be completely ignored while preparing Cost Sheet?

Items to be “Completely Ignored” while Preparing Cost Sheet : I. *Gains / Incomes / Profits: All * to be completely ignored Except Sale of...

• ## What is the formula of Cost of Sales?

COST OF SALES : = COST OF GOODS SOLD + SELLING AND DISTRIBUTION OVERHEADS

• ## What is the formula of Cost of Goods sold?

COST OF GOODS SOLD : = COST OF PRODUCTION + OPENING STOCK OF FINISHED GOODS – CLOSING STOCK OF FINISHED GOODS

• ## What is the formula of Production Cost?

COST OF PRODUCTION : = FACTORY COST + OFFICE & ADMINISTRATION OVERHEADS

• ## What is the formula of Works/Factory Cost?

FACTORY / WORKS COST : = PRIME COST + FACTORY OVERHEADS

• ## What is the formula of Prime Cost?

PRIME COST : = DIRECT MATERIALS + DIRECT WAGES + DIRECT EXPENSES

• ## Define Costing

It is the amount of expenditure actual or notional “incurred on” or “attributable” “Actual” refers to expenses paid in Cash / Cheque. “Notional” refers to...

• ## What is Functional and Behavioural Cost Classification?

The cost based on the nature of function or activity carried out by the respective cost is known as Functional classification of cost. There is...

• ## What are Direct materials?

Direct Materials (Raw materials consumed) : This is the basic input raw material, without which the product cannot be manufactured. e.g. : 1) Cotton for...

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